What is the Funeral Benefit Option?
When you take out Cover Today Over 50s Life Insurance, you’ll be offered our Funeral Benefit Option, which is provided in partnership with Golden Charter, who work with the UK’s largest network of independent funeral directors. It’s a funeral arrangement that provides a £300 contribution towards the cost of your funeral. So, for example, if your benefit amount is £5,000 and you add the Funeral Benefit Option to your policy, you will have £5,300 in total towards the cost of your funeral. Any excess benefit amount not paid to Golden Charter for your funeral will be paid to your estate or next of kin. If you choose an unattended cremation, please note that the £300 contribution will not apply1.
When you choose the Funeral Benefit Option, Golden Charter will appoint an independent funeral director who is local to you to take care of your funeral arrangements and provide support for your family. Your next of kin or estate is under no obligation to use the funeral director appointed by Golden Charter. If they choose not to, your policy benefit amount will be paid to your estate or next of kin as normal, but you will not receive the extra £300 contribution towards the cost of your funeral.
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How does it work?
- When you choose the Funeral Benefit Option, Golden Charter will appoint a funeral director who is local to you and they will take care of your funeral arrangements.
- You’ll receive Funeral Benefit Option documents from Golden Charter within 6 weeks. This will include details of the appointed funeral director, a personal wishes form for you to complete if you wish to specify particular requests for your funeral, plus information to pass to your next of kin so they know what to do when the time comes.
- When you pass away, your next of kin simply makes one call to the appointed funeral director to get things underway.
- The benefit amount from your insurance policy will be paid to Golden Charter to help cover the cost of your funeral. Additionally, your appointed funeral director will contribute £300 towards the cost. Please note that if you choose an unattended cremation, the £300 contribution will not apply1.
- If your funeral costs less than the benefit amount and the £300 contribution, any balance will be paid out to your next of kin or estate. If your funeral costs more than the benefit amount and the £300 contribution, your next of kin or estate will need to pay any outstanding money to the funeral director.
- Your next of kin or estate is under no obligation to use the funeral director appointed by Golden Charter. If they choose not to, your policy benefit amount will be paid to your estate or next of kin as normal, but you will not receive the extra £300 contribution towards the costs of your funeral.
About Golden Charter
Golden Charter is one of the UK’s largest funeral planning companies and they have already helped almost 900,000 people to make funeral arrangements in advance2. They are owned by an association of independent funeral directors and work with over 2,900 funeral directors across the UK. Many of these are family-run businesses that have served their communities for generations3.
Some things to think about
- The value of the £300 funeral benefit contribution is fixed and therefore may not keep up with inflation. There is no cash alternative.
- If you pass away in the first 6 months of holding your policy, any amount due under your policy would be paid to your next of kin or estate rather than to Golden Charter. In this case, the funeral can still be provided by the funeral director, with the £300 funeral benefit still applied, provided that your next of kin and funeral director agree directly on the payment arrangements for the cost of the funeral.
- If you die as a result of a non-accidental death after 6 months of holding your policy, Cover Today will pay your benefit amount to Golden Charter up to the cost of your funeral.
- If you die as a result of an accident after 6 months of holding your policy, Cover Today will pay out two times your benefit amount. Only your original benefit amount will be paid to Golden Charter up to the cost of your funeral. The remaining benefit amount will be paid out to your next of kin or estate.
- If you choose an unattended cremation1, please note that the £300 contribution will not apply.
- If you have put your insurance policy into Trust or you already have a Funeral Plan, you will not be able to choose the Funeral Benefit Option.
- If you activate the Funeral Benefit Option, you consent that your personal information will be shared with Golden Charter and the appointed funeral director, to enable them to arrange and administer the Funeral Benefit Option. Golden Charter may need to contact you to appoint a funeral director for you.
- The Funeral Benefit Option is not available to those who live in the following postcode areas: Orkney KW, Shetland ZE, Isle of Lewis HS1/2, AB35, LA12/14/18, IV10, IV27, IV21 Gairloch, HS9 Isle of Barra, HS3/5 Isle of Harris, HS7 Isle of Benbecula, PA62 Isle of Mull, PA29 Tarbert, PA28 Campbeltown, AB34, IV15.
- You can cancel the Funeral Benefit Option at any time. Should you wish to cancel, please give Cover Today a call on 0800 470 4367 (9am - 7pm Monday to Friday, excluding bank holidays) or email: service@covertoday.co.uk
- Should you have a complaint about the Funeral Benefit Option, please call Golden Charter on 0800 833 800 (9am - 5pm Monday to Friday) or email: contact@goldencharter.co.uk