Is the funeral time bomb about to explode?


Apr 24, 2015
Is the funeral time bomb about to explode?

Funeral costs have been soaring for over 10 years, so it’s hard to imagine a bleaker picture; can prices really continue to increase any faster or indeed any higher than they have already? Well according to the International Longevity Centre (ILC), yes they can. 

 

A recent report by the ILC states that after decades of a falling death rate in the UK, things are about to be reversed as the cohort of older baby boomers reaches later life, which will in turn increase the death rate by 20% and as a result, this could push up funeral costs even further. 

Personally, I don’t think the so called “funeral time bomb” is likely to explode but it may begin to tick much louder as it puts greater pressure on crematoriums and graveyards throughout the country. 

There is already a lack of graveyard space and with greater regulation on emissions from crematoria; these increased costs will undoubtedly be passed on to the consumer. 

So the already expensive average funeral cost of £3,590 could well exceed £5,000 by 2020; and in 20 years time, it could be as much as £11,000. 

With the average life expectancy hovering around 85 years of age, for those of us in our 50s, 60s and 70s, planning for our own funeral could not only save our families a great deal of money but also some of the emotional stress that goes hand in hand with arranging the funeral of a close family member. 

Prepaid funeral plans could be an option to secure your funeral costs at today’s prices and with interest rates on savings averaging approximately 1% AER, it’s not difficult to see why an increasing number of people are viewing them as a good “investment”. 

The report goes on to say that there is a growing need for families to talk more about the inevitable, which is something we at Over50choices have been saying for the last few years. The problem is of course that not enough families are brave enough to start this conversation. 

That’s why we hope our latest video, “funerals, don’t leave it to chance”, will help. The message is clear – we know it’s going to happen to us, but very few of us know when; so why leave it to chance, prepare for it today! 

The vast majority of customers we speak to and help choose the right funeral plan actually find the experience quite cathartic; positive; putting your house in order. Plus there’s the added bonus that once it’s done – it’s done and you don’t have to think about it again.

I’m sure some people may think it is too painful to organise but actually it’s straight forward and simple and you don’t even need to leave your comfortable chair to do it. It’s worth doing some research to find out what’s on offer and to understand the various options, but we can help you with that; Over50choices are happy to do as much or as little of the work as you like. 

The funeral time bomb is ticking but will only explode in the face of those who haven’t made any arrangements so don’t put your head in the sand; have a chat with the family this weekend. You’ll soon realise the old saying is true – it’s good to talk.


Ashley Shepherd is an Over 50s Personal Finance Expert

ashley shepherd

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