In April most funeral plan providers raised their prices for a pre-paid funeral plan, including the Co-op who raised their Simple plan by over 13.8%. Why are funeral plans constantly rising you may ask and what can you do to keep funeral plan cost down?
In 2018 Sunlife conducted a funeral plan survey on the price of funeral plans over the last fourteen years, the study found that on average funeral plans have risen by more than 112%. We have compared these figures against the rise in the Consumer Price Index (inflation) over the same period and found that if funeral plan prices had risen with inflation, they would have only risen by 34%. Therefore, on average funeral plan prices have risen by more that 78% above inflation.
So why are funeral plans constantly rising?
Everyone has a funeral of some sort at the end of their life, whether chosen by themselves, their family and friends, or in some cases the council. A funeral plan or insurance isn’t a choice for consumers but a necessity, an essential service like food or gas. In today’s modern age a human body must be safely and humanly cremated or buried by a licensed company or organisations, as it should be. The fact that a funeral is an essential service gives the funeral plan companies a lot of power over its customers, and currently the funeral plan market isn’t governed by the Financial Conduct Authority, which has let some unscrupulous companies into the market place. All of these factors contribute to funeral plans prices constantly rising. There is some light on the horizon though, the Funeral Planning Authority is a voluntary governing body that funeral plan providers can join but only if they pass their strict rules and regulations. If a funeral plan provider is a member of the FPA you know they can be held accountable for bad practice, service and standards. Funeral plan prices are driven by a compulsory need for funerals, but companies can be held accountable if they are a member of the FPA.
What can you do to keep funeral plan prices down?
A funeral plan is a great way of ensuring your family and friends have less stress and anxiety whilst grieving your loss. You can make all the choices for them and guide them through the funeral you want without them having to worry about where to find the money or what type of funeral you would have liked, be that a big funeral service to no funeral service at all. Like house prices there will always be some fluctuation in the market and prices may go up or down but as seen in the study funeral prices seem to be heading in one direction.
If you buy a funeral plan today you can keep costs down, save your family and friends extra heart ache and you know your wishes will be followed. It can even stop those silly arguments that can happen within a family at such a distressing time.
We work with Farewell Funeral Plans, and they only work with the top providers in the country who are all regulated by the Funeral Planning Authority, to find you the best funeral plan. Farewell simplifies and breaks down the terminology used by the different providers helping you to make an informed choice about the right funeral plan for you. Visit www.farewellfp.com ok click sign up to find out more.