Nice funeral is arranged, this could pay for it? (4,9)

I believe the answer is:

life insurance

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'this could pay for it?' is the definition.
The definition suggests a singular noun which matches the answer.

'nice funeral is arranged' is the wordplay.
'arranged' indicates an anagram.
'nice'+'funeral'+'is'='nicefuneralis'
'nicefuneralis' anagrammed gives 'LIFE-INSURANCE'.

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(Another definition for life insurance that I've seen is " Cover against one's demise?".)

I've seen this clue in The Telegraph.

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