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When Did Dying Get So Expensive?

Yes, it is true, dying costs money and quite a lot of it. While we really don’t like to talk about death very much it really is quite an important thing to discuss. As the costs surrounding a funeral keep going up more and more people are finding themselves getting into debt after a loved one passes away because they didn’t discuss any kind of financial planning.

Before looking at the actual costs involved it is important to look at how we can plan for them and mitigate them too. The idea of leaving people behind is very upsetting but what most people do not think about is the fact that not only are we leaving loved ones to mourn our passing but also to pay for everything. The term Funeral Plan may conjure up thoughts of a list of how people want the funeral to go but it is, in fact, a lot more than this. A funeral plan is a financial plan that allows you to pay a monthly fee so that everything is taken care of when you pass away. It can also include plans on how the ceremony should be conducted and how your remains should be dealt with, but the key factor is the idea a funeral plan covers the costs!

But How Much Does it Actually Cost?

Well according to a report by insurance giant Sunlife their Cost of Dying Report estimates that in 2018 the average cost is now £9204! Yes, that’s right, the average cost of a funeral and all associated fees is almost £10,000! For most people this is a huge amount of money and it will probably come as quite a shock. It is not getting any cheaper either, according to the report the price has risen by 3.4% since 2017. That is not all, the report also looks at future costs using trend data and suggests by 2023 overall costs will be around £10,500!

What is So Expensive?

While the wake may cost money and there are other small costs the big cost is the funeral itself with an average cost over £4271 for a basic ceremony.  The report has been coming out for 14 years and in that time the average price is up 122%. If you take that as a trend the cost of a basic funeral in 10 years’ time could be £7987! That is not including the rise in other associated costs. ]

What Can Anyone Do?

Well aside from making sure a good funeral plan is in place there are options to reduce cost without reducing the importance of the whole process. Certainly, cremation is a cheaper option and one that is getting more popular. In the last year according to the report the cost of cremation has actually fallen by 6.7% so not only is it gaining popularity it is also getting less expensive. There are also lots of cheaper coffin options with cardboard and bamboo options being much greener and cheaper. Some people are opting for a more do it yourself approach but it is important to check the legal implications of anything like that.

Let’s Talk

In the face of rising costs and, on the positive side, lots more choice it is really important to speak to your loved ones and make proper plans. Very few people seem to get around to making proper financial provisions as well as leaving a clear and detailed plan as to how they wish to be looked after when they die. This leaves families dealing with large costs and decisions on how the ceremony should go not really knowing if they are doing it right. This added worry on both counts is really not the sort of thing anyone wants to leave behind. By opening up and talking about death more we can help remove a lot of stress and worry for those we leave behind. Having a proper financial funeral plan in place along with a decision on burial or cremation and even venues, music and the like is a must for everyone.

Sadly, the reality is that death can come without anyone expecting it and this is where many of the issue arise. Because people are not “old” they do not make any plans and can leave partners in a lot of debt. The key is to treat funeral planning like life insurance; that is something most people have yet they avoid talking about the funeral. The advice here is to get chatting and get planning then don’t think about it again!

 

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