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Funeral Costs Increases to £8800 In The UK

A Huge Increase in the total funeral costs reported in 2016.

According to a recent report in the media, the cost of a funeral and other associated costs has more than doubled in the last 10 years, with the average total funeral costs linked to the cost of dying in the UK has now reached £8,800, according to the report.

The costs are broken down as follows;

  • The average cost of a funeral in the UK, which makes up some 44% of the total cost of dying has now reached £3,897, which is a 5.5% increase on the costs reported last year by insurer SunLife. The even more startling fact is that this cost alone has has more than doubled since SunLife began tracking prices in 2004. The prices are effected regionally, with London remaining to be the most expensive place to die in the UK. Research in the report shows that the average funeral costs in London is 42% more expensive than the UK national average.
  • With the UK average cost to a family for laying a loved one to rest on the rise, the balance of the costs includes elements like the cost of the wake, legal fees for solicitors and many other factors that add to the remaining in the region of £4900.

Families are facing costs that they cannot afford by having to make difficult decisions over the rising costs by spending a reported 28% less on the ‘send-off’ than they would like to and in fact were doing so just five years ago.

Breaking down the additional £4900, SunLife director Graham Jones said: “The send-off is the only part of the overall cost that is discretionary and has been around £2,000 for the past 10 years, which means as a percentage of the entire cost of dying, it has been slowly dropping for a decade.

One in seven people (13%) who have organised a funeral in the past four years said it caused them notable financial concern, finding themselves with an average shortfall of £2,334.

Much of the financial pressure can be alleviated for families by future planning to provide protection for the generation above. If families start early and opt for one of the low cost monthly payment prepaid funeral plans that are available in the UK, then costs can be kept right down, with plans available with payments as low as just over £5 per week.

Funeral prepayment plans can be started by anyone over the age of 18, then future cost increases can be avoided, as a prepaid funeral plan fund grows to keep it in line with price increases, which is something that is not achieved when people opt for over 50s insurance, otherwise known as funeral insurance.

To understand why insurance does not provide the same protection or guarantees as a prepaid funeral plan, go to Prepaid Funeral Plans Vs Funeral Insurance.

In reality, the optimum age to consider taking out a pre paid funeral plan is 45, with good plans being available that provide Guaranteed protection from the increases in funeral directors costs into the future and they start with payments as low as £5.25 per week for applicants under the age of 50 when the plan starts.

Click here To find out how to avoid funeral price increases and get your personalised quote for a monthly payment prepaid funeral plan.

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