Old Mutual Wealth supports the Protection Distributors Group ‘Funeral Pledge’ and from 3rd July will pay out in advance on all valid life assurance claims.*
Dealing with the passing of a loved one is difficult enough, without having to worry about to how to pay for funeral bills. The average cost of a funeral is around £4,136 for a burial using a funeral director and £3,214 for cremation with a funeral director, according to the Money Advice Service.
Some families plan to use funds from the estate to pay for funeral costs, but they do not factor in how long probate would take.
Another way to avoid the strain and difficulty of probate is to place a policy in trust.
The funeral payment pledge is the newest addition to Old Mutual Wealth’s services to expedite death claims. Currently Old Mutual Wealth offers, fast track for payment of claims up to £300,000 and a small claims service, which expedites the claim process for claims of up to £30,000.
Paul Roberts, head of protection for Old Mutual Wealth says:
“Planning a funeral is an emotional time and we want to help make it as smooth a process as possible. We do not want to see people going into debt to pay for a funeral when they have a life assurance policy that could cover the cost and that is why we are signing the funeral payment pledge.
“This pledge joins our suite of services to speed up death claims and we will continue to look for ways to enhance our claims process to make it a smooth and swift experience for our customers”
Emma Thomson of Lifesearch, Chair of the PDG, says:
"We’re delighted that Old Mutual Wealth is not only supporting but exceeding our Funeral Payment Pledge. It’s exciting to exceed the minimum we set and do so across a range of their products, not just their Protect range.
“Old Mutual Wealth has a 100% record of paying life claims for seven consecutive years and its new Funeral Pledge is a very welcome addition to its existing initiatives to expedite the claims process.”
*Products included for the Funeral Pledge
• Permanent Protection Plan
• Capital Accumulation Plan
• Skandia Endowment Plan
• Maximum Investment Plan
• The Skandia Plan
• The Skandia Lifetime Plan (Lifetime Cover Plus)
• PROTECT (policies with life cover)
• Bonds with a sum assured payment