Almost three in four (72%) don’t have over 50s life insurance, which equates to 20.2 million over 50-year-olds.
But research from financial services organisation, OneFamily, has revealed nearly half (44%) of those with over 50s life insurance purchased the product for funeral cover.
However, just 19% of over 50-year-olds said their funeral could be fully or partially paid for by life insurance. Worryingly, more than eight million over 50s have not put any money aside to specifically cover their funeral costs, with 13% admitting they don’t know how their funeral will be paid for, 14% leaving their family to use money from the sale of their assets, and 3% relying on loved ones to pay. With funeral costs continuing to increase, perhaps it is no surprise that one in ten (9%) are now choosing not to have a funeral.
For those that do have over 50s insurance, 12% of people said no medical review was a priority when choosing a provider. But almost a third (28%) said the biggest consideration was cost.
Jackie Davies, Head of Customer Service and Direct Sales at OneFamily, said, “With concerns over the cost-of-living crisis continuing, it’s not surprising people have reservations around finding the spare cash for over 50s life cover. Understandably, one in five don’t want to think about getting older and funeral arrangements, but this will only push the worry onto their loved ones when the day comes.
“Our premiums start from just £10 per month with no medical needed, and our funeral funding means the pay out can be sent directly to the chosen funeral provider. This leaves families with one less thing to worry about, as well as peace of mind that their loved one’s funeral is taken care of.”
The OneFamily Over 50s policy includes a comprehensive benefits package and funeral funding is automatically included. It also offers terminal illness benefit as standard and guarantees acceptance, with no medical needed. Premiums start from £10 per month.
