Not a very nice title to see or read, but it’s true, nothing is free and dying isn’t free either.
The average cost of funerals have been rising and this increase in costs is a major reason why people have life insurance; to cover the costs of a funeral and following a person’s last wishes.
A study showed that the cost of a basic funeral had risen by 6.2% in the last year, from £3,091 in 2011, to £3,284 in 2012. The real shock is that this increase is a 71% increase over the cost of a basic funeral since 2004!
The study also showed that 27% of people who were in the study, had no plans in place to pay for their funeral. I suppose they either had not thought about it, figured they had some asset that could be sold to pay the expense, or that family would cover the costs.
It is important for people to plan ahead for this expense. It is something that unfortunately all of us will experience, and to leave it to family or someone else to deal with could be viewed as irresponsible.
The fact that a life insurance policy isn’t expensive, and is easy to get, should make all of us think about having this important protection in place. Even if you are older, there are various types of life insurance policies for the over 50’s, etc.
So what it costs to die and be cremated or buried, is on the rise, as is most everything these days.