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

A Co-op funeral plan helps protect your loved ones from unexpected funeral costs and uncertainty about your funeral wishes. We have a range of award-winning funeral plans with different levels of cover, so you can choose which would suit you and your family best. You can pay for a Co-op funeral plan in full or spread the cost over monthly payments of 6 or 12 months, or over 2-25 years.

If you choose to pay monthly over 2-25 years, your plan will be covered by the Co-op Commitment. This means that if you’ve made up to date payments for at least 12 months, and you die before you’ve paid your plan in full, we promise to deliver all the services included in your funeral plan.

*Our 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.

Funeral Plan
Over 50s Cover
Does it guarantee to pay for all the items you want including in your funeral?
It will cover all the services listed in your plan as well as defined third party fees, dependent on if you choose a guaranteed or capped plan
Not included
Will there be support for me and my family from when I buy my plan to the delivery of my funeral?
Included
Not included
If I cancel after the 30-day cooling off period, will I get my money back?
Less a cancelation charge. See T&Cs.
Dependent on the insurance provider.^
Can I pay monthly?
Included
Included
Could I be paying in more than what my family will receive back when I die?
N/A - The cost of your chosen plan is fixed at the agreed price when you take out your plan
The total paid in premiums could be more than the cash payout depending on how long you have been paying the insurance.