According to recent claims, some of the very poorest people in society cannot actually afford to die, simply because of the rising cost of funerals.
A recent study suggests that the average cost of dying – including funeral, burial or a cremation and state administration is just over £7’500. This shows a rise of over 7% since 2013.
Based on this figure they have gone further to suggest that over 100’000 people in the UK will actually struggle to pay for a funeral in 2014.
The study was conducted at the University of Bath for Policy Research and its findings have suggested that the Government should review of the system of state support for funeral costs.
In recent years, there have been very low mortality rates for England and Wales, but this has not had any impact on the overall cost of burial in the UK, which is expected to increase further over the next five or so years.
The price of a standard funeral, which would include non-discretionary fees and a burial or cremation, is £3,456, with the extras like a memorial, flowers and catering being at about £2000. With the discretionary estate admin fees now at an all-time high of of £2,160, it’s easy to see why funerals are becoming more costly.
Obviously for lower income families this causes a significant problem. However, this could be alleviated with even a low amount of life insurance, which could lessen the financial impact of a funeral on the family finances.
While talk of funerals may well seem a negative thing, it’s perhaps time for us all to be more open about dying and how we will deal with it when it comes, so that we are better prepared for it all.
Life insurance cannot replace a loved one but it can help pay funeral costs when the time comes and with rates being as low as £10 or so a month, now could be a good time to get cover and save your family financial strain at what will be a very difficult time.