The number of people taking out funeral plans in the UK grew significantly between 2005 and 2013, according to YouGov’s Funeral Planning report.
The number of funeral plans sold during this eight-year period more than doubled, from 60,145 to over 135,000.
The report estimates that six per cent of people in the UK have a funeral plan. Two-thirds of these have paid for their plan in full, with the remaining policyholders currently on instalment or other payment arrangements.
The report also revealed that a further four per cent of people in the UK plan to take out a funeral plan in future.
With a pre-paid funeral plan, you choose and pay for your funeral in advance. You protect yourself and your loved ones from the risk of rising funeral costs and the worry of having to arrange your funeral when the time comes. The cost of funerals is rising faster than inflation and the rate of return on savings. Funeral plans typically provide consumers with greater financial protection than over 50s life assurance because they provide protection from the risk of funeral costs continuing to rise. The sum assured on most over 50s life assurance policies does not increase over time and thus they are not certain to cover the cost of the funeral in the future.
You can purchase a funeral plan in full with a single payment. Alternatively, choose between monthly instalments over a period of up to 10 years or fixed monthly payments until the policy anniversary prior to your 90th birthday or death, if earlier.
For more information visit www.avalonfuneralplans.co.uk or call us free on 0808 163 9135.