Funeral Plan or Life Insurance for Under 50's?


If you are too young to qualify for a funeral plan you can look into life insurance as it can offer similar benefits such as providing a lump sum for your family...

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Life Insurance Vs Funeral Plan, what's the best for me?

You may be wondering which is your best buy, a pre paid funeral plan or life insurance. Our helpful comparison table below may give you just what you need to make a decision, for more detailed information, further enquiries may be needed as everyone's circumstances can differ.

​Some funeral plan services require a large upfront payment (some starting at £1,200) which rules out those without the means or on lower incomes to be able to afford it.

Thankfully, pay monthly plans were introduced partly to address this issue. You may be looking for the most cost-effective solution for a friend or loved one/relative/family member, which is good because it's much better to be prepared for the future, so you are ready when it happens. Our funeral planning guide may be of interest.

One big plus for a pay monthly funeral plan is that the home or estate can be reduced in size as soon as it's finalised, meaning it is possible to qualify sooner for government assistance if the need arises, for a care home. Of course the point in a funeral plan is that it will pay out upon death. 

Funeral Plan Do's & Dont's


DON'T Take a plan out until you are sure about these details: This may differ from one regional area to another, so make sure you ask about specifics such as type of coffin, relocation distance, limo, doctors, cremation, minister's fees, the wake, etc.

It's really important to read the small print whichever you choose, especially with regards to funeral costs as that can encompass a whole host of things (see below). For example some life insurance policies may have stipulations based on the ​age of the insured. Likewise, ensure that in the case of a funeral plan, guaranteed payment covers funeral costs.


DO Ensure there are a number of funeral directors locally that come included with your plan. 

One of the best benefits of comparing funeral plans to life insurance is that it guarantees you receive agreed upon services without any difference in pricing. This is actually a key point as prices are rising year-on-year

As that may be something they don't offer cover for. For example, 'green burials' or natural burials may include different necessities from one provider to the next.

Some funeral plan providers also have set plans for example, basic, intermediate and advanced; which cover the basics, this on one hand make things more practical, but on the other may miss out things that you want for the funeral. So that depends on individual requirements.

Funeral Plan V Life Insurance Comparison Table

Funeral Plans

  • Protection from the increase in funeral costs
  • Very practical for most people & situations
  • Both Quick & Easy to arrange
  • Flexible payments based on your budget
  • Avoid any hidden financial surprises your family may get when they arrange your funeral.

Life Insurance Policies

  • Depending on the policy (read the small print) your life policy may pay out a lump sum upon the insured's death
  • Probably best if you are under 50 years' old
  • Competitive, Low monthly premiums - affordable for most people

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Life Insurance & Funeral Plan FAQ

  • Why a funeral plan?
  • Is it really needed?
  • Ways to pay for my funeral?

A government scheme does exist, for those who are eligible for it, that can offer financial support, however it is not guaranteed.

​Statistics from the tax year 2014/2015 report that just over half (58%) of those who requested government help with funeral costs actually received the funds.*

On average, each individual case received £1,375 towards the cost of funerals. This would clearly not be sufficient for a basic funeral. However, it would mean that less is required to cover the remaining expenses.

*Source Annual Report by the Secretary of State for Work and Pensions on the Social Fund 2014/2015.

Further Reading & Resources...