Newcastle Building Society has launched a Guaranteed Over 50s Plan in partnership with AXA Sun Life giving members access to a simple and affordable way of leaving a guaranteed fixed cash sum for dependant family members.
The Newcastle’s new specialist life cover gives anyone aged between 50 and 85-years-old piece of mind, regardless of their health history, that they will be accepted on the plan and payout a guaranteed fixed cash amount as average funeral costs across the UK have risen by as much as 42% over the last five years according to research by AXA Sun Life.
Figures show the average funeral cost in London, excluding extras like flowers, headstones and catering hit £4,600 compared to just £2,626 in the North East that has the lowest average fee in the UK.
Premiums for the Guaranteed Over 50s Plan start from £6 a month with the first month’s subscription for free and claim a welcome gift worth at least £25.
Steve Urwin at Newcastle Building Society says,” It really is important that people consider the financial burdens others can inherit following a loved-ones death. At a time when we are seeing the levels of disposable income dropping there is a greater need to plan finances and this includes providing for the ever increasing cost of a funeral.”