The survey was commissioned by pre-paid funeral plan provider, Ecclesiastical Planning Services, and revealed that 44% of over 50s would rely on savings or investments to pay for their own funeral. Nearly a quarter plan to use a pre-paid funeral plan.
The survey further revealed that a significant 21% of respondents didn’t know or hadn’t thought about it with 16% admitting they would rely on family members to cover the costs. Responses included “It won’t matter, I’ll be dead” to “I’m not because I won’t be alive then!”.
Whilst these things may be true, funeral costs have risen significantly in the UK over the last decade, with SunLife’s Cost of Dying Report (2022) showing that the average cost of a burial funeral now stands at £4,927 and a cremation at £3,7652. If trends continue, the average cost of a basic funeral could stand at £5,089 by 20262.
Taking out a pre-paid funeral plan can be an effective way to make financial provision for the cost of a funeral. It allows you to fix your funeral director’s costs in advance, so as long as the original firm carries out your wishes and your requirements don’t change, your family won’t be asked to pay a penny more for these costs, no matter how much prices rise. You can also make a contribution towards third party costs, such as the fees for cremation or interment, doctors’ fees (if applicable) and payment to an officiant. With a pre-paid funeral plan in place, you can help to protect those who are left behind from footing the entire bill, and reduce stress for family and loved ones at what can be an emotional time.
For more information about pre-paid funeral plans and the benefits of planning ahead, please get in touch. Terms and conditions apply – please ask for details.
Sources
1. OnePoll research of 1,000 UK residents aged 50 and above, on behalf of Ecclesiastical Planning Services, October 2022.
2. SunLife (2022), Cost of Dying Report, sunlife.co.uk/funeral-costs.