Almost 3 million* people over the age of 50 in the UK don’t plan to have a funeral due to costs, according to our research.
Our research gives a valuable insight into the current state of funeral costs in the UK.
Out of all our survey respondents, 13% said they simply couldn’t afford to cover their own funeral costs, and 28% said they didn’t want their family and friends to have to pay.
Many people felt that having money for their retirement was more important than being able to pay for the cost of a funeral. In fact, over a third of those who said they didn’t plan to have a funeral were worried about not having enough savings to live comfortably, especially given the rise in cost of living.
Many of those who are planning on still having a funeral have thought about ways to reduce costs.
Almost half of the respondents said that they’d go with the cheaper option of cremation over burial and a third said they’d save money by opting for a simple casket. One in 10 respondents told us they’d consider donating their body to science.
* All research conducted by Opinium, on behalf of OneFamily, between 14th and 19th February 2024 among a sample of 2,000 UK adults aged over 50. There are approximately 25,707,500 over 50s in the population. 11% in our nationally representative survey of over 50s said they don’t plan to have a funeral. 11% of 25,707,500 is 2,827,825.
How over-50s life insurance could help reduce funeral poverty
OneFamily’s Director of Protection, Ryan Griffin, was saddened by the research.
“Funeral poverty is a very real problem, it’s quite shocking that 2.8 million people believe they can’t find a way to allow their families to celebrate their life. It’s part of the grieving process,” he said.
Ryan believes the fact 79% of respondents said they didn’t have over-50s life insurance, is partly to blame for the funeral poverty findings.
“Our research found nearly four in 10 people aged over 50 thought life insurance would be too expensive, yet OneFamily’s premiums start from as little as £10 a month,” he explains.
“Equally, one in 10 said they didn’t understand what the benefits were and others said they don’t have over-50s cover because they have a pre-existing condition, yet we don’t require a medical and there’s guaranteed acceptance.”
Over-50s life insurance is only available to people over 50 and is guaranteed to pay out when you die, so you don’t have to worry about outliving the term of your policy. You also don’t need to undergo medical checks to get approved for over-50s life insurance.
Some providers, including OneFamily, can help guarantee that the payout from your over-50s life insurance will go directly towards paying for your funeral costs.
Our Over 50s Life Cover comes with Funeral Funding, which means that the payout goes directly to the funeral director to cover the cost of your funeral first, with anything left being paid to your estate. If your family members choose a Co-op Funeralcare appointed funeral director, they’ll contribute an extra £300 towards your funeral.
