by | Apr 16, 2019

Over 50's Funeral Life Insurance Cover

What is a Funeral Insurance Plan?

Funeral Insurance can be a number of things. It’s essentially a life insurance policy that pays out on death, with the sum being used to cover some or all of the funeral costs and expenses.

Some policies exist purely for over 50 funeral plans in Ireland, such as the policy historically offered by the Credit Union.

However, in recent years, the amount payable by this cover has been reduced to a level that’s insufficient to cover the cost.

This payment can be between €1,300 and €2,600, usually, although it depends on individual credit unions.

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How much does a Funeral cost?

Funeral costs can run across a spectrum, where the location of the funeral can matter as much as the type of funeral you or your family will choose.

To put the credit union payment into context, an average coffin can cost €1,500; an average funeral can cost €4,062, but this doesn’t include the ceremony or burial/removal.

A burial plot can cost €1,908, but this varies dramatically depending on location; cremation, on the other hand, can cost between €527 and €770.

Holy Hell! Funerals cost this much?

Unfortunately so. Let’s say, like a lot of people, your main asset is your home.

You might have some money in the bank, but would your family be able to access these accounts in moments?

Your savings might be great right now, while you’re still working, but the average life expectancy in Ireland is now 81.

A lot can happen between now and then. Sometimes it’ll be a roof repair, but other times it’ll be cruises.

You never know. In this case, over 50 funeral insurance plans can be really important.

Contact us to find out how you can get a funeral insurance plan in Ireland.

What are my solutions to cover funeral expenses in Ireland?

Most banks in Ireland will allow for payments to be made from the deceased’s accounts to cover funeral expenses up to certain limits.

Your family will need copies of the death certificate, the will (if it exists), account details of the person who died and proof of identity for the person dealing with the deceased’s accounts.

Funeral Insurance Plans in Ireland

So what are your options for funeral Insurance in Ireland? Although several products are marketed as ‘Funeral Insurance’, these are life insurance policies, in that they pay out on your death. So the question is, what type, and what terms do you need?

Figure out how much you’d like your family to have access to in the event of your death. You’ve seen the average cost of funeral expenses above. Equally important is the choice between burial and cremation.

Once you’ve selected your estimate figure, the next factor involves your age. If you’re still in your 50s, with no other health issues, you could get a funeral expenses insurance policy on quite favourable terms. 

Keep your pension arrangements in mind too. A term policy in case of emergencies for 15 years, until you retire at 66, for instance, would pay for funeral expenses before any lump sums were available.

Funeral Cover Example: 

  • 55-year-old covered for €10,000 = €18.04 per month.
  • 70 year old covered for €10,000 = €41.57 per month.

Note: Correct at time of update: 08/03/2023. These prices are based on standard rates with no pre-existing medical conditions or loadings.

Inheritance Issues

The probate process in Ireland can currently take up to 48 weeks, or even 500 days. So it can take one to two years before family members can recoup funeral expenses insurance if your estate is asset-heavy and cash-poor.

Seriously? Probate takes how long? Also, what’s probate?

Probate is the judicial process of validating a deceased person’s will. It’s the first step in administering the person’s estate and resolving all claims to it.

It’s a ridiculously lengthy process, and it can be even more complicated in the case of those who don’t have wills.

As many as 7 in 10 people in Ireland have no will at death, also known as ‘dying intestate.’

In these cases, the estate is distributed in line with the Succession Act, of 1965. This act provides for very specific divisions of the estate, so if you would have preferred your partner to get sole ownership of your house, for example, your partner would receive half of your share, with the remaining quarter to be divided between your children.

Depending on the value, they would then be liable for inheritance tax on this, when this could run contrary to your intentions.

How do I make sure my funeral insurance policy doesn’t get tied up in probate?

The best way is to have a specifically named beneficiary on the policy. Otherwise, it goes to your estate.

In this way, if the policy is for Funeral cost Insurance, the beneficiary can apply to the insurance company directly for the payout, without waiting for probate to be concluded.

As this policy is specifically for the purposes of over 50 funeral insurance, make sure that the beneficiary is aware! Depending on their relationship with you, there may also be an inheritance tax liability.

  • Warning: Past performance is not a reliable guide to future performance.
  • Warning: This product may be affected by changes in currency exchange rates.
  • Warning: The value of your investment may go down as well as up.
  • Warning: If you invest in this product you may lose some or all of the money you invest.
  • Warning: If you invest in this product you will not have access to your money until you retire.
Debbie Cheevers

Debbie Cheevers

Qualified Financial Advisor (QFA) & Technician Member of the Irish Taxation Institute

Debbie was born in Dublin and graduated from NCAD with a degree in Visual Communication. She brings a strong customer service background to Greenway.

Debbie qualified as APA in 2017 and a fully qualified financial advisor (QFA) in 2018. She believes that product knowledge is key to helping customers make the right choices.

In 2022 Debbie gained a tax qualification as a Technician Member of the Irish Taxation Institute.

Greenway Financial Advisors Limited is regulated by the Central Bank of Ireland. Registered No. C168372