Funeral cover for parents over 75 is not as difficult as it might seem at first glance. There are options open to both you as well as your parents themselves that will allow you to cover funeral cover costs on their passing .Read on to find out what these different options are and to decide which will be best for you. If you have sufficient money to cover the funeral costs of your parents, then you may not need to take out an insurance policy at all. A prepaid funeral plan is a great idea however. It provides a way to save money that won’t be subject to income tax as well as a funeral planning service that will ensure you are more prepared for the death of your parents.
Funeral Cover for Parents Over 75 : Life-Term Insurance
If you are in search of funeral cover for parents over 75, chances are that your folks do not have life insurance. You may only just have found out about this, and it’s not a time to panic. There are plenty of different companies out there who don’t have an upper age limit on their insurance policies. There are also many who do not even require a medical. There is however a catch. Such companies offer insurance policies that are expensive. The premiums will far outweigh the payout and they really should only be used as a last alternative.
If your parents are in good health there is no reason why they can’t take out a standard life insurance policy that requires a medical. 75 might seem like an old age to take out insurance, but if your parents are healthy they may live to 90, 95, or even 100. This will give them plenty of years to pay into a policy. When your parents don’t take out cover until they are older, there is no fear that they will pay in more than what will be paid out. This happens a lot in today’s modern times as people are living longer.
If your parents wish to be independent and take out their own insurance policy, check these things. They are very important. Ensure that the payout will never be less than what they pay in, and check that they don’t need a medical if they are fit. Alternatively, you, as your parents’ child can take out funeral cover for parents over 75. Read on to find out how.
If you are aware of your parent’s financial circumstances, and they aren’t great, you need something in place to pay for their funeral on their passing. A prepaid funeral plan could be the answer you are looking for. You can pay into a funeral plan for your parents, ensuring you have sufficient funds to pay for their funeral when they die.
A prepaid funeral plan can be seen as a secure savings scheme. Your money will be safe and it will not be subject to inheritance tax. When you pay into a funeral plan provided by a local funeral planner you will also get the chance to discuss funeral arrangements. A meeting with your funeral planner will ensure you know how much the funeral will cost and what elements to include.
The price of a funeral in the UK is rising. A standard funeral with no frill will cost you at least 3K. Bearing in mind that not all expenses are included in a funeral plan, you can see why it is time to start saving now. Certain elements such as burial plots and flowers are not generally included in funeral plans. These are details that you can discuss with your chosen funeral planner. If you are aware of expenses that won’t be included then you will have time to start a saving fund in a bank or building society to cover these extras.
The best funeral cover for parents over 75 is undoubtedly a funeral plan. If your parents don’t have enough money to meet the monthly payments, arrange for you to make the payments for them. Alternatively, set up the funeral plan in your own name as a way to save money for the funeral of your parents on their passing. No one likes to discuss death or prepare for a funeral but planning a funeral in advance will mean a lot less heartache in the long run.