How to compare funeral insurance
Comparing funeral insurance could save you money and help you choose the best way fund your funeral costs. Comparing plans lets you understand the options available to you and see how each one works. Plus, you can check the company providing the policy is safe option and your money is secure.
You can also compare costs and get as many free no obligation quotes as you need. Remember though, the cheapest funeral insurance plan may not necessarily offer the best value for money. Although price is important, what you get for your money matters – which is where comparing funeral insurance can help.
Top tips on how to find the best funeral insurance
Finding the best funeral insurance plans will depend on your budget and the type of service you are looking for. Here are our top 8 tips for finding the best funeral cover plan for you:
- Agree a budget. How much are you comfortable paying per month? Many funeral insurance plans have instalments that are payable for life or until your 90s, so make sure your chosen payment option is affordable.
- Choose the services that are important to you. Do you prefer a plan that guarantees your actual funeral service, or would you prefer to leave a cash sum for family to use how they wish.
- Check when your cover begins. Some plans provide full cover after 1 year, whereas other plans have a 2 year waiting period.
- Compare funeral insurance quotes to see how much cover you can get for your money.
- Decide if you want the cash sum to increase. This will help keep up with inflation but in most instances, it will also mean your monthly payments increase over time too.
- Read customer and industry reviews.
- See if the plan offers a free funeral benefit option. Some funeral insurance plans give you the option to have your cash sum paid directly to a specified funeral director in return for a contribution towards your funeral costs when the time comes.
- Let your family know you have funeral insurance, so they know what to do when the time comes.
What is the best way to cover funeral costs?
The best way to cover funeral costs will depend on your personal needs and budget. If you want an affordable monthly plan that guarantees a cash sum when you die that your family can use how they wish, then you may want to consider an over 50 life insurance policy.
If you would rather choose an affordable monthly plan that gives you the funeral services you want, then funeral cover insurance may be a more suitable option.
And finally, if you have the money to pay for a funeral in full, or prefer monthly instalments over a shorter term, you may want to look at trust based funeral plans. The services available are similar to those included in a funeral cover plan however the way the money is handled is different. For more information, read the Over50choices guide to prepaid funeral plans.