Posted on 27 April, 2017 at 10:45

When we look at the last 100 or so policies we have assist our clients with we see the most common age range is 60-65 for the policy holder. Of course we have people in the 40’s, 50’s, late  60’s and 70’s who feel cover is important too. There is really no particular age that is ideal for people to buy.

Buying in the 60’s age bracket does tend to make some sense though. Typically that is the sort of age range when people start thinking a bit more seriously about their long term commitments and also appreciate that the years are passing by and some financial planning may be important. Many people in this age range are still working full time or part time so affordability, certainly in the short term, is less of a concern than say a 70 year old.

Funeral Insurance premiums are also based on your age at the time the policy commences. So, obviously the older you are, or later you leave before buying, this will affect the premiums you pay. Premiums in the 60’s tend to be reasonable still as they still assume you have a good number of years ahead of yourself. As you age the premiums get higher as the average life expectancy remaining for you will be reducing.

Other than just based on your age, cover is typically sought by people who simply know that, regardless of their current age, the funeral payment will be difficult either for their spouse, adult children or for money they can leave behind. Many older people hate the idea that when they pass away it will be a financial burden to their family. And, realistically, in many circumstances this will be the case to some degree. A funeral insurance, although an ongoing financial commitment most people will not prefer not to have, is often the best option to provide some certainty that their funeral costs can be met when the time comes.