Funeral Insurance or Life Insurance for over 60’s?

Posted on 17 December, 2017 at 19:05
What is better, funeral insurance or life insurance once you get older? Is one easier than the other to apply for?, is anything else different?

If you are currently aged 60 plus, and uninsured, the thoughts of how your funeral costs may be met do come to mind occasionally even for those in good health. No-one wants to leave the responsibility for meeting their funeral costs to their dependants.

Funeral Insurance is the easiest of all insurances to apply for. There are usually no health questions asked so acceptance is guaranteed as long as you meet the minimum age entry point requirements. For example some insurers require you be at least 30, 50 or 55 etc. So, in terms of ease there is nothing better. Just apply and it is done. They are mostly one page application forms and some can be applied for online in less than 10 minutes with cover then issued on the spot.

The other main difference with funeral cover over life cover is in the premiums. Funeral Insurance premiums are set for life based on your age at the time policy is set, so no unpleasant increases year by year.

Life cover is still an option for some, especially if you need more cover than to just cover funeral expenses, ie maybe you still have a small mortgage to clear at the same time. But to obtain life insurance you must disclose all health condition back to birth (yes, seriously!) so some people may not even qualify if their health is not great. And this becomes more relevant the older you are. And unlike the funeral cover the premiums will increase yearly.

Paul Woollans, Funeral Insuramce Helpline