It will pay to make plans well ahead for when the end comes

30 June 2011

Conal Gregory looks at ways to pre-fund a funeral

A death in the family is hardly the best time to consider financial options. It makes far more sense and gives peace of mind to pay for a funeral years – possibly decades – before the event is expected.

The average funeral is forecast to cost £4,050 by 2015 (up from £2,857 last year), according to Dignity, one of the largest providers of pre-paid funeral plans. If other costs – such as a memorial, probate fees and post-funeral refreshments – are added, the overall expense can rise by at least a third.

Not surprisingly, one in 10 finds it difficult to pay. A fifth have to borrow from friends and the same percentage resort to using a credit card. Yet according to YouGov research in 2010, 82 per cent have made no provision for the cost of their funeral.

Instead it is far better to calmly look at the pre-paid plans on the market and discuss the arrangements your nearest and dearest would like. In the UK, over 860,000 plans have been taken out. In North America, such plans often feature on wedding lists. Before comparing costs, make some key checks.

Click here to read the entire Yorkshire Post article, 7 May 2011.