Posted by Tony O’Shea, Funeral Planning & Life Insurance Expert
It is undeniable – the cost of funerals is on the rise. In 2017 The Competition and Markets Authority (CMA) estimated the total cost of a funeral to be at nearly £3,800. This cost is predicted to keep rising and may reach £5,226 by the year 2020. And the scary part? That sum would cover just the basics – add extras and you could be looking at a price of £7,000+.
Although there is no one single reason why the cost of funerals is soaring, it has been suggested that it is down to councils increasing their charges as an attempt to recoup money following years of cuts to their budgets. Additionally, Funeral Director fees are rising above the rate of inflation. These factors, coupled with the fact that funerals will undoubtedly always be in demand, means that the prices of funerals are unlikely to do anything but rise for the foreseeable future.
The constant rise of funeral costs is not the only expense you need to consider. You must also account for other elements involved in the ‘total cost of dying’. This is made up of:
The cost of these elements included in the ‘total cost of dying’ are the largest contribution to funeral costs.
Research from the University of Bath’s Institute for Policy Research has suggested that these costs are so high, that around 100,000 people struggle to pay with these rising funeral prices every year, leaving families and friends to deal with the stress and strain once their loved ones have passed. This ‘funeral poverty’ is now affecting 50 per cent more people than it did three years ago.
Thinking about death can feel a little unpleasant but preparing for the future can protect both yourself and your loved ones from unnecessary stress and costs.
Getting a prepaid funeral plan means that you can pay today’s prices, easing any worries you may have about rising funerals costs. Without a prepaid funeral plan or life insurance policy, the charges attached to the funeral will be deducted from the deceased’s estate, and if there are still any outstanding costs, the responsibility will fall to your next of kin.
By arranging a prepaid funeral plan, you can not only ensure that your costs are covered and protected from inflating prices, but also that your wishes are respected and carried out as you intend them to be.
You can choose from a range of reputable companies who can provide you with a prepaid funeral package that suits you and your needs. The company can also help you to spread the cost of the plan to make the process as stress free as possible.
To find the perfect funeral plan for you, and protect your loved ones from the rising costs of funerals compare funeral plan prices today.
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