When the sun is shining, the flowers are blooming, and the birds are singing, it may seem inappropriate to discuss the expenses associated with death. However, a recent report on the escalating costs of funerals suggests that this is a conversation families should be having.
According to findings from SunLife, a traditional funeral can cost nearly £9,200 when factoring in the funeral service (around £4,794 for burial and £3,673 for cremation), as well as additional expenses like memorials, wakes, flowers, catering, and estate administration fees.
If you prefer a simpler option, like a cremation with no service, you can significantly reduce costs. Companies such as Distinct Cremations, Aura Cremations, and Pure Cremations offer these services for £995 or £1,295, with the option of installment plans starting at just over £10 per month.
It’s understandable that many families are opting for less extravagant options like these to ease the financial burden. Instead, they can hold a more personal “celebration of life” at home or a local venue, following the cremation.
Maria Bailey, the founder of GriefSpecialists.org, suggests that if your loved one has chosen a direct cremation and you’re unsure how to celebrate their life, you can still come together to share memories. She emphasizes the importance of creating a personalized alternative that reflects your family’s wishes.
If you aren’t concerned about a traditional funeral, it’s essential to communicate your preferences to your family, especially if your estate may not have sufficient funds to cover the expenses. Research by Farewill last year revealed that over 40% of people who had contributed to a funeral had incurred debt. Being honest about your wishes can help avoid such situations.
For those who do desire a more elaborate funeral, it’s worth considering paying for it in advance to save your loved ones money. Traditional life insurance policies have been used to cover funeral costs, but they can end up costing more in the long run, especially if taken out early and paid for year after year.
Instead, funeral plans offered by insurance companies like Legal & General can provide better value for money. These plans often allow you to fix the price, ensuring a more favorable deal. Additionally, unlike insurance premiums, monthly installments for funeral plans end once the funeral costs are paid.
Funeral plans typically cover most essential items like coffins and hearses, but it’s important to be aware of exclusions, such as burial plot expenses, which can amount to more than £3,000, or headstone costs, which can exceed £1,000.
Anyone over the age of 18 can take out a funeral plan, although some providers may require a minimum age of 50. Since last year, these plans have the added protection of the Financial Services Compensation Scheme, ensuring coverage in the event of a provider’s insolvency starting July 29, 2022.
Various funeral plan options are available from providers like the Co-op, Golden Charter, and Dignity. These plans cater to different budgets and offer flexible payment options, including lump sums, two-to-25-year monthly installments (with additional costs), or ten-to-15-year installments.
Dignity even offers prepaid funeral plans that guarantee full burial cost coverage (excluding the plot) and can be paid over a maximum period of five years at no extra cost.
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