American general life insurance. Funeral Insurance: Funeral Cover Vs Prepaid Funerals - The Verdict Is In...

Funeral insurance is a popular option as there are a variety of insurance plans available depending on the person’s age. Funeral insurance.

If you’re looking for the best funeral cover, read my story below, and remember, I’m here to help if you have any questions…

“Should I Find Funeral Cover for My Parents?”

About a year ago my uncle died suddenly in a car accident. At only 52, his death was a complete shock. He had no pre paid funeral plan in place.

Fortunately, my parents, aunt and I were able to get my uncle’s affairs in order as well as pay for his funeral.

The process wasn’t easy, however. Due to the difficulty, my parents, who are in their 60s, decided to purchase prepaid funeral indemnity for themselves.

The average age of death in the UK is age 79, so they wanted to plan now while they’re still healthy and have all of their mental facilities.

Prepaid funeral plans can be bought at any age and include funeral-specific expenses such as a coffin, viewing and other related arrangements.

Depending on the plan, all or parts of either burial or cremation are also paid for in advance. Funeral plan cover is a life insurance policy which pays out a fixed sum upon your death to whomever you’ve previously selected.

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This is usually your spouse, children or other family members. The lump sum can be used for anything, not just funeral expenses.

Funeral insurance is usually categorised by age:

Over 50’s Funeral Cover

These plans pay a fixed lump sum on death. The main advantage to these plans is they require no medical exam. However, for many people these plans might not be the best option.

The issues is that if you live long enough, the amount you pay in premiums might exceed the eventual payout. Obviously, living a long life isn’t a problem. But before you purchase this type of policy, run the numbers to see if you’re making the right move financially.

Funeral Cover if you are Over 70

This policy will has a smaller payout, since statistically speaking the policy holder is more likely to die than a person in their 50’s. The fixed lump sum can cover basic funeral expenses.

This is the same as funeral cover for over 75. As with the other policy, this is often a good choice if a medical issue prevents the purchase of other types of insurance.

Funeral Cover if you are Over 70

This policy will has a smaller payout, since statistically speaking the policy holder is more likely to die than a person in their 50’s. The fixed lump sum can cover basic funeral expenses.

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This is the same as funeral cover for over 75. As with the other policy, this is often a good choice if a medical issue prevents the purchase of other types of insurance.

If you are aged 80 or over

Funeral indemnity for over 80’s is an option for older people who want a way to cover basic burial expenses without having to take a medical exam.

This policy won’t leave your beneficiaries with a lot of money. At the same time, your family won’t have to pay for your funeral out of their own pocket (or, at least, they won’t have to pay for the entire thing).

Parents Funeral Cover

Many people end up helping their parents sort through insurance funeral plans and prepaid burial insurance.

Depending on their age, many older people can purchase a cheap funeral cover plan to at least cover basic burial expenses.

Beyond that, there are also plenty of options should a person of any age wish to pre-purchase various funeral services.

Conclusion

My parents ended up feeling very prepared. They found a prepaid funeral provider and arranged for individual modest funeral services. This way nobody has to make arrangements in the immediate aftermath of a death.

What's a term life insurance policy

My dad purchased over 50 funeral insurance but my mum did not. Should he die in the next 10 years or so, my mum will get a fixed lump sum. This will help keep her financially stable in the event my dad passes away before he retires.

Nobody wants to think about the death of themselves or their loves ones. A bit of preparation can make a tragic event just a bit smoother to get through, however.

Carefully consider your options, consider going through our funeral planning page, and purchase the type of plan which works best for your situation. This can help your family tremendously during what will be an otherwise difficult time.