Lifes inevitabilities

The fact that you will need a funeral is one of life’s inevitabilities.  However, the cost of even the most basic funeral is out of reach for many people.  Funeral costs have risen, on average, by 7.32% per annum over the last five years – this is higher than the current rate of inflation.

Funeral costs are expected to continue to rise substantially in the next few years due partly to the lack of available burial grounds and also professional fees rising faster than the rate of inflation.  The average cost of a funeral in 2009 was £2,733; this is expected to rise to £5,540 by 2019.  Therefore financial planning provision has become important to many people to protect against the rising costs of a funeral. 

A funeral plan can be purchased to fix the cost of a cremation/funeral at today’s prices.  The costs covered usually include the provision of a coffin, hearse and limousine, the cost of funeral/cremation and Minister and officiant’s fees.  Many funeral plan providers include different options with flexible payment facilities.

A funeral plan has many other benefits including protecting the family from the burden of meeting funeral expenses.  In addition the plan will be outside of the estate for Inheritance Tax purposes and is guaranteed to pay out even if the plan holder’s assets are frozen at death.

If you would like more information on funeral plan provisions, or any other financial service advice please contact Paul Chilver on 01206 217614 or