An overlooked demographic

The UK population is ageing and as life expectancy continues to rapidly grow1, half of over 50s don't have life cover2 and the cost of a funeral is rising3.

Our findings show that the average cost of cremations and burials is currently rising much faster than inflation. Between 2014 and 2015, the average cost of a cremation has risen 10% and the average cost of a burial by 4%3.

But when looking for life cover for older clients, the expectation of high premiums and the possible effects of underwriting on clients with pre-existing medical conditions could make buying cover seem too expensive. The result is that many people have no protection.

1 Funeral Time Bomb Report 2015 by ILC-UK
2 Mintel Whole of Life Insurance, May 2014
3 A Study into UK Burial and Cremation Costs, by Trinity McQueen January 2016

The facts

Over half of over 50s
have no life cover

Source: Mintel Whole of Life Report - 2014

More than half of UK households have less than £3,000 in savings

Source: Family Resources Survey (2013) Department for Work and Pensions

72% of Over 50s aren't currently putting money aside for their funeral

Source: Mintel Whole of Life Report - 2014

The average cost of a funeral in 2015 was £4,858 and this could rise to £15,607* by 2020

Source: A Study Into UK Burial and Cremation Costs by Trinity McQueen January 2016.

*This cost is based on an assumed annual rate of increase of burial cost of 4% per year. This predictive cost should not be relied upon to estimate the precise cost of a burial.

A welcome solution

Many people don't realise that without life cover they could be leaving behind a financial headache when they die. With rising funeral costs and a low average level of savings for a typical family, their loved ones may face what could prove to be a hefty and unexpected bill in the future.

Easy, affordable and with no medical underwriting, our Guaranteed 50 Plus Life Cover can help with this issue and also represents a great business opportunity for you. Whilst it's not a funeral plan and might not cover the full cost of your client's funeral, it's a straightforward way for them to put something in place.

Funeral Costs Calculator

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