The Funeral Benefit Option is typically a free option that you can add to your Over 50 Life Insurance Policy. By taking this option you are agreeing to use a particular chain of funeral directors – this could be Dignity Funeral Care, Co-operative Funeral Care, Golden Charter or perhaps Golden Leaves. In return for selecting the particular funeral director they promise to give you a discount on your funeral costs – usually £300 – when the time comes. This is a valuable benefit but do remember that a local funeral director that is not part of one of these national chains of funeral directors may be cheaper when the time comes.
One of the useful features of the Funeral Benefit Option is that you can change your mind at any time and cancel it – even if your loved ones choose to use a different funeral director then there is no penalty and your Over 50 Insurance Policy would pay out as normal.
By selecting the Funeral Benefit Option the selected funeral director will typically send you an information pack that lets you choose what you want for your funeral and leave this as a record of your wishes. This can be very helpful to your loved ones when the time comes as it will make some the decisions about your funeral arrangements easier for them and you will already have made the most important choices.