Funeral costs a ‘ticking time bomb’

Whatever your age, planning your funeral may not be one of your immediate priorities. It’s definitely one of the more depressing tasks you could choose to do on a peaceful Sunday afternoon. However, statistics released in the Sun Life Cost of Dying Report 2017 suggest that maybe sorting a funeral plan should shoot up your list of things to do.

The report shows that the cost of dying is rising twice as fast as the cost of living; the average cost of a funeral has risen 112% across a 14-year period - £1,920 in 2004, to £4,078 in 2017. Some predictions suggest that a funeral could cost more than £7,200 in within the decade1 2. These figures have led to one of the UKs biggest funeral plan providers, Co-op Funeral Services, calling for urgent regulation of the pre-paid funeral market, before the ‘ticking time-bomb’ explodes.

Consumer groups have also voiced concerns over the fact that many relatives face extra costs after their loved ones die, despite funeral plans already being in place. In some cases, this cost is around an extra £2,000; items which you would expect to be included such as embalming, limousines, a funeral service, a hearse and a 24-hour service to collect the deceased, are not covered by many plans.

Given this inflation and uncertainty, we at Bluecoat Wills and Trusts believe that it is in your best interest to act now.

If you purchase a funeral care plan with us now, then the cost will be frozen. We will ensure that you get the exact funeral you envision, and that your relatives will have peace of mind when your big day comes around and you are no longer there to support and advise them.

Leaving your funeral planning to the last minute may result in you struggling to pay for an extortionate basic plan, without the personal touches you had imagined or the guarantee of contentment for the family.

Bluecoat Wills and Trusts helps families create their legacy using Wills, Trusts, Lasting Powers of Attorney's, Wealth Flow, Funeral Plans in Sussex and Surrey, including Shoreham and Worthing.

This is not financial advise.

1: https://www.telegraph.co.uk/financial-services/retirement-solutions/funeral-plans/funerals-among-fastest-rising-costs/

2: http://www.cityam.com/214152/four-charts-showing-why-were-facing-funeral-time-bomb