Question: Are there funeral policies available for a person aged 85 years or over? I want to take out a policy for my grandmother.
Answer: As a rule it is virtually impossible to find a company that will accept a client at this advanced age.
Firstly what is a funeral plan:
A funeral policy, often referred to as burial or final expense insurance, is a type of insurance policy specifically designed to cover the costs associated with a funeral and burial or cremation. It provides financial assistance to the policyholder's family or beneficiaries to cover funeral expenses, such as the casket, burial plot, cremation, funeral service, transportation, and other related costs.
Funeral policies typically offer a lump-sum payout to the designated beneficiary upon the policyholder's death. The beneficiary can then use this money to cover the expenses incurred during the funeral arrangements and final disposition of the deceased's remains.
These policies are essential because funerals can be expensive, and many families may struggle to afford the costs without financial assistance. By having a funeral policy in place, individuals can ensure that their loved ones are not burdened with the financial responsibilities associated with their death.
Why is it so hard to get a funeral plan as one gets older?
Insurance is all about risk pooling and pre-funding. As age rises the mortality rates increase. Therefore octogenarians are a bad risk for Insurers all round, as they would generally be part of the pool for a shorter period than, say a 30-year-old.
The best advise is to get a funeral plan before the age of 80, as it becomes increasingly difficult after this to find options.
There are funeral plan options for those over 80
AVBOB - Offers a once-off payment for those over 80 - with no age limit AVBOB Funeral Cover
Assupol’s Cornerstone Pensioner Plan is a competitive solution for government grant recipients who need funeral cover. It provides a choice of affordable premiums and sufficient cash benefits to pay for a dignified funeral. Unlike similar policies from burial societies, the Cornerstone Pensioner Plan has no age limit, and no medical examination is required. Members may cancel their participation in the plan any time, without notice or penalty.
Prosperity Life also has options for those over 80 Contact number 011 760 1416.
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