Over 50s Plans

Over 50s plans and Funeral Plans are two different options when it comes to putting money aside to pay for your funeral. Here is some information you may find helpful when deciding which plan is best for you:

Funeral Plans

A funeral plan fixes the cost of your funeral at the price you purchase the plan for at the time. A funeral plan guarantees to cover the cost of funeral when you die no matter how much a funeral costs when the time comes.

Information to note:

  1. Some funeral plans do not cover medical certification fees (also known as doctors fees) required for cremation (in England and Wales when a coroner's report is not available) which are currently £164 and the family will need to pay for them.

    Dignity, Golden Leaves and Golden Charter to do not cover medical certification fees in their funeral plans. The other 8 providers do, for further information on the funeral plans provided by the 11 national providers please Click Here.

  2. Some funeral plans include an allowance to cover third party fees, also know as disbursement costs (cremation/interment costs, doctors fees and minister/celebrant costs).

    Should the allowance not cover all of these third party fees there may be a small balance for the family to pay. For more information on third party fees please Click Here.

  3. When you choose to pay for your funeral plan in instalments, over a given period of time; should your funeral be required before all of the instalments have been paid your family will be required to pay the balance due for the funeral plan to be used.

  4. A funeral plan can be cancelled at any time and the plan holder will receive a refund. Although a cancellation charge will apply if the funeral plan is cancelled outside of the cooling off period the plan holder will get their money back less the cancellation fee.

  5. A funeral plan does not require the family to complete any paperwork or make a claim. When the time comes the funeral plan provider or funeral director (if allocated) just needs to be called and everything will be taken care of including collection of the deceased to take to the funeral home.

  6. Anyone, of any age, can take out a funeral plan and there are no health or medical checks.

  7. As well as covering the cost of a funeral, a funeral plan covers all the arrangements and organisation required. The plan holder can include in their plan how they wish their funeral to be conducted including hymns, readings, choice of music, service type and in many cases the plan holder can choose who the funeral director is.

To compare funeral plans to find the best plan for you please Click Here.

Over 50 Insurance Plans

Typically, an Over 50s insurance plan guarantees to pay out a fixed sum to the deceased’s family to contribute towards the payment of the funeral.

Information to note:

  1. The insurance provider does not usually provide any assistance or support in the organisation of the funeral, or allocation of a funeral director.

  2. The sum paid out does not guarantee to cover the cost of the funeral and it is likely the family of the deceased will still need to contribute to the cost of the funeral – depending on the value of the policy.

  3. Depending on the insurance provider the monthly repayments are required for life or until 90 (whichever is sooner) and the plan holder may pay more into the plan than the actual sum paid out.

  4. If the plan holder stops paying the monthly payments the policy is void and the plan holder cannot get any money back.

  5. When the time comes the family will be required to claim for the insured amount and provide a death certificate for the deceased, although the claim is usually processed within 24-48 hours this could be stressful for the family.

  6. Depending on the features of the plan, it is likely that the family of the deceased will have to make all the funeral arrangements themselves, find a suitable funeral director and arrange for the deceased to be collected.

  7. Most Over 50s plans do not require health or medical checks, however as the name suggests the plan holder must be over 50 years old.

  8. A plan holder can end up paying more for the insurance than is actually paid out and the cost of the funeral may not be covered. This is more likely the longer the plan holder lives and pays for the policy as the cash value of the sum to be paid out does not usually increase whereas funeral costs have more than doubled in price over the past 12 years.

Funeral Plan Market provide a comparison service for funeral plans and NOT Over 50s insurance plans – for further information on an Over 50s insurance plan the provider will need to be contacted directly.

Funeral Plans with Insurance

In addition to enabling customers to pay for their funeral plan in full or in instalments over 1 to 5 years Golden Leaves and Golden Charter also offer a fixed monthly payment option to customers. The fixed monthly payment options are similar to an Over 50s insurance plan in that the monthly payments are made for life or until the person is 90 however the cost to cover the funeral is guaranteed.

These policies have the same features and benefits as funeral plans and the plan holder is fully covered after 12 monthly payments in the case of Golden Leaves and 24 monthly payments in the case of Golden Charter.

When you take out a fixed monthly payment plan with Golden Leaves if the total Fixed Monthly Payments you have paid in at the time of death, total more than the sum provided to fund the funeral services from AXA Wealth Ltd, your estate will be eligible for a rebate of up to 100% of the overpaid Fixed Monthly Payments from Golden Leaves.

In the same way as an Over 50s insurance plan if you cancel after the cooling off period or stop paying your payments, your funeral plan will be cancelled and you won’t receive anything back.

This type of funeral plan can be useful to customers who are unable to pay for a funeral plan in full and require the peace of mind that their funeral will be paid for in full regardless of when they die. There are no claim forms for the plan holder’s family to complete and everything is taken care of as described for a funeral plan.

For further information on funeral plans with insurance provided by Golden Leaves and Golden Charter please Click Here.

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