"Understandably, one in five don’t want to think about getting older and funeral arrangements, but this will only push the worry onto their loved ones when the day comes."
- Jackie Davies, Head of Customer Service and Direct Sales at OneFamily
Of those surveyed, (2,000), only 19% said their funeral could be fully or partially paid for with Life Insurance, while 13% admitted they didn’t know how their funeral costs would be paid. 14% told their family to use money from the sale of their assets, and 3% hoped loved ones would pay for the funeral themselves.
Nearly half (44%) of those with over 50s Life Insurance purchased the policy to pay for their funeral, but as these costs continue to rise, 9% said they’ve decided not to have a funeral at all.
For those with over 50s Insurance, 28% said cost was the most important factor when choosing an insurance provider, followed by 12% prioritising a lack of medical reviews.
Commenting on these findings, Jackie Davies, Head of Customer Service and Direct Sales at OneFamily, has said:
“With concerns over the cost-of-living crisis continuing, it’s not surprising people have reservations about finding the spare cash for over 50s life cover. Understandably, one in five don’t want to think about getting older and funeral arrangements, but this will only push the worry onto their loved ones when the day comes.”
