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How to leave money for your funeral

Have you thought about leaving money for your funeral? If you don’t make provisions, your family could be left to foot the bill.

Protecting your family

Leaving money for your funeral may not be the cheeriest thing to think about, but some families struggle to cover these costs when they lose a loved one.

How can you protect your family from being landed with an unexpected bill upon your death?

Funeral expenses

When you die, your burial or cremation will need to take place within days – and be paid for promptly. The person organising the funeral (usually your closest living relative) may have to pay for it.

If your assets need to be sold off to repay debts your relative may have to wait months - even years - to get reimbursed. And if your assets don’t cover your debt, they may not be reimbursed at all.

Here are some of the popular ways people leave money to cover the cost of their funeral:

Leaving money in savings

It seems like a good idea to leave money in a savings account to pay for your funeral, but unless it’s a joint account, your relatives might not be able to access it after your death, at least not for several weeks.

Some banks and building societies release funds quickly, but others will freeze an account until probate is granted – which can take weeks. Probate is the legal authority to wind up the affairs of someone who has died.

Find out more about probate here: What is probate?

Funeral plans

A funeral plan is an agreement that ensure your funeral expenses are paid quickly and fully. If you have a funeral plan the cost of your funeral will be covered by the plan and the funds paid directly to the funeral home.

You pay a set amount to for the funeral plan, and the plan provider pays directly for your funeral when you die. You can pay for a funeral plan either with a lump sum or in instalments over several months or years.

The main benefit of a funeral plan is that the cost of your funeral is covered regardless of what happens with the costs of funerals between now and when you die – even if it ends up costing more than you paid into the plan.

It’s worth remembering that there may be funeral costs not covered by the plan, such as a burial plot or flowers.

Life cover

Some people take out over-50s life insurance to help pay for their funeral. They pay a regular premium until they die and the policy pays out.

Life cover can be a good way to spread the cost, but there’s no guarantee that the amount you are insured for will cover the full cost of your funeral when the time comes.

OneFamily Over 50s Life Cover

Our Over 50s Life Cover includes Funeral Funding, which allows the proceeds of your life cover policy to be paid to a funeral provider when you die. It also comes with Terminal Illness benefit to offer peace of mind to you and your family at a difficult time.

Protecting your loved ones from having to deal with funeral costs after your death is a thoughtful and caring thing to do.


Look after your loved ones with our affordable life cover

OneFamily Over 50s Life Cover is designed to give you and your loved ones peace of mind at a very difficult time, by helping pay towards the cost of your funeral.

Explore Over 50s Life Cover


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