2020 Market Study Reveals Surprising Truth About UK Cremations And Funerals
| | Jack Evans
Brits Rush To Get A Funeral Plan To Potentially Save £100s…
Funeral costs have been rising way above the rate of inflation for at least the last decade, and many in the UK are now taking out pre-paid funeral plans. But is this the best course of action?
Funerals are not a subject we like to think much about, but we will, of course, all need one at some point. And by planning now, we can do much to help our loved ones when our time comes. A reputable pre-paid funeral plan can protect those we love from having to find thousands of pounds at a time when they are grieving and vulnerable.
But let’s look a little closer at the facts.
How much does dying cost in the UK?
The average cost of dying in 2020, including the funeral, professional services, and the send-off is £9,493. That represents an increase of 3.1% since 2018 and of a whopping 42% since 2007. This shocking rise is indeed questionable, and the funeral industry was rightly investigated by the Competition and Markets Authority (CMA) recently.
Of the many concerns the CMA expressed about the currently unregulated funeral industry, here are two:
1️⃣ People recently bereaved are understandably less likely to shop around for the best deal.
2️⃣ Funeral directors were not consistently giving out the relevant pricing information. This meant it was not easy for people to compare prices between competitors.
These concerns serve to make an already distressing time more challenging. They also make next-of-kin vulnerable to being taken advantage of and paying over the odds.
Pre-paid plans, by design, avoid these difficulties. They both ease the burden of your loved ones and give you more control over your final milestone. In effect, taking out a pre-paid plan will freeze the cost of your funeral at today’s rate. So, no matter how high the price is in the future, your funeral costs are covered.