Compare a funeral plan to an over 50s policy

Some people choose to take out over 50s life cover, to cover the cost of their funeral. However, you may pay far more in monthly premiums over your lifetime (up to the age of 90 in most cases) than the lump sum paid out on your death by an over 50s policy.

What is an over 50s policy?

Some people choose to take out over 50s life cover, to cover the cost of their funeral. Over 50s cover provides a fixed amount lump sum on your death. However, the lump sum that is paid out may not cover the full cost of the funeral when the time comes.

If you miss a number of monthly payments, your over 50s cover could stop and you (or your family) may not get anything back. It's also worth considering that you might not get your money back if you cancel an over 50s plan.

Starting a savings account to cover the cost of a funeral

Some people choose to put money into a savings account to cover their funeral costs. However this too could end up costing more money in the long run. A savings account doesn't protect against a funeral cost inflation, or guarantee to pay for all the items you want including in your funeral. A savings account doesn't help the person arranging the funeral with deciding what kind of funeral you want either.

Why choose a Co-op funeral plan

With a Co-op funeral plan, all the services within your chosen plan are fully guaranteed. So you’re buying the funeral at today’s prices, no matter how far in the future the funeral will take place. We even cover the full cost of third party fees on all of our plans, which no other national funeral plan provider in the UK does*. This includes officiant’s and crematorium fees. Your family will also know exactly what you want for your funeral, saving them the anguish of having to make decisions at such a difficult time. Over 50s life cover or savings accounts aren’t able to offer this.

If you want the certainty that the funeral costs will be covered, if they’re included in your Co-op Funeral Plan, they will be guaranteed to be covered.

*Our Set Burial Plans do not include the cost of the grave or lair, as in some parts of the country this can be as much as £5,000.

Co-op Funeral Plan
Over 50s Cover
Savings Account
Can I pay monthly?
Included
Included
Included
Does it protect against funeral cost inflation?
Included
Not included
Not included
Does it guarantee to pay for all the items you want including in your funeral?
Included
Not included
Not included
Does it help the person arranging the funeral with deciding what kind of funeral you want?
Included
Not included
Not included
If I cancel or close the policy / account, will I get my money back?
(less a cancelation charge. See T&Cs)
Not included
Included