OneFamily has launched a funeral cost calculator that enables advisers to calculate the sum assured their clients can receive from OneFamily’s Over 50s Life Cover, based on monthly premium, with the cost of a funeral in their clients local area, both now and into the future.
By asking the client’s age, smoking status, location and whether they want a burial or cremation, the calculator produces a key facts illustration that can then be given to a client. The document shows current funeral costs in the client’s county, based on burial or cremation, the predicted costs in five, 10, 15, 20, 25 and 30 years into the future, coupled with the monthly premium and sum assured. Advisers using the calculator can provide a quote based on client’s preferred monthly premium or the sum assured.
Unlike similar products on the market, OneFamily Over 50s Life Cover offers care advice and a health support service to the policy holder and their family. It also includes serious and terminal illness cover as standard after the policy has been open for two years. The terminal illness benefit means that the sum assured is paid in the event of a terminal diagnosis and the serious illness benefit provides a 20% drawdown of the sum assured upon diagnosis of a serious illness.
Nici Audhlam-Gardiner, Managing Director of Over 50s at OneFamily, comments:
“The cost of a funeral is becoming an increasing concern for those in later life as they worry that they may leave their loved ones in debt after they die, and when you look at the increasing costs this is an understandable concern.
“Between 2012 and 2017 the average price of a cremation increased by 33%, while the price of a burial rose by 26%, and these costs are predicted to treble over the next 30 years. If so, the average cost of a burial could top £20,000[i] meaning the value over 50s insurance offers is increasingly relevant to a wider audience. This presents an opportunity for advisers to help their clients plan for the future and reassure them that there are ways to ensure that they won’t be leaving their loved ones with the burden of funeral costs when they are gone.
“The application is simple, and as acceptance is guaranteed there is no need for a medical and cover can be arranged within seven minutes. With premiums starting from just £10 a month for OneFamily Over 50s Life Cover and a five star Defaqto rating, advisers can be confident their clients are getting a good value, quality product.”
The OneFamily quick quote calculator provides on screen results, as well as the ability to print out a key facts illustration, which clients can keep.
For more information on OneFamily Over 50s Life Insurance visit: https://onefamily.com/over-50s-life-cover/
[i] A Study into UK Burial and Cremation Costs by Trinity McQueen, March 2017