Saga is well known for providing information, products and of course holidays for the over 50s but as yet they do not offer Saga Funeral Plans.
A couple of years ago you could buy a Saga guaranteed life insurance plan which was commonly used by families to help pay for a funeral however this is no longer available.
So if you are looking for help with funeral costs and Saga at this point are unable to help, what are your options and who else can you trust to offer the best service?
How can I pay for my funeral in advance?
First of all it’s good to know your options. If you are wanting to put plans in place that will help with funeral costs, then you can choose between a prepaid funeral plan and a guaranteed over 50 plan, also often referred to as funeral insurance.
Prepaid funeral plans
A prepaid funeral plan lets you pay and arrange for your funeral services in advance; so not only are you saving money by paying at today’s prices therefore avoiding future inflation, you are also removing the worry of having to arrange a funeral from your family. Quite simply with a funeral plan, the funeral director takes care of everything as detailed in the plan.
Guaranteed over 50 plans
A guaranteed over 50 plan on the other hand is a life insurance plan designed for the over 50s that pays out a cash sum when you die that your family can use to help with funeral costs. They will still need to make the funeral arrangements but will have a cash sum to use how they wish.
Which is the best plan for me?
Choosing the best funeral payment option really depends on what you are looking for and your budget.
If you want to arrange and pay for everything in advance then you may prefer a prepaid funeral plan. You can choose to pay in one go or spread your costs over 12 months and the price will be the same. Alternatively you can pay monthly premiums and you will be covered for your funeral services once the payments are complete.
If you prefer to stick to lower monthly payments or leave your family with the flexibility of a cash sum, then a guaranteed over 50 plan like the one Saga used to offer could be worthwhile considering. You pay a monthly premium either for life or until you are 90* and are covered for the full cash sum after an initial period of either one or two years*. Just keep in mind that the money paid out when you die is fixed, so inflation will reduce its value over time. Also with this type of plan there is a chance that you could pay more in premiums than the cash sum paid out, it all depends on how long you live.
The application process is quick and easy and you are guaranteed to be accepted with no health or lifestyle questions asked; you just need to live in the UK and be within the age limit which is usually 50 to 80 years of age*.
If Saga can’t help me who can?
Although you can’t get a Saga funeral plan or over 50 plan, there are a number of reputable companies that can help you.
Whichever funeral planning option you choose, it’s important to compare the benefits and choose a company you can trust; not just opt for the cheapest plan you can find.
When choosing the best funeral plan, it is worth looking at companies that are registered with and regulated by the Funeral Planning Authority, so you know the company complies with their strict rules and safeguards as to how your money is kept and the service you and your family receive.
It is also important to understand what is and isn’t guaranteed, as although all plans pay for the funeral directors services, many companies only offer a contribution towards the cremation and ministers fees which could leave your family with more to pay when the time comes. This is one of the many reasons why we recommend Dignity funeral plans.
When choosing the best over 50 plan, comparing is key as the level of cover you receive will vary from company to company. Our comparison service will help you understand more about what is on offer.
So although Saga funeral plans may not be an option available to you at this time, there are a number of other companies that are just as reliable and happy to help.