Cornwall (PRWEB UK) 27 February 2014
With an increasing number of families throughout the UK facing financial hardship as a result of the death of a relative, it’s little wonder that more people are turning to funeral insurance as a way of protecting against spiralling funeral costs.
People looking for funeral insurance can currently choose between two options; Prepaid Funeral Plans and Over 50s Life Insurance; but with strong competition and heavy marketing, choosing the right plan can be a daunting task – until now.
Aimed at simplifying the ‘buying process’ and getting people to think about their needs rather than becoming distracted by glossy sales messages, funeral planning experts Over50choices have released a simple 7 step checklist to choosing affordable funeral insurance, aimed specifically at Over 50s looking to help with funeral costs.
7 Steps to Affordable Funeral Insurance
1. Decide whether you prefer to arrange and pay for your funeral services in advance, or leave a lump sum of money to your family so they can arrange everything when the time comes.
A prepaid funeral plan lets you arrange things in advance and save money by paying for funeral costs at today’s prices whereas over 50s guaranteed life insurance pays out a cash sum when you die that can be used in a way that suits your family.
2. Choose your preferred payment method
There are 3 options available with funeral plans - single upfront payments between £2,000 and £4,000; monthly instalments between 1 and 5 years, or lower monthly payments for life or until you are 90 starting from around £17.
Over 50 life insurance premiums are payable on a monthly basis either until you die or your 90th birthday and typically start from £7.
3. Agree on a budget you can afford and stick to it
If spreading your payments, keep in mind that you could be paying for sometime so make sure you are comfortable and allow for changes in lifestyle such as retirement.
4. Compare Plans to ensure you get the best deal
Regardless of whether you are looking at prepaid funeral plans or over 50s life insurance, plans do vary both in terms of service and value for money so use a comparison website and shop around for the best deal.
5. Be sure your chosen provider is regulated
Companies that provide over 50s life insurance are regulated by the Financial Conduct Authority (FCA) and have to adhere to their strict code of practice.
Funeral plan providers should be members of the Funeral Planning Authority (FPA) who will ensure you are protected in accordance with their rules and guidance.
6. Read the terms and conditions
In addition to the benefits, there are certain plan conditions that you need to be aware of and comfortable with before committing so do read all the terms and conditions first.
7. Tell someone about it
Once you have your plan in place, tell your family about it so they are aware of your wishes and know what to do when the time comes.
Speaking on behalf of Over50choices, MD Ashley Shepherd said “It’s great that an increasing number of people are realising the importance of funeral planning and the need to put plans in place that will help with funeral costs. We want to make the process of researching and buying a plan as simple as possible so our customers can be confident of making the right choice”.
For more information on prepaid funeral plans or over 50s life insurance, visit http://www.Over50choices.co.uk.