HAVE YOU ever thought about how much your family will have to pay for your funeral?
Find out why getting a financial plan in place now could make such a difference in years to come.
At £4,056, the cost of a basic funeral has gone down by £128 since 2020 – according to research by over 50s experts SunLife.
But funeral costs are still near an all-time high, and prices are set to rise over the coming years.
So what aspects of a funeral cost less, and what are the most expensive?
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Which type of funeral costs the most?
Burial is the most expensive funeral type. At £4,927, the price has dropped by £133 since 2021 – but they still make up a quarter of funerals in the UK.
Cremation saw the biggest price drop in the last year, falling by £120 to £3,765.
This may explain why cremations have continued to rise in popularity – they now make up a whopping 57% of funerals in the UK.
Direct cremation, which is a cremation without a service, is still the cheapest option at £1,647. Despite the cost rising by £93 in the last year, its popularity has also risen by 4%.
This may be because direct cremations were often the only send-off option during the pandemic.
The costs that surprise people
It’s not just the cost of a funeral that’s to blame – many people forget how much the send-off costs can add up.
The send-off includes extras like a memorial (averaging an astonishing £1,024), catering (£406), and limo hire (£321). Even flowers cost £206 on average.
In fact, according to SunLife’s Cost of Dying report*, send-off costs add £2,484 on top of the basic funeral costs.
How are people paying for all this?
2 in 3 people put money aside to pay for their funeral before they passed away. But just under 2 in 3 of those people put enough aside to cover the whole cost.
This left 17% of families in 2021 having to find an average of £1,800 to cover all the costs when paying for a funeral.
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More than a third (38%) found the money by delving into their savings and investments. Others borrowed from a friend or relative (27%) or used a credit card (22%).
Nearly 2 in 10 people even had to sell their own belongings.
How to save money – advice from the professionals
When we asked people who organised a funeral how to make the process easier, they said:
Get a few quotes from funeral directors
Shopping around for different funeral directors is one of the best ways to get your money’s worth.
It means you’re less likely to spend more money than you need to on the first option you find.
Getting advice early and not rushing into anything can also stop you from overspending.
Talk to your loved ones
Talking to family members about their funeral wishes before they pass can prevent you from spending excessively on things you think they want.
Instead, you can use your money on what you know they want.
It can also help to organise the funeral with other family members and loved ones. This can spread the cost and lessen the burden for everyone.
Stick to your budget
9 in 10 funeral directors said people spent more money than they needed to, especially on flowers, the coffin and limousines.
Set your budget and prioritise the things you know your loved one wanted at their funeral, such as a home wake or a burial.
Once the essentials are covered, you can start to think about extras, such as a limousine or flowers.
Help your family cover funeral costs
Talking to your loved ones about your funeral wishes and having a will are great ways to make planning your send-off easier for everyone.
Having a financial plan in place to cover these costs can also ensure you get the send-off you want, without causing your family money worries.
The SunLife Guaranteed Over 50 Plan is here to help. With a guaranteed cash payout for your loved ones when you die, you can help to cover funeral costs. It’s peace of mind for everyone involved.
