How do you intend to cover the cost of your funeral?

Published: Mar 09, 2021

The average cost of a funeral is at an all-time high, now sitting at £4184 for a basic funeral according to the SunLife (2021) Cost of Dying report. More people are beginning to see the need to make financial provisions for their funeral to avoid this unexpected cost and protect their loved ones from the unexpected burden. There are several different ways to do this, popular options include taking out a pre-paid funeral plan, using savings or waiting for a pay-out from their life insurance policy, it is of course important to find which option best reflects your lifestyle and desired budget.

Older couple sitting on bench

Set a budget

With all of the hidden costs that you may not consider when thinking about your funeral, it can be difficult to know how much the funeral that you have planned will cost you. Depending on the type of service that you would like, where you would like it to be held and how many people you will have to cater for, will affect the cost drastically. Once you have decided on a budget and the service that you would like, it is then easier to choose the option which is best suited to you. Documenting your wishes with family and friends allows you to assess the costs of your desired funeral but also ensures that your funeral will be carried out exactly how you would have wanted.

Plan your funeral and discuss with your loved ones

Researching the different options available for your funeral service will mean that you are more aware of the extra costs that you may occur, such as flowers, caterers, and limousines. Many people are now deviating away from the ‘traditional’ funeral services, meaning that the possibilities are endless. For example, direct cremations are becoming increasingly popular, not only because they are considerably cheaper, but also because it means that loved ones are able to arrange a celebration at a time that is suitable for them without the rush. Direct cremations do not include a service for loved ones to pay their respects and therefore eliminates costs of the service and processes such as embalming.

Take out a funeral plan

A funeral plan allows you to lock down the price of the Funeral Director’s costs at today’s price, this means that if your desired funeral increases in price, which is highly likely, the cost of the Funeral Director’s services will remain the same. There are also many different payment options available, the plan can be paid off in full or split into monthly instalments to make it more affordable and easier to manage. A funeral plan provides the comfort and peace of mind that when the time comes everything is taken care of financially and your loved ones will just need to make a phone call to your plan provider. There are many different plans available on the market, majority of which can be personalised and tailored to suit your needs.