There are a few differences when it comes to funeral plans, life insurance and over 50's life insurance cover. When it comes to having a prepayment plan like a funeral plan, you are guaranteed to beat inflation and lock in the fees at today's prices. However, traditional life insurance cover plans or over 50's life insurance can also be a better option depending on your overall needs and budget. Here is a description of each so you can see the benefits as well as differences that each one will offer.

Funeral plans are a worthwhile investment for someone who is looking to pay for a policy up front. Funeral plans lock in the current prices of funeral burial and cremations to ensure that prices do not go up for those who have paid in full by the time of passing. You can choose to make one lump sum payment or pay overtime with a funeral plan. Funeral plans allow you to pre-plan and pre-pay for your funeral so that your family is not left with that worry and responsibility.

Life insurance plans cover many seniors and can be a very good investment. Life insurance provides money to cover last minute expenses once you have passed. You family will get a lump sum of money as opposed to with a funeral plan where the funeral directory is paid directly once you die. Life insurance cover provides money to your family to help with other final expenses or pay bills. You can pay your life insurance policy in instalments, or increasing the amounts, so that your pay out amount covers more when you pass.

Over 50's life insurance plans offer piece of mind to those who are over the age of 50 and need quality life insurance cover. An over 50's life insurance plan can pay out a lump sum to your family once you die. It is very like regular life insurance cover, only tailored specifically for those over 50 who need specific cover. A prepaid funeral plan differs because they are firstly, prepaid and secondly, you get to arrange your funeral, whereas with life insurance cover and over 50's life insurance cover your family gets paid out an amount upon your death. You should review your options to pick the best plan, cover or policy to suit your and your family!