Extortionate Funeral Costs continue to rise. Avoid burdening your family with debt
In 2016, in one of the wealthiest countries in the world, we are struggling with funeral poverty! We are reading articles in the press about paupers funerals and the base government provision not covering the cost of even the most basic of funerals!
Articles (see below) produced by the BBC and by Daily Mirror share the troubling, if not shocking in this day and age, stories of people unable to bury their loved ones because they have been unable to find sufficient funds. The articles also identify the plight of families who have had to resort to using loan sharks to pay funeral director’s fees.
A recent report published by the Work and Pensions Committee said that the average funeral cost in the UK is now £3700 with fees rising rapidly. Over the last 10 years, funeral costs have increased by a whopping 80%. However Sun Life the assurance company publish a report on the cost of dying every year, this is the 11th yearly report. It confirms the above but gives us future projections based on the rises over the last decade. If the increase continue as they have over the last 10 years then in 2020, just 4 years away, the average funeral will cost £4,620.
The Final Thing You Can Do for Them
At Assured Wills Southampton, we speak to people daily about death and dying as part of preparing wills, trusts and estate planning. Many tell us that they consider a funeral to be the final loving act one can do for another. Some tell us that their children have said they want to take care of the funeral when the time comes and their parents shouldn’t even think about it. What hasn’t crossed their minds however is:
- with funeral costs rising so quickly, waiting until you die before paying for your funeral is not a wise choice. Paying funeral costs ahead of time will potentially save the family hundreds if not thousands of pounds. With costs outstripping savings, this can be viewed as a good investment!
- the children may not have ready access to over £3700 – the cost of an average funeral today. If they do not have this, where will they borrow it from and at what cost? Some think the estate will pay for it, but if there are any probate delays, not uncommon, they may have to borrow the money.
- when the time comes and a parent dies, often those left behind are not in the right frame of mind to be making important decisions and are unlikely to be questioning costs with the funeral director. The sorrow one feels is not a great help to clear thinking and the emotionally vulnerable may find themselves parting with more money than they need to. Many individuals we speak to who have experience of planning a funeral say that they felt unable to opt for lower cost items with the funeral director for guilt or for fear that other family members would judge them badly. Sad but true.
- if dying has not been properly discussed with your family, when the time comes they may disagree among themselves about what you would have wanted. This creates conflict at a time when unity and support is so important. It can cause family rifts and emotional guilt that can be felt for years.
A pre-paid funeral plan avoids these pitfalls, it removes the financial burden from those you love, ensures the major decisions have already been made by you and allows your family to grieve and come to terms the loss of their loved one.
Speak to one of our Consultants Today
As every situation is different, at Assured Wills Southampton we have fully trained consultants visiting clients in the comfort and privacy of their own home. We’ll compare a number of funeral plans for you to identify which ticks all the boxes and is going to suit you best.
Call us today to put your mind at rest on 01794 501 036