Average Cost of a Funeral up £140 in 12 Months

Cost of funerals

Yourmoney.com has today reported that a basic funeral will now cost £3,702, up from £3,562 in 2014. This is a 3.9% increase, which is higher than annual UK inflation of 1%, as measured by the Retail Prices Index (RPI).

The annual study by life company Royal London revealed that the price of a funeral has risen almost as rapidly as house prices since 1980.

Cremation costs have risen more than burials in the past 12 months with the average cremation up 4.2% to £3,294, and the average burial up by 3.7% to £4,110.

Funeral costs continues to be a postcode lottery with prices ranging from £2,976, for a cremation in Greenock, Scotland, to £7,216 for a burial in Beckenham, Kent – a difference of £4,240.

On a national scale, Wales saw the most significant cost rise between 2014 and 2015 of 5.2%. This compares to a rise of just 2.4% in Scotland.

On a regional level, costs rose most in the West Midlands and Yorkshire and Humbersideover 4% in both regions.

Royal London said to cope with rising costs people are cutting-back when it comes to paying for essential items such as coffins, and optional elements such as flowers. The most striking example is coffins: last year’s research found people spent £1,108 on average, but the 2015 report showed this has dropped to £989, a decrease of 11%. People are also exploring alternative burial options – 8% are now ‘woodland’ or ‘‘natural’.

This latest research highlights the importance of planning ahead and the benefits of a BTWC guaranteed funeral plan which;

  • Fixes the cost of your funeral at today’s prices
  • Offers flexibility on payment options – pay in a single lump sum or spread the cost over up to 10 years
  • Gives peace of mind that you are protecting your loved ones from rising funeral costs and sparing them the distress of making difficult decisions

Take a look at our funeral plan options today or contact us for further information and a free no obligation consultation.

If you are an adviser, contact us for a free consultant guide and about our great rates of commission.

Source: http://www.yourmoney.com/credit-cards-loans/cost-of-a-funeral-rises-to-3700/