Category Archives: why are funeral costs rising so fast

why are funeral costs rising so fast

Cost of Dying in 2016 Rising Fast – Do Something About It!

The overall cost of dying in 2016 is up by £676 from £8,126 to £8,802.

Funeral Plan Quotes

Funeral Plan Quotes

The cost of a basic funeral has risen for the 13th year in a row to £3,897. Funerals costs have gone up 5.5% and in the past year alone have risen 5.5% which is around ELEVEN times the rate of general inflation and more than double the rate of pensions, inflation and earnings growth.

Cost of Dying in 2016: Funeral Inflation 11 Times Higher.

The Cost of Dying Report shows that over 13 years, the price of funerals has more than doubled from £1,920 in 2004 to nearly £4,000 in mid 2016. If funeral costs had been inflation linked. a funeral would now cost around £2,540.   That is a massive gap of £1,357.  A clear indicator that a prepaid funeral plan is an important investment.

This rapid funeral cost inflation would explain why funeral are less elaborate than they were 8 years ago. As a proportion of the total cost of dying, funeral costs have dropped from 31% in 2008 to just 22% today, The Cost of Dying Report suggests that the continuing rise in the cost of funerals is forcing families to cut corners on their loved ones’ send-off.  Here at the Prepaid Funeral Review, we tend towards a decent send off and not an elaborate one and use the money for those left.  But it is your choice – if you want to spend £20,000 on a prepaid funeral plan, we can certainly arrange it!

You may wish to read about the Pitfalls of some types of funeral savings.

 Cost of Dying in 2016

Cutting the Cost of Dying in 2016

The rising cost of dying in 2016 do mean than more people are making at least some provision for funeral finances now, even if not always in the most suitable way, it all helps.  Around 62% have put at least some money aside compared to 59% last year and just over half (54%) in 2009.  That said, a significant proportion of people who have had to organise a funeral admitted it caused them
financial concern.  The average shortfall was £2,334, and prepaid funeral plans can make a big impact in reducing the financial problems caused to those left behind.   A proper prepaid plan need not be as expensive as you would think, and even a very basic one takes away some of the financial strain.

The Cost of Dying report also found that we are not talking about what type of send-off we would like. Just one person in 100 let their family know what their funeral plan wishes were. From personal experience, we know that this can prey on the mind of those left, so at least contact us for our Free Funeral Wishes pack.

We all know that death is inevitable, but leaving debt and emotional stress behind for our loved ones is not.  So let the team at the Prepaid Funeral Review help you do something about it! Call us on 0800 0588 240, or use the enquiry form to the right.

Funeral Costs Mean Debt Without Planning

Funerals costs are creating debt for families.

Failing to plan for the inevitable funeral costs is creating major debt issues for many familes when the cash just isn’t available at the right time when a family member dies.

Funeral Plan Quotes

Funeral Plan Quotes

A survey by Royal London shows that funeral debt in the UK has reached £142,000,000. And that at a time when prepaid funeral plan sales are booming. But the rapidly rising cost of funerals is only going to make things worse in future, for families who haven’t planned.

Why not contact us and set up a Family Funeral Plan – one which can be used by any member of the family who dies, rather than – as most are – being restricted to just one person. We think that is a great way of improving things.   But on with the report from Royal London.

The National Funeral Cost Index: average funeral costs £3,551.

More worryingly a massive 109,000 people have been caught out and ended up with an average debt is £1,305. In terms of timing, the combination of grief and debt is awful.

YouGov (commission by Royal London) surveyed just under 2000 people who had arranged a funeral in the last 5 years. 46% said it cost more than expected. Around one in five said they had problems paying.   The Social Fund contribution to funeral costs is minimal.

Despite this, most were determined to give their loved one a “good send off.”   Surprisingly only just over one in ten of these economised on the funeral.   Significantly more that one in three spent their own savings to help pay.   Almost three in ten borrowed from family or friends. A scary 20% went into debt typically using a credit card or a loan.

The National Funeral Cost Index is to repeated annually by Royal London and the Institute of Cemetery and Crematorium Management which represents professionals working in burial and cremation throughout the UK.

The ICCM study highlights how funerals are polarising society: those who can afford and those who can’t afford the cost plus those who pay in advance (which needn’t be too expensive. It also shows funeral costs differ dramatically ranging from £2,859 for a cremation in Belfast, to whopping £6,899 for a burial in Beckenham, Kent.

But as we would say, a large proportion of those people could have benefitted from a prepaid funeral plan, whether purchased by them or another family member.

Funeral Plan Costs Comparison

Funeral Plan Costs and Inflation – is the only way up?

Funeral Plan Quotes

Funeral Plan Quotes

It certainly looks as if the only way is UP for funeral plan costs!  Why?
(So organise your prepaid funeral plan through us as soon as possible and we’ll help the environment and plant a tree in your honour before prices go up again!)

Each Funeral Plan company reviews it’s costs at least once a year. And so far, the only way has been up.  They have to remain in line with the cost of providing a funeral, which is rising just as fast.

Why is the trend of plan costs inflation so firmly up? Because regulations are getting tighter throughout the system, adding expenses and in some cases requiring multi-million pound investments.

To make matters worse, many undertakers do not have the facility to handle increasingly large and tall people. A few years ago, people over 18 stone or 6’2” were very unusual: now they are common. This means that some funeral directors cannot handle them without tearing out expensive but perfectly sound equipment and replacing it with expensive new equipment. All of which puts up the cost of funerals, and consequently prepaid funeral plans.

When is the best time to buy before funeral plan costs go up?

There are many funeral plan companies costs which we keep under review, and they all change at different times, but there are roughly four times a year when leaving it a week or two could cost you dearly – at least, if you buy direct.

But at the Prepaid Funeral Review, we can often offer last years prices for up to a month after they go up to the public. Why? Because we advise on lots of funeral plans, and the companies want to keep in our good books!

The Prepaid Funeral Review is the right place if you are looking for sound information about prepaid funeral plan costs. Prepaid funeral plans really are very different from each other under the glossy surface.

We at The Prepaid Funeral Review are independent of all the prepaid funeral plan providers. We offer an independent prepaid funeral review of the plans available in the UK and a specific recommendation of the plan which is best for your unique situation.

If you want to simplify the process and get advice rather than reading through the site yourself (and we don’t give too much away on the site!), contact us for the Prepaid Funeral Review checklist.  Or prepare to comb through the small print of dozens of companies in a probably vain attempt to find the best plan before funeral plan costs go up again!