Consumers unprepared for the cost of dying
by Richard Kilner
Story link: Consumers unprepared for the cost of dying
Sun Life Direct’s annual total cost of dying survey has discovered that the average cost of a funeral has increased to £2,733, with additional extras meaning the total average bill can be as high as £7,098.
However, almost half of people are not preparing themselves financially for the cost of death, which stands in excess of £7,000.
Research by Sun Life indicates the cost of a funeral will surge by 31% between now and 2014, but 46% of those who have died failed to make any provision for their demise.
In London the cost is even greater, almost £10,000, yet they are the least likely to have countenanced and planned for death, unlike the more prudent Scots.
Sun Life Direct MD Mark Howes has stated that as the cost continues to rise it is important to consider where the funding for a funeral will come from.
Although there is a natural British reservation about discussing such an emotional topic, Howes advocates its resolution as it will not only provide the funds for the inevitable, but also help lift a little of the burden from the bereaved.