Who will pay for your funeral?
Such a lovely topic should always start with a quip.
“In the city a funeral is just an interruption of traffic; in the country it is a form of entertainment. ”
― George Ade
It is said that the only certainties in life are death and taxes but often the cost of a funeral can be a burden on your loved ones with the average cost of a burial now £4,6901. According to Engage Mutual, 40% of families would be unable to cover the cost of a funeral2 unless they had access to the deceased’s money. Waiting for probate, which officially allows the deceased’s estate to be distributed, often takes 3 months but if there are complications this can drag on for some time longer.
Prepaid funeral plans are becoming more popular and growing demand allows for more choice; such as the quality of your coffin and the number of cars. The other big advantage of funeral plans is that it ensures that your funeral arrangements are discussed in advance, rather than leaving the arrangement wholly to loved ones.
Prepaid funeral plans are available to all over the age of 50 and are designed to keep pace with inflationary costs, so however long you live, you have the peace of mind that the cost of the funeral will be covered even before your estate has been distributed.
To find out more, speak to one of our later life experts.
(1) The Engage Mutual 2014 Funeral Costs Tracker Report based on commissioned research from Brass Insight
(2) Engage Mutual One Poll Research, December 2014