Funeral expenses could be high
The cost of a funeral will vary depending on the type of send-off or professional services you opt for. However, for perspective, the total cost of dying could be anywhere from £5,000-£10,000 in the UK. The funeral costs have been rising in the past few years. Contrary to belief, it is an expensive proposition, and therefore being prepared for it is important.
Different costs of a funeral
The funeral costs will also be different for different locations, and there is a difference in costs for burial and cremation. The average cost of just the burial in 2019 was nearly £5,000, while that of cremation was about £3,900. A direct cremation is still the most affordable option and it cost £1,600 in 2019.
Funeral costs are on the rise
Given that the funeral costs are rising steadily, it would be prudent to prepare for it in advance, to prevent your loved ones from taking debt for arranging your funeral. Losing a loved one is already the most difficult situation for a family, if there is an added financial burden, it will only accentuate the pain further. However, if you have thought about it in advance, there is peace of mind that while your death will be hard on the family, your send-off will not cause them further set back.
Life insurance for funeral expenses
While you can always save for your funeral, taking out a life insurance policy could be a prudent way of preparing for the ultimate truth of life. It is possible that you have not thought about death or the fact that there may come one day when you will not be around with your family. However, this is the most certain eventuality and when it strikes no one knows. To be prepared in advance and not let it become a financial liability after you are gone is key. If you have missed saving for a funeral in your youth, you can take an over 50s plan or choose from a specific funeral plan to help a family meet with the expenses of a funeral.
We would recommend you to talk to one of our advisers for life insurance quotes.
Any quote that your adviser provides you with will take into account your circumstances, your medical history, as well as your budget!
Call 011-3733-4610 – Monday to Thursday from 11.00 to 19.00 and on Friday between 11.00 and 16.00