The real threat of the ‘funeral time bomb’

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OneFamily’s latest research across the UK has revealed that many people are in grave danger of leaving a legacy of debt because they have not planned for soaring funeral costs.

The latest research conducted by Trinity McQueen* reveals that in the UK between 2014 and 2015 the average price of a cremation rose by a huge 10% from £3,239 to £3,572, while the price of a burial rose by 4%. Although both were an improvement on the statistics between 2012 and 2014, where burials rose by 9% and cremations by 12%, the cost of putting our loved ones to rest is still rapidly increasing.

OneFamily also found that the difference between the average price of burials in London compared to Northern Ireland is a staggering £3,435. The lowest cost was found in Tyrone, Northern Ireland at £2,510 and the highest in Greater London at £8,250. Fees for both administration and professional guidance were the most expensive components of burials, costing on average a whopping £2,050 (including hearse collection and care of the body).

Cremation costs are on the rise too, increasing by 22% since 2012, taking the average UK cost from £2,896 to £3,572 in just three years. Similarly to burials it’s the administration and professional fees that make up the highest cost at £2,069 on average, while death and funeral notices on average cost only £93. The results also showed that administration fees were the highest in Scotland.

OneFamily have updated their funeral cost calculator, to help calculate the cost of a funeral dependent on where your clients live, as their research reveals prices can vary by thousands of pounds nationwide.

It’s a really useful tool for you to use when helping your clients plan for the future; it allows to you to explain the average cost of a burial or cremation in their area, and help highlight how a protection plan could enable them to feel more secure.

OneFamily’s funeral costs calculator and findings in their latest research will make it easier for you to bring up protection in more conversations with you clients and, ultimately make more policy sales.

Read more about their latest research findings and download the OneFamily Funeral Costs Report 2016  and don’t forget to use the OneFamily funeral cost calculator when you’re next with your clients.

You can find more information about OneFamily on our website .

* A Study into UK Burial and Cremation Costs by Trinity McQueen January 2016