When planning for the future, it’s essential to consider end-of-life arrangements. Two popular options often come up: Over 50s insurance policies and prepaid funeral plans. While they both aim to help cover funeral costs, there are some key differences to understand. Let’s break it down:

Over 50s Insurance:

  • How it works: This is a type of life insurance policy that pays out a fixed lump sum upon your death, as long as you’ve kept up with the premiums.
  • Eligibility: Typically available to those aged 50 to 80 (or 85 with some providers).
  • Premiums: Fixed monthly payments that remain the same throughout the policy’s life.
  • Pay-out: A guaranteed lump sum, regardless of how much you’ve paid in. However, if you die within the first few years (usually 1-2 years), the pay-out may be less than the total premiums paid.
  • Flexibility: The pay-out can be used for anything, including funeral costs, but also outstanding debts or to leave a gift to loved ones.

Prepaid Funeral Plans:

  • How it works: You pay for your funeral in advance at today’s prices, fixing the cost of the funeral director’s services.
  • Eligibility: Generally available to anyone, regardless of age or health. Everyone over 18 years of age is eligible for a Variety Funerals prepaid plan.
  • Payment options: You can usually pay in a lump sum or spread the cost with monthly instalments. (Variety Funerals does not offer an instalment option)
  • Funeral arrangements: You specify your desired funeral arrangements upfront, giving you control and peace of mind.

Which is right for you?

The best choice depends on your individual needs and priorities:

  • Choose Over 50s insurance if:
  • You want a simple and affordable way to leave a cash sum to your loved ones.
  • You want to help cover funeral costs or other expenses, even if the pay-out might not cover the full amount.
  • You prioritise having a guaranteed pay-out with fixed premiums
  • Choose a Prepaid funeral plan if: You want to fix the cost of your funeral, have specific funeral wishes, and want to relieve your loved ones of financial and decision-making burdens.

Variety Funerals is here to help.

If you’re considering a prepaid funeral plan, Variety Funerals offers a choice of plans to suit different needs and budgets. We are committed to providing compassionate and transparent service, guiding you through the process and answering any questions you may have. Contact our team today to learn more.