Funeral costs seem to be ever rising with around an 80% increase in the last 10 years up to around £3,700 for an average. This is a cost that’s expected to continue rising year on year and it’s predicted to rise to well over £12,000 in the next 20 years.
These huge costs are probably something you don’t want to leave your family and loved ones and therefore you may want to make some provisions to avoid passing the burden to them upon your death.
One option in order to do this is a funeral plan. These allow you to pay for and plan your funeral in advance. This means that when the time comes your family and loved ones won’t need to worry about any planning or costs during a time which will already be distressful for them. Not only do funeral plans ensure that your funeral is fully payed for, they can also make you’re funeral cheaper as they usually mean that you pay today’s prices, so you beat the rising costs.
Another options is an over 50’s life insurance policy which will allow you to make arrangements to give your family some funds at the time of your death which can then go towards your funeral. The difference between an insurance policy and a funeral plan is that an insurance policy won’t include the planning of your funeral and may not cover all your funeral costs. However if your funeral turns out cheaper than expected any funds left over will be left to your loved ones, which wouldn’t happen if you were to take out a funeral plan.
Both options are great to look into if you are worried by the rising costs of funerals and you don’t want to leave a financial burden upon your family and loved ones upon your death.