Life insurance to cover until old age death 13 March at 8:06AM in Insurance & life assurance 6 replies 138 views

Df1234

No one seems to offer life insurance past 30 years! I am only 50 and imagine I will live past 80.  Anyone know which companies do full life cover? I only really want to cover a funeral so not asking for too much.  Although how much funerals will cost in 30 odd years is anyone’s guess.

comeandgo

Could you not self insure?  Every month put a sum away in an account somewhere?  My mum and dad each had a funeral policy with their undertakers which actually had quite a good interest rate on it.  We got money back after both of the funerals.

user1977

As above, why do you want to use insurance for this? Just save some money. And it's much more likely you'd want to use savings before you kick the bucket - do you not have anything to your name now?

dunstonh

No one seems to offer life insurance past 30 years!

Yes they do.  Whole of life assurance is easily available.

However, your objective seems unusual for someone who is 50.    i.e. you have no savings, investments, or pension  (all of which could go towards funeral costs).

Could you not pay into a pension each month to build up a lump?

DullGreyGuy

Df1234 said:

No one seems to offer life insurance past 30 years! I am only 50 and imagine I will live past 80.  Anyone know which companies do full life cover? I only really want to cover a funeral so not asking for too much.  Although how much funerals will cost in 30 odd years is anyone’s guess.

If its a funeral then there are obviously specialist products for that.

Alternatively you have a whole of life assurance - its assurance rather than insurance because the question isnt if it will payout but when will it. You've hit the nail on the head re inflation however and so its either a gamble or you over insure and whole of life policies are not cheap (and premiums are adjusted over time in many cases)

Weighty1

If you arrange a funeral expense plan these are designed to cover the cost of your funeral whenever that occurs, including taking into account inflation and funeral inflation costs have been shown to be higher than normal RPI/CPI inflation rates so a funeral plan is a good idea if paying for that is your specific concern.  The fact you can either pay this as a 1 off lump sum OR over the course of a few years also often makes it a pretty cost-effective route, especially when taking into account the fact that it's inflation proofed.

lisyloo

I've been on the receiving end of funerals being planned and paid for in advance and can say it's brilliant for the survivors.
Not only that the costs are covered, but also that the wishes e.g. coffin, readings, cemetary, churches, hymns, music etc. are laid out so you know you are doing what they wanted.

Why not get a funeral plan?