Funeral insurance cover

12
Posted 25th Sep
Looking to finally getting round to doing this, but havent got a clue where to start or what I will pay... I am 53 years old.....

Can someone please give me a rough idea of monthly payments for this please and where would I get qoutes??

Thanks
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I don’t think anyone can give you a rough idea without medical records as someone else could have completely different medical history to you.

How about trying a comparison site?
Edited by: "jayonline85" 25th Sep
Always a bad "investment" unless you plan on dying early. The longer you live, the worse it gets. Put £50 a month into a savings account instead, IMO.
Alternatively, pay the whole amount upfront.
Just had someone at my work place getting people to sign up. 60p a day for 5k cover being the lowest. Obviously pay more if you want more cover. Just rough idea.
Why not look into a "Fixed" funeral Plan instead? If you can afford the lump sum, you pay the whole amount for the design of plan you want and that's it. All paid for in full for your 'final' day.

I went with "Dignity" many, many years ago and they were fantastic. The process was very simple and you can change things as and when you wish along your life journey. I've changed my service music a couple of time now! I have a very good, modest plan (well, it will do what I want it to do) and it was approx £1800 IIRC. I was under 30 too (which many plans wouldn't offer to cover) so that was the clincher. No medicals were required and no hidden clauses either.

These things are never about 'investing' for you. It is investing for others as I now know that whoever is left after I go will have a much lesser 'headache' to sort through. You get cards that you keep (and give to significant loved ones) which have one telephone number on which sets things in motion. With the average funeral cost rising exponentially year upon year, whilst I had some spare savings I was told it was a good move. A 'cheapie' funeral today will cost £3600+ unless you go for a 'pauper' one of course!

It may have changed now, but the one thing that made Dignity pop out above the others was the fact that if you ever find yourself in dire need of money (who knows, right?) then you can get a refund of your premium - minus a modest admin fee. This, I thought was amazing and a no-brainer from my point of view. I hope I never have to use that facility but just knowing it is there is a comfort, eh?

Anyway, well done for taking the step to get something sorted Poolielad. I know it can make many uncomfortable and I can remember all the "Oooh, how morbid are you!" comments back then when I did mine. Everyone thinks differently and it's not always death that frightens you but more the trouble death can cause your loved ones. If I can make that burden even a tiny bit easier - both financially and psychologically then I will.

Kind regards, Phsy.
Edited by: "Phsycronix" 25th Sep
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I'll give you the benefit of my brother's experience. When our mother was in her 70s he was persuaded to take our one of the insurance schemes for her. He could not draw on it for 12 months or more I think. she lived till she was 86 by which time he had paid in 3 times as much as they gave him and what they gave him didn't cover the full cost.

At you age simple put £5 a month ago and while you are doing that find out if any of your credit card or work already insure you against accidental or otherwise death.
terriclarkfan25/09/2019 11:37

Always a bad "investment" unless you plan on dying early. The longer you …Always a bad "investment" unless you plan on dying early. The longer you live, the worse it gets. Put £50 a month into a savings account instead, IMO.


I agree. My parents took a policy out in 1999 they have paid in more than they will ever get paid out. Waste. As others suggest self insure simply put a tenner away each month.
If it’s a case of you getting round to things, have you made a will?
£50 a month for 8 years into a savings account. Thatll give you about £4,800 plus interest, stick it into a saving account not with your main bank so you don’t touch it.
Phsycronix25/09/2019 12:02

Why not look into a "Fixed" funeral Plan instead? If you can afford the …Why not look into a "Fixed" funeral Plan instead? If you can afford the lump sum, you pay the whole amount for the design of plan you want and that's it. All paid for in full for your 'final' day.I went with "Dignity" many, many years ago and they were fantastic. The process was very simple and you can change things as and when you wish along your life journey. I've changed my service music a couple of time now! I have a very good, modest plan (well, it will do what I want it to do) and it was approx £1800 IIRC. I was under 30 too (which many plans wouldn't offer to cover) so that was the clincher. No medicals were required and no hidden clauses either.These things are never about 'investing' for you. It is investing for others as I now know that whoever is left after I go will have a much lesser 'headache' to sort through. You get cards that you keep (and give to significant loved ones) which have one telephone number on which sets things in motion. With the average funeral cost rising exponentially year upon year, whilst I had some spare savings I was told it was a good move. A 'cheapie' funeral today will cost £3600+ unless you go for a 'pauper' one of course!It may have changed now, but the one thing that made Dignity pop out above the others was the fact that if you ever find yourself in dire need of money (who knows, right?) then you can get a refund of your premium - minus a modest admin fee. This, I thought was amazing and a no-brainer from my point of view. I hope I never have to use that facility but just knowing it is there is a comfort, eh?Anyway, well done for taking the step to get something sorted Poolielad. I know it can make many uncomfortable and I can remember all the "Oooh, how morbid are you!" comments back then when I did mine. Everyone thinks differently and it's not always death that frightens you but more the trouble death can cause your loved ones. If I can make that burden even a tiny bit easier - both financially and psychologically then I will.Kind regards, Phsy.


