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Life Insurance VS Funeral Plans: What suits your needs?

Author

Becky Simmonds,
23 June 2021

Reading time: 5 minutes

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Many of us are looking to prepare for the future, but we are constantly baffled by the technical jargon. Making it hard to decide for yourself what you need and what is best for your situation.

Our easy guide and benefits below break down the difference between Life Insurance and a Pre-Paid Funeral Plan.

life insurance

  • Provides a cash lump sum payout for your loved ones.
  • Provides financial security for dependents.
  • Fixed monthly premiums calculated based on personal factors and policy terms.
  • Depending on your circumstances and policy type, monthly premiums could be cheaper than monthly funeral plan instalments.
  • Different policy types to suit different needs. Critical illness/Serious illness options.
  • Policies can be written into trust, meaning payouts can be quicker and you have greater control over your assets.

life insurance

  • Allows you to pay for your funeral services in advance.
  • Freeze funeral costs at today's rate (avoid rising costs).
  • Funeral plans have no cash value; funds are used to only pay for your funeral.
  • Pay in full, or spread the cost with flexible payment options.
  • Different packages and service levels to suit different budgets.
  • Guaranteed acceptance regardless of your health, no medical questions.

Make more sense? Now you know what the difference between both products and what best suits you, so when you're ready fill out the form (it only takes two minutes). Get your free quote now and find out how affordable it is to get protected.

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