Funeral costs are rising

With funeral expenses continuing to rise above inflation and with death the only certainty in life, now could be the time to freeze your funeral director's services at today's prices.

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help with funeral costsHow much does a funeral cost?

Funeral costs in the UK have risen by 122% since 2004 to a staggering £4,271 today; if this trend continues this could increase to £6,202 in just 10 years. 

The cost of a funeral depends on which part of the country you live in. The ^Sun Life Cost of Dying Report 2018 found that the average cost of a funeral in the North West was £3,257, compared to £5,068 in London. And of course this is based on just the essential funeral costs and therefore could be much higher if limousines and flowers are included.  

The Sun Life Report goes on to to say that whilst 59% of us are now making financial plans for our own funeral, for those who hadn't made any arrangements 1 in 6 had difficulty in meeting those funeral costs, with around 50% of them having to borrow money.

The chart shows how the average cost of a funeral has risen and if current funeral inflation continues, how much they could cost in the future.

Arranging a funeral 

The majority of people pay for a funeral at the time of need, which is often an emotional and distressing time for the family. Very few people shop around and compare the cost of a funeral and will either use a funeral director that has been recommended to them or the first one they find in the telephone directory or online.

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help with funeral costs

Paying for a funeral

Paying for a funeral is an expensive time and unless the deceased has funds or suitable funeral insurance in place the burden of payment will fall on the family.

The funeral director will usually require some form of deposit at the time of arranging the funeral and the balance within a few weeks after the service.

More and more people are going into debt to pay for all or some of their loved ones funeral costs, but with some careful planning ahead these costs can be alleviated.

Help with funeral costs 

More and more people are now arranging their funeral in advance, the majority in their 60s and 70s but also a growing number of 50 something's are seeing the benefits of planning ahead. 

Let's take a look at your options: 

Use your savings: If you have sufficient savings you could use this pot to help pay for some or all of your funeral costs.  

However if you have that cash in your account today which will ultimately be used by your family for funeral costs, you could consider buying a prepaid funeral plan in advance, which will freeze your funeral director's expenses as detailed in the plan, at today's prices and not be subject to funeral inflation. 

And of course, with savings rates currently being low, this could be a better use of your money.  

Prepaid funeral plans: These have become increasingly more popular with over 183,500 sold in 2015 and over one million now in existence. They simply allow you to choose the funeral you want at today's prices, regardless of when you die. 

So the younger you are, the more financially beneficial they could be. 

Saving you and your loved ones money is only part of how the best funeral plans could help your family; as you will have arranged your funeral in advance, it will be one less thing for your family to worry about when the time comes. 

You can decide on a local funeral director, what type of service you want and how much you want to pay rather than leaving it for your family to make those difficult and potentially costly decisions when the time comes.   

As specialists in arranging prepaid funeral plans, the Simply team are on hand and happy to help compare funeral plans if you want more information on this option. 

Over 50 life insurance: often referred to as funeral insurance, over 50 plans are life insurance plans that provide a cash sum upon death that can be used to pay for some or all of the funeral costs. 

They start from as little as £3.70 a month which may appeal to those who prefer to keep to a tighter budget but want to help their loved ones pay for their funeral. 

More detailed information on Funeral Insurance can be found on this site. 

Government support: The Social Fund Funeral Payment (SFFP) is the government's support fund to help those who can't afford a funeral, however this comes with a serious warning as it is difficult to qualify for and cannot be relied upon as a way of paying for your funeral. 

The rules on who qualifies are not clear but you must be on state income benefits and even then it's likely to only cover around 35% of your funeral costs. In 2014 the average funeral fund payout was £1,375. 

In summary, don't wait to get help with funeral costs; the sooner you start planning for your funeral the easier it will be for your family.

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Most popular asked questions about funeral costs

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