Freezing funeral costs

You’d be forgiven for thinking that as a Building Society, The Hanley are all about mortgages and savings. We are – but alongside these key product areas, we also offer other services such as insurance, investments and interestingly – funeral plans.

 

A funeral plan allows you to pay in advance for the services of a funeral director when you pass away and gives you more control over your specific funeral arrangements.

 

It might seem morbid to some but paying for and to an extent, organising, your own funeral can be a very sensible move to make. Nobody knows what’s around the corner and a pre-paid funeral plan gives you peace of mind that your family aren’t left with the financial burden when you die.

 

Insurance company SunLife published their annual Cost of Dying report last week, and the results were shocking but not entirely unexpected, with funeral costs soaring by 5.5% in a single year. The average funeral in the UK now costs £3,897 – which is more than double what it was when SunLife first started tracking funeral prices in 2004.

 

This means that the cost of dying has increased at a far more accelerated rate than the cost of living. In little over a decade; funerals have increased by 103%, rent has seen an increase of 38%, food costs have risen by 40%, and household utilities have seen a 70% hike in cost. (Source: National Statistics: Consumer Price Inflation)

 

To put this in perspective, if the cost of a funeral had risen in line with the cost of living it would now cost £2,540 – £1,357 less than the actual figure.

 

Sadly, it doesn’t look like funeral costs will stop rising any time soon. In fact, experts predict that by 2020 the average funeral will cost over £4600.

 

This is where our pre-paid funeral plans offer some relief: with a plan from our partners Golden Charter, no matter how much the price of your pre-appointed funeral director’s services increase in the future, your family will have nothing more to pay for those services included in your plan – guaranteed.

 

If you act now, you (or your family) will save money on funeral costs in the long-run.

 

For a no-obligation discussion about the services we offer, feel free to pop into one of our seven local branches and a member of staff will be happy to give you more details.

Society News

David Lownds

About the Author David Lownds
David is Head of Marketing & Business Development at The Hanley and has over 25 years of Financial Services experience. He is a keen supporter of the mutual sector and has an in-depth knowledge of the UK personal finance market.

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