Funeral insurance 'popular'
Published on : 28/08/2007
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Funeral insurance is becoming a "very popular" product, with "more and more" people signing up for cover, it has been claimed.
Geoff Spencer, chief executive of Shepherd Friendly, claims that such products have been around for a long time - although he adds that there are relatively few companies that offer them, possibly as a result of the relatively small premiums usually involved.
"They are very popular arrangements and more and more people are doing it," Mr Spencer claimed.
"Funeral insurance plans are generally bought by people in their 50s to 60s. Those people start paying typically £10 to £15 per month and that pays out a lump sum on their death.
"Funeral insurance pays the amount of money that is guaranteed at the outset."
Mr Spencer went on to add that the typical funeral insurance buyer is someone who has just experienced the death of their own parents - and is anxious to help their children avoid going through the same experience as they have had to go through.
