Funeral costs often prove to be a rather nasty surprise in the UK for those that are left behind after we pass. In Laura Richardson’s latest article she explores whether it could be argued that funeral costs are actually increasing too much in the UK . . .
In January 2020, insurer SunLife released data stating that in a single year the average cost of a funeral had risen by more than 9% in some areas within the UK including Wales, the Midlands and the South East of England. The overall national average cost of a funeral in the UK was found to be just over £4,400, a national rise of 3.4% on the previous year. Funeral prices have steadily risen over the last decade which earlier this year prompted the Competition and Markets Authority (“CMA”) to launch a full inquiry into the “supply of services by funeral directors” in the UK.
The aim of the CMA inquiry was primarily to shed light on the sales practices and charging methods used by Funeral Directors, in order to safeguard consumers and encourage the introduction of a more transparent pricing system that would allow grieving families to make a more financially informed choice between Funeral Directors. However, the inquiry is actually investigating all component areas of funeral services across the UK in order to be able to offer a full financial insight into the necessary processes and elements involved. The CMA is also investigating an apparent lack of competition between Funeral Directors with most families using their local Funeral Director without considering or researching alternatives.
Whilst the CMA initially published four possible solutions to the issues found including the promotion of transparent pricing and price controls, it remains to be seen what measures will be implemented in the future to combat the rising cost of funerals across the UK.
If you are concerned about the rising cost of funerals and wish to protect your loved ones from this financial burden upon your death, you may wish to consider a Pre-Payment Funeral Plan. A Pre-payment Funeral Plan can be used in order to pre-pay for some or all elements of your funeral at today’s current rate in order to lock in these services and therefore protect your loved ones from the rising price of funeral services and related costs at the time of your death. We at Andrew Douglas Wills & Legal Services are proud to work with a partner firm to be able to offer a Pre-Payment Funeral Service that is tailored made to fit your financial requirements today to save you the rising costs of tomorrow! For more information on this service, contact Andrew Douglas Wills & Legal Services to arrange your free no-obligation initial consultation.
If you would like to keep up with our latest posts and advice about estate planning through the regular advice that we provide to our clients in this regard, then please also feel free to –
Follow us on Twitter at https://twitter.com/ADouglasWills
Follow us on Facebook at https://www.facebook.com/AndrewDouglasWills
Follow us on Google+ at https://plus.google.com/b/117915389310253337582/+AndrewdouglaswillsCoUk/
