Since we as a nation are becoming more aware of the cost of a funeral due to recent media attention and in some cases personal experiences, we want to find out just how prepared us Brits are when it comes to funerals. In this article we'll look at data taken from our most recent 2023 Funeral Report to provide up to date information on costs, as well as data taken from previous reports where we looked at things like funeral planning.
Generally, our feelings towards death have been anxious and fearful but these days we appear to be comfortable talking about it. It’s important for us to acknowledge that our loved ones will eventually have to take care of our funerals. Then, we can do what we can to make things that bit easier for them.
Our most recent 2023 Funeral Report showed that despite the fact that funeral costs can be a significant financial burden to some, 34% of people we surveyed say they have not set aside any money or taken out life insurance to help pay for their own funeral. And though the thought of planning a funeral makes just over 2 in 5 of our respondents sad, it still seems like we’re unprepared in many cases. To make matters worse, there are many things to consider when planning a funeral that you might not be aware of. Here’s a list of just some of the most common things people pay for and how much they cost in 2023:
- The cremation - £1,383
- Funeral venue/service - £1,318
- Burial fees - £1,229
- Funeral home - £1,140
- Headstone or plaque - £1,114
- The burial plot - £1,107
- The coffin or casket - £969
- Hearse - £716
Understanding funeral costs
It’s no wonder so many people can be clueless about the reality of funeral costs. It’s only in the past few years that issues around rising funeral costs and a lack of transparency about pricing have come to light in the media. This has prompted organisations like the CMA (Competitions & Markets Authority), to begin investigating the problem. Understanding the cost of a funeral can help you to plan and more importantly, know where you can cut costs.
According to our latest, 2023 Funeral Costs Report, the average cost of a funeral in the UK now stands at around £4,515. If you believe your family could cover this cost at short notice then that’s all well and good. But if you think pulling this kind of money out of thin air might be a challenge for your loved ones, then maybe it’s time to consider putting a financial plan in place to help protect them.
How prepared are we when it comes to funerals?
Considering the cost of a funeral could reach up to £13,622 or more depending on the choices we make, it seems that many people are still unprepared. According to out 2023 Funeral Report, 29% say they have no idea how much a funeral will cost, while 27% don't think they would be able to cover the cost of a funeral right now.1
We asked our respondents why they had to cover some or all of the costs of their loved one’s funeral. Here are some of the reasons:
- 34% said their death was unexpected; no plan had been made
- 31% said they didn’t have enough in their savings
- 24% said the cost of funeral has increased since they put money away for it
- 20% said they wanted to give the deceased a better send off
It may be a shock to find out that 34% of people who have not set any money aside or taken out a policy to help with their funeral believe that they can’t afford to do so. Without suitable protection, your loved ones are left financially vulnerable and could struggle when you pass away. Life insurance can help contribute to the cost of your funeral, giving your family a helping hand when it’s needed most.
How can I better prepare for my funeral?
If you would rather take some of the financial burden away from your family, then you could consider Over 50 Life Insurance. Once you secure a policy with British Seniors, by paying just a few pounds a month, your loved ones are guaranteed a lump sum payment when you die. It’s easy to secure life cover with British Seniors online or over the phone. Our Over 50 Life Insurance is guaranteed for any UK resident aged 50-80.