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When should I update my funeral policy?

22 February 2021
2 minute read

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Is your funeral cover policy up to date? Use this cheat sheet to work out if you need to make any changes to your funeral policy members and cover amount.

Your family grows
You may welcome a new baby to the family, adopt a child or start caring for elderly parents. If your family grows, you can add your new family member to your funeral policy to make sure you are all covered.

You get married or divorced
When a marriage or divorce occurs, check that your funeral insurance is still appropriate and covers those you provide for. You may want to add a spouse and their children to your funeral policy or remove an ex-spouse.

Your children reach a certain age
Young children do not qualify for as much funeral cover as older children. For example, a child of 6 and a child of 16 are allowed different maximum sums assured. As your children get older, check if their cover amounts can be increased, if your insurer does not do this automatically.

Your children reach adulthood
Children can usually be covered on funeral policies up to the age of 21, or 25 if they are full-time students. Once they reach this age they will no longer be covered on your policy and must take out their own policy if they want funeral cover.  

Funeral prices increase
Funeral costs, like so many costs, tend to increase over time. The price of coffins may go up and the price of burial plots, transport and food have all increased over the years. Review your sum assured once a year to make sure it will cover the costs of a respectable funeral.

You need to save money and reduce your cover
If times are tough and you need to reduce expenses, you may choose to reduce your cover amount as this will affect your premiums. While this will limit the policy pay-out and funeral you can afford, it can ease financial strain while still offering some cover. Just make sure to revisit when your financial situation changes.

Update your policy – and schedule the next update!
If you need to update your policy, simply contact your insurer or financial adviser. They will assist you with any changes and answer any questions you might have. Remember to keep your policy document in a safe place and make a note to review it annually or when one of the above circumstances changes.

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