Over 50s Plans

Last Updated: 11th March 2022

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 £82 and the family will need to pay for them.

    Dignity, Age uk, Memoria, Golden Leaves and Golden Charter do not cover medical certification fees in their funeral plans. Other providers do, for further information on the funeral plans provided by 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 you may benefit from a ‘Plan Promise’. As an example Plan with Grace, is a funeral plan provider that provides their promise on all term plans of 3 years or more. The Plan With Grace Promise means that should the funeral be required after the first 24 monthly payments have been made, providing the monthly payments are up to date, the funeral is guaranteed to be provided, as per the terms of the plan, with nothing further to pay.

  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 over 18, 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 can cover 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 some cases the plan holder can choose who the funeral director is; for plans where the funeral plan provider allocated the funeral director this is done typically within 6 weeks of the funeral plan set up.

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.
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