If you are aged 50 or under and are in reasonably good health you probably have a number of options available to you. There are different insurance cover types that could be considered.

If you want some insurance cover solely for the purpose of covering your funeral expenses, with premiums that stay the same, then standard type funeral insurance is available at a fairly low cost (the long term fixed premiums are determined by your age at the time of the policy commencement, so the younger you are the lower the premiums). A number of the well-known funeral plans are not available until age 50 (or 45 for Cigna Funeral Cover) but some options, for cover at say 30 plus, do exist such as with Pinnacle Life, Greenwich Life or the Fidelity Life Funeral Fund.

The beauty of funeral insurance for the under 50’s is the fixed premiums, no health questions asked (so guaranteed acceptance) and easy online applications in many cases. It is easy to get and easy to understand. Ideal for low cover amounts just enough for your funeral expenses.

Some people aged 50 or under may consider a standard life insurance instead. Premiums are often lower than for funeral insurance with higher cover amounts. There are two main differences between life insurance and funeral insurance though. Life Insurance requires full medical disclosure (effectively from birth) so acceptance of cover is not always possible if your health dictates. Secondly, premiums increase yearly so medium to long term they can get higher than a funeral cover.

Some insurance people advocate life insurance with fixed premiums to age 80 as an alternative to funeral insurances. But we see one fundamental flaw in that. It then means that at age 80 your premiums jump to the standard premium for an 80 year old and then increase significantly each year. So, at the very time you realistically most need the funeral cover you will probably have to cancel and it is then too late to get funeral cover.

Either a funeral plan or life cover is an option if you are aged under 50 (in fact you can increase the age 50 to higher if you wish with the same rules). Just be aware of the differences and long term benefits.