Following a report from Public Health England which stated that over-65s in England are living longer than ever before, Brits are being urged to secure the cost of their funerals now in order to beat rampant funeral inflation that has been consistent since 1980.
Ashley Shepherd, Managing Director at Over50choices.co.uk, the UK’s leading funeral plan comparison site, says: “While it is great news that people are generally living longer than ever, the downside is that when they do die, those they leave behind may be faced with funeral costs that are beyond their means”.
Ashley explains that while the average cost of a funeral today is £3,693* – representing an increase of more than 90% since 2004 when they were just £1,980 – in 20 years time, funeral inflation could see this figure rise to a staggering £11,700**.
“Based on these figures, investing in a prepaid funeral plan now – which gives you the opportunity to prepay for your funeral costs upfront – a typical person could save over £8,000 at the time of their death, protecting their loved ones from financial hardship.
“A recent report*** revealed that even at today’s prices, without a prepaid funeral plan, provisions currently left by the deceased will only cover 70% of their funeral costs. Friends and family are left to pay an average of £2,449 – putting one in seven into financial difficulty.”
Ashley adds: “It is a very sorry state of affairs which is why we recommend purchasing a prepaid funeral plan – to secure funeral costs now and enjoy the peace of mind of knowing that your family won’t have to arrange your funeral when the time comes and most importantly, they will not be left with a financial burden”.
Until the end of March, Over50choices are offering savings of up to £501 on certain plans regulated by the Funeral Planning Authority when you buy through them with their price beating guarantee. To find out more, visit Over50choices.co.uk and scroll to the foot of the page.
* SunLifeDirect report – https://www.sunlifedirect.co.uk/press-office/cost-of-dying-2015/
**Over50choices funeral calculator – http://www.over50choices.co.uk/funeral-planning/funeral-plans#75371-benefits
***SunLife Press Release – https://www.sunlifedirect.co.uk/press-office/january-funeral-bill-could-exceed-%C2%A3495million/