Is there any protection if the company goes bust before you die?.
Edited by: "ScubaDudes" 25th Sep
Phsycronix25/09/2019 12:02

Why not look into a "Fixed" funeral Plan instead? If you can afford the …Why not look into a "Fixed" funeral Plan instead? If you can afford the lump sum, you pay the whole amount for the design of plan you want and that's it. All paid for in full for your 'final' day.I went with "Dignity" many, many years ago and they were fantastic. The process was very simple and you can change things as and when you wish along your life journey. I've changed my service music a couple of time now! I have a very good, modest plan (well, it will do what I want it to do) and it was approx £1800 IIRC. I was under 30 too (which many plans wouldn't offer to cover) so that was the clincher. No medicals were required and no hidden clauses either.These things are never about 'investing' for you. It is investing for others as I now know that whoever is left after I go will have a much lesser 'headache' to sort through. You get cards that you keep (and give to significant loved ones) which have one telephone number on which sets things in motion. With the average funeral cost rising exponentially year upon year, whilst I had some spare savings I was told it was a good move. A 'cheapie' funeral today will cost £3600+ unless you go for a 'pauper' one of course!It may have changed now, but the one thing that made Dignity pop out above the others was the fact that if you ever find yourself in dire need of money (who knows, right?) then you can get a refund of your premium - minus a modest admin fee. This, I thought was amazing and a no-brainer from my point of view. I hope I never have to use that facility but just knowing it is there is a comfort, eh?Anyway, well done for taking the step to get something sorted Poolielad. I know it can make many uncomfortable and I can remember all the "Oooh, how morbid are you!" comments back then when I did mine. Everyone thinks differently and it's not always death that frightens you but more the trouble death can cause your loved ones. If I can make that burden even a tiny bit easier - both financially and psychologically then I will.Kind regards, Phsy.



Similar to Physycronix, pre-paid plan. Sometimes going through your local Funeral Director gets some discount or ask them if they have any recommendations, I bought this plan myself after going through the unexpected costs when my partner passed away suddenly. Price wise, it depends on your choices and the area you live in. I'm N.Ireland and it was around £3k in total, paid and all now and I'm 40.

ecclesiastical.com/doc…pdf
Edited by: "cecilmcroberts" 25th Sep
cmdr_elito25/09/2019 14:13

£50 a month for 8 years into a savings account. Thatll give you about …£50 a month for 8 years into a savings account. Thatll give you about £4,800 plus interest, stick it into a saving account not with your main bank so you don’t touch it.



That is almost exactly what I did, my final day is more than covered but I'm still saving to allow for inflation.
ScubaDudes25/09/2019 16:33

Is there any protection if the company goes bust before you die?.



Hi Scubadudes. Yes, there is. It all depends on who you go with and how they deal with it but there are things in place to cover such eventualities. 95% of providers are signed up to the FPA (Funeral Planning Authority) - an organisation set up to regulate said providers in making sure they invest your money wisely. Yes, this is a voluntary thing but it does offer some protection - i.e. ring-fencing your money so your plan shifts to another provider.

If you meant your actual "chosen" funeral director (not the plan provider) going bust then you would just be assigned another funeral director. I'm not worried about that; as such; as I'd be 'brown bread' anyway!

There's lots of information on the various FP providers websites about the FPA and what they do. Also, great info on the money advice service too. Have a read when you have the time:

moneyadviceservice.org.uk/en/…ans

All the best, Phsy.
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