The Rise of Prepaid Funerals

The Rise of Prepaid Funerals

Prepaid funerals sales continue to grow substantially – at least with the mainstream suppliers who are regulated by the Funeral Planning Authority.  Sadly, not all providers of prepaid funerals are regulated by the FPA.  We at the Prepaid Funeral Review do think that all suppliers of prepaid funerals should be prepared to submit themselves to such regulation.

Against a backdrop of funeral price inflation running at around 8.7% – which means that even a basic funeral costs around £250 more than it did a year ago – 8.3% more people are fixing the cost of their funeral by buying a prepaid plan this year than did last year.  Not many industries have managed 8.3% growth in the current economic climate.

In many countries,  prepaid funerals are the normal thing, and in the UK it seems that people are starting to appreciate the benefits amongst which are:

  • No need to worry about the high rate of funeral cost inflation (once you have your plan that is.)
  • No need for the family to worry about finding the cash at a difficult time.
  • No need for the family to quarrel about the arrangements – you have decided!
  • You can pay by lump sum, by installments or a mixture.
  • With the Prepaid Funeral Review on your site we’ll help you find the most suitable plan for your unique requirements.

Prepaid Funerals: Statistics

Calendar YearPlan Sales in PeriodPlans Drawn Down in PeriodPlans Undrawn at End of Period
200246,340N/AN/A
200361,158N/AN/A
200456,748N/AN/A
200560,14530,018409,579
200660,08231,158451,820
200767,51934,861486,007
200874,68340,846514,748
200991,33538,282564,234
2010104,36441,727635,501
2011112,71444,293693,316
2012
Half year
61,03326,675724,487

Sales of prepaid funerals have doubled over the last 6 years, which is pretty amazing.  Even in tough economic times – perhaps especially in tough times – people seem to want to make sure that the essentials are in place.  So it seems likely that the rise and rise of funeral plans will continue for many years to come.

The Rise of Prepaid Funerals.