The rising cost of funerals: why you need to plan ahead

Talking about dying is perhaps one of the greatest British taboos, but we need to plan ahead and consider how our funerals will be paid for.

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Talking about dying is perhaps one of the greatest British taboos. We simply don’t like to speak about it. However, the reality is that this fear of discussion also equates to a fear of planning, and the people that impacts most are your loved ones. Bereaved loved ones are often faced with an even more difficult time than necessary when someone dies. They are faced, whilst grieving, with arranging funerals and unfortunately footing expensive bills.

However, we need to give dying some thought. The average costs of funerals, and dying, are spiralling upwards. New research has found that in 2017, the average cost of a traditional funeral now stands at £4,078. But don’t let this deceive you. This price tag merely covers the absolute basics of funeral director fees, third party costs (such as ceremony costs), and local authority fees. In reality, the cost of dying finally comes in at an average of £8,905.These additional costs are dubbed ‘discretionary’. However, these are the elements that make a send-off less stressful, more symbolic, and a reflection of the loss. They include expenses such as cars and a wake or post-funeral get together. They also include the cost of professionals that you may need for administering the estate.

We’re Unprepared for Death

However, despite these growing costs, the taboo still reigns strong. It is still not being talked about. Ultimately, this could mean that some of the bereaved will face logistical and financial problems at the very hardest of times. This could cause loved ones to cut corners and spend less on the send off, cutting back on the symbolic elements in order to foot the bill for the necessary, but less sentimental, elements.

It really needn’t be like this. Loved ones will always grieve, that can’t be helped, but that initial time after your death can be made more bearable by removing the angst and concerns about plans and finances.

How Do You Plan for Death?

It’s not as scary as you think. It shouldn’t involve vast expense in the here and now detracting from enjoying life. It should be a simple, affordable and reliable form of insurance, much like you insure against other probabilities. However, despite the vast number of plans available you do need to choose carefully, to ensure you that it will bring peace of mind at a fair price.

For example, Shepherds Friendly Over 50s Life Insurance is particularly appealing. You can choose how much to pay monthly, between £10 and £50, making it an affordable option. It will pay out a tax-free fixed lump sum when you die – which is specifically designed to help your loved ones meet the costs associated with your death. The fixed lump sum is based on your monthly premium, your age and smoker status. What’s more, unlike many Life Insurance plans there are no medical questions asked. It doesn’t matter how your health is, you will be covered, as long as you are aged between 50 and 80 years old. The Over 50s Life Insurance has recently been awarded a coveted 5 Star Rating by Defaqto, the leading experts in ratings for financial products.

Specifically, this plan is particularly valuable as an insurance policy for helping towards the costs of dying and funeral expenses. Again, its flexibility comes into play. Yes, you can choose to have the payment made directly to your family, but you can also choose to have it paid directly to Golden Charter Funeral Services who will add an additional £250 to the value of your tax-free cash lump sum.

Plan Today, Prepare for Tomorrow

It’s time to stand against the taboo. Talk to your loved ones about what you want when you die. Don’t leave them to make tricky decisions when struggling with grief. Furthermore, decrease the financial worry. It’s not as hard as you think.

To find out more about Shepherds Friendly Society’s Over 50s Life Insurance and the other products they offer, visit Shepherds Friendly

Last modified: June 10, 2021

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