While no one wants to think about the day that they are no longer here, it is going to come at some point in time or another. The best thing you can do is make arrangements for the inevitable ahead of time. Not only will this help protect your wishes, but it also prevents your loved ones with being strapped with a large funeral bill when you are no longer here. This is where funeral insurance comes into play. Find out more about this insurance below.
Over 50s Funeral Plans
An over 50s funeral plan is a form of life insurance that lets you prepare for part of the cost, if not all of the cost, of your funeral. When you take one of these policies out, you can make sure your loved ones have the money they need to pay for your funeral, if not other expenses.
Benefits of Taking Out an Over 50s Funeral Plan
By taking out one of these funeral plans, you can ensure your family is prepared to handle the cost of your funeral from a financial standpoint. The insurance can also cover a portion of any bills that you might leave in your passing. When you take out a funeral plan, you can eliminate stress and worry and make sure your family doesn’t have to worry about struggling to finance your funeral during an already emotional time.
What’s the Point of a Funeral Plan When You Have a Savings Account?
Even though you might have a savings account in place, that doesn’t mean it is going to be enough to cover all of the funeral costs and other expenses. By taking the time to think about everything pertaining to your funeral ahead of time, you can prevent leaving your loved ones arguing over funeral arrangements and costs.
What’s Included in a Funeral Plan
Funeral plans guarantee that your loved one is going to receive a set amount of money upon your passing. Coverage is based upon how old you are when you start your policy and the coverage you choose. Premiums vary, but start out around €15 monthly.
As an example, if a 50-year-old paid €15 monthly, they would be guaranteed to receive a payout of €4,940. You are the one who chooses what level of coverage you want depending on what type of funeral you are planning on having. Premiums paid during your policy term could be more than what the death benefit is.
Individuals Eligible for Coverage
The funeral plan isn’t just for people who are in their 50s. It’s also ideal for people in their 60s and 70s. as long as you live in the Republic of Ireland and are aged 50-75, you can apply for coverage.
Purchasing a Plan for Someone Else
While you can get a quote for a funeral plan for someone else, you cannot purchase the policy. The only one who can purchase a policy is the insured themselves.
Medical Requirements
Provided you are between 50 and 75, you are guaranteed acceptance. No medical exam required.
Restrictions on Health
Since no medical or health history is required, you are guaranteed acceptance for this life insurance.
Level of Life Coverage
The level of coverage is the amount of money payable to a beneficiary upon your passing.
Life Assured
The life assured is the individual who is insured by the funeral policy.
Commencement Date
The commencement date is the date that your plan becomes active. You will find the date on your schedules.
Life Insurance Changes for the Future
Your premium and life insurance are guaranteed. They cannot decrease or increase. They stay consistent, even if cost of living goes up every year.
Plan Changes After the Policy is in Effect
If you don’t feel that your policy is going to work for your needs, you can cancel the policy. Put your request in writing and return all policy documents. This has to be done within 30-days of starting the policy. Premiums paid will be refunded.
Travel Accident Benefits
From day one, you are protected if you have an accident as a driver, passenger or someone walking down the street and end up passing away. If the accident happens in the first three months, the beneficiaries get double the amount.
Payment Options
Payment monthly via direct debit or go down to your local post office.
Payment Requirements
You aren’t required to pay everything in full. The over 50s life insurance / funeral plan offers monthly payments. There are a number of ways to pay for your plan.
Minimum Payments
The minimum regular payment required is €15 monthly. However, regular payments vary based on age and coverage level.
Cancellation Charges
If you cancel your policy or stop paying the premiums after the first 30 days, protection benefits are cancelled and nothing is paid out to your beneficiary. Premiums aren’t refunded either.
When you look at all of the benefits that come from purchasing one of these plans, it makes sense to invest in something that is going to work for you and your needs. Funeral insurance can save you and your loved one’s time, hassle and money.