Funeral plans for the under 50s
20 Jun 2024 
Funerals
By Ashley Shepherd Funeral plans for under 50 year olds are available with many UK funeral plan providers, although some companies specify that you should be 50 or older to apply. An under 50 funeral plan could be a good idea as the younger you are, potentially the more money you can save if funeral costs increase.
You do however need to be aware of the pros and cons before buying a prepaid plan and be comfortable that you will still be happy with your choice of service in years to come.
Do I need a funeral plan before I'm 50?
As none of us can predict the future, having a funeral plan in place at any age, regardless of whether you are under 50, or over 50 years old could benefit you in a couple of ways:
- Firstly, you are protecting your family from having to arrange your funeral when the time comes and finding the money to pay for it. Instead, they contact either the funeral plan provider or the funeral director when the time comes and they will take care of everything as detailed in your plan.
- Secondly, a funeral plan fixes costs at today’s prices avoiding future inflation. So, you could save money if funeral costs rise.
Without taking into account flowers, memorials or legal services should probate be required, the average cost of a funeral in 2021 was £4,056, which SunLife predict could well rise to over £5,000 by 2026. So, if prices rise further, helping family with the cost of your funeral could make life that bit easier when the time comes.
Alternatives to under 50 funeral plans
A funeral plan could be worth considering if you would like to arrange and pay for your service in advance. However, if you prefer to leave money to loved ones to use how they wish, you could consider life insurance.
Life insurance gives you the flexibility to provide financial protection for the whole of your life, or just a chosen number of years, perhaps whilst family are more dependent on you. It all depends on the type of life insurance you choose.
So, if you want to arrange and prepay your funeral services, you may want to consider a funeral plan. Alternatively, if you prefer to leave a cash sum to family, then life insurance may be more suitable.
What age can you start a funeral plan?
With many funeral plan providers, you need to be at least 18 years old to apply, although some only accept customers who are 50 years of age or older.
You also need to be a UK resident; other than that, your application is guaranteed to be accepted.
What are the benefits of an under 50 funeral plan?
The sooner you buy a prepaid funeral plan the more money you could potentially save if funeral costs increase, as you pay at today’s prices, avoiding future inflation. In addition to these savings, the benefits of an under 50 funeral plan are as follows:
- It relieves your family from having to arrange a funeral at what will undoubtedly be an extremely difficult and upsetting time.
- You get to choose the type of funeral you want and say goodbye ‘your way’.
- You can shop around and compare funeral plans to find the best under 50 funeral plan for you at the right price. Something families are reluctant to do when the time comes.
- You can personalise the funeral service and add special wishes such as a favourite piece of music or poem.
What are the disadvantages of an under 50 funeral plan?
An under 50 funeral plan could save you money if funeral costs rise, but it could be more expensive if prices drop. There is also the chance that you may change your mind about the type of funeral service you want over coming years. Whilst you can cancel a funeral and get a refund, you will be charged a cancellation fee.
For more information on the advantages and disadvantages of an under 50 funeral plan, take a look at our pros and cons page.
Under 50 funeral plans – what to consider
Make sure the company you choose is authorised by the FCA. Only those companies with the appropriate FCA authorisation are allowed to sell under 50 prepaid funeral plans.
You may also want to check what services are included in the plan, so you can make provision for additional requirements such as the wake, flowers or stationery.
How do you pay for under 50 funeral plans?
When it comes to paying for an under 50 funeral plan there are a couple of options available to you. You can pay in full with a single payment or spread your costs with monthly instalments if you prefer. The monthly payment options available to you will vary from company to company; for example some plan providers offer instalment plans between 1 and 10 years whereas others have payment options available up to 25 years.
It’s important to understand and be comfortable with the monthly payment you choose and the total cost of the plan once payment is complete.
To see how much an under 50 funeral plan may cost, compare funeral plans with the UKs FCA authorised providers.