Author and publisher: Ian Youngman, independent writer and analyst
Published: November 2010
Report summary: Pre-paid Funeral Plans: Market report 2010
More than eight in ten Britons have made no provision for their funeral costs. 40 million people would leave their families with an average £3000 immediate bill for the cost of their funeral.
In recent years, funeral costs have risen faster than inflation due to various factors including increased cremation fees, which many local councils no longer subsidise. The average cost of a funeral increased 42 per cent in the last three years alone.
Many people have relied on whole life policies to pay for funerals, but they are not a real solution for an ageing population. An increasing number of life companies have tied with funeral plan providers to offer branded products.
Pre-paid funeral plans ensure families do not incur the costs involved with the planning of a funeral for a loved one when the time comes. They guarantee to cover the funeral costs included in the plan, no matter how far in the future the plan may be needed.
Sales of plans are increasing. As with any product there is lots of information out there, but it needs sifting to separate the useful from the spin, the hype, and the complainers.
‘Pre-paid Funeral Plans’ is the second in a new series of short reports looking at new products and products with potential in the financial services sector.
Written by long-established and experienced analyst Ian Youngman, who has had three books on financial services and hundreds of market reports published. He also has practical city experience in marketing and research for top financial services companies. Each report is completely independent.