Average funeral cost hits £3,300.
Rising funeral inflation is helping drive sales of pre-paid funeral plans which hit record levels last year as total sales climbed seven per cent, analysis from the Funeral Planning Authority and independent funeral plan company Golden Charter shows.
Nearly 121,000 pre-paid funeral plans were sold in the UK last year – around 8,000 up on 2011 – and providers are confident of continuing strong growth this year. The total number of plans in force in the UK climbed 10 per cent to around 760,000 from 693,000 in 2011 with 51,000 plans paying out in 2012, Funeral Planning Authority figures show.
With average prices for pre-paid plans running at £3,100 sales last year the total market is estimated to be worth around £374 million with more than £2 billion now invested in the plans in total.
Concern about rising funeral costs is driving funeral plan sales but people are also switch to independent funeral directors as families look for more personal service.
Average costs of funerals are estimated to be £3,300 with inflation in funeral costs running at around 7 per cent a year – more than double other inflation measures across the economy of 2.7 per cent.
We all know longevity is rising with the average 65-year-old man living 18 more years and the average 65-year-old woman living 20 years.
Co-Op Funeralcare reported that they carried out 100,000, funerals while Dignity accounted for a further 62,300 leaving over 375,000 – nearly 70 per cent of the total 538,048 deaths in Great Britain – carried out by independents.