20 Apr How can you beat the April funeral plan price rise?
Arranging a funeral is a highly emotional experience as you’re dealing with the loss of a loved one. This can be amplified if you’re unsure of the type of service they would like.
Research shows that only 11% of people had planned what would happen after they passed away, leaving many families in a state of uncertainty that they may not be doing the ‘right’ thing for their loved one, which comes with its unique stresses. But beyond the emotional factors, it makes financial sense to plan ahead, especially with many currently concerned about the cost-of-living crisis.
So, before the April price rise, let us talk you through our funeral plans and the benefits of planning ahead.
The financial factor
With the cost of living increasing across the board with UK inflation at 6.2% (as of February 2022), any unexpected costs could add increased pressure on families. Funeral poverty is becoming a growing problem with research showing 69% of 18-24-year-olds have had to contribute to funeral costs and 38% struggle with the additional financial burden. However, if the funeral includes a burial service, this figure increases to 46% due to the higher average costs. Research has also shown that in 2021, 38% of people used money from their savings and investments to pay for a funeral. Especially at a time where every penny counts, these figures could prove incredibly problematic for family members left behind.
Communicating your wishes
Planning ahead also allows you to make your final wishes known to loved ones. Sadly, only 46% of people have discussed their end of life plans with someone close to them and in 2021, 48% of those who organised a funeral didn’t know if their loved one wanted to be buried or cremated and 19% of people didn’t know any of their loved one’s funeral wishes. Research shows that women are often left to bear the brunt of this as they are most likely to be involved with the planning of a funeral.
Your funeral wishes can include where you would want to be buried or cremated, the type of ceremony you would like, musical choices, if you would like a donation to a charity of your choice or any other bespoke element you can think of. It can be as prescriptive or general as you like but often something is better than nothing. By making your wishes known through your will, having open and honest discussions, or something a little more formal, families are protected from having to make difficult decisions about the funeral as they grieve.
The growth of funeral plans
By having a funeral plan, you can plan ahead and spread the cost in one lump sum or by paying monthly. A funeral plan will give you and your family peace of mind as you will be protected from further price rises. Funeral plans are becoming increasingly popular for this very reason, and research shows that 1.3 million people have a funeral plan in place. The number of people expected to have a policy between 2020 and 2025 is expected to rise by 6.3%.
We believe it’s important to plan ahead and at Coles, we encourage our customers to have conversations with their loved ones about planning ahead. We can support you and give you advice on this – all you have to do is ask.
Get ahead of the April price rise
In April, the cost of a funeral will, unfortunately, increase across the industry due to changing supplier costs and third-party factors. Increasing the cost of a funeral is not something we take lightly, and we appreciate that any additions will have an impact on the families that we serve.
But you can get ahead of this April price rise by purchasing a funeral plan with Coles before April 30th. This means that not only can you avoid the £325 price rise, but you’ll also receive an additional £125 discount. You may also decide to plan ahead with a friend or loved one and if so, you can take advantage of our Refer a Friend Scheme. There’s more on that here >
We have a range of funeral plans available that can be customised to meet your wishes and financial circumstances, and our dedicated team will be able to talk you through your options. By taking out a funeral plan with Coles, you’ll lock in today’s prices and there will be no surprises when your family need to access this.
For more information about our funeral plans and to enquire today, click here >