Buy Your Time Against Funeral Poverty

Posted by on Jan 27, 2015 in Pre-Paid Funeral | Comments Off on Buy Your Time Against Funeral Poverty

Buy Your Time Against Funeral Poverty
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To organise a burial for a spouse, a close family member or friend, can be a very difficult time for family. Is also an extremely expensive outlay, usually arriving at the worst possible time. Although surveys looking at the average cost of a funeral do vary, the University of Bath and Axa suggest that a funeral now costs £3,590 with the expectation that it will rise to £4,489 by the year 2019.

Following the recession and the higher expenses for property purchases and university fees, funeral poverty is a phrase being used more often in 2015. The University claims that one in every seven people who had the unfortunate task of organising a funeral during the last four years, completed the task with considerable financial concerns, with an average shortfall of £2,371.

This list below shows what a funeral costs in total and how this is broken down into its individual components (figures from Experian)

  • Hearse £200
  • Mourner’s car £180
  • Oakleaf coffin £495
  • Professional services charge £918
  • Collection of body £127
  • Wooden cross on grave £46
  • Notice in newspaper £56
  • Catering and room hire for wake £400
  • Church fee £250
  • Grave digger’s fee £240
  • Hymn and service sheets £101
  • Organist £60
  • Removal and storage of existing headstone £345
  • Flowers £180
  • Cemetery fee & headstone inscription £494

Total funeral cost £4,092

From the people in the survey, 42% paid the bills from their savings and investments. 25% borrowed the money from friends and family while an incredible 22% used their credit card to help pay for some of the funeral costs, if not all.

Where the finances are available, a prepaid funeral plan can ensure that the cost is fixed, whatever a funeral costs in the future. While providing great peace of mind for those that are left behind, a prepaid funeral allows people to understand what money they have left in their savings and investments. With payments being available monthly across a number of years or as a lump sum, prepaid funeral companies are trying to help individuals from the worries of meeting an extremely large financial bill, in the future.

The data used in this article is available from the finance yahoo website.

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