Almost half of all Brits are failing to plan ahead
Failure to plan ahead for death will lead to family and friends having to foot the bill in one in every 10 cases, according to a recent study by British Seniors Insurance Agency.
Carried out by Opinium Research, the survey showed that 23 million Brits of all ages haven’t considered making financial provision for end of life, nor have a third of over 50s.
The study also showed that a third of Brits don’t have a Will in place, specifying who will inherit their money, property and possessions when they’re gone.
This could create additional worry for loved ones at an already distressing time, with 42% of those who have had to cover the cost of a loved one’s death revealing that it contributed to their emotional stress.
And this is unsurprising, given the fact that 40% of those respondents had to take out a credit card loan, while 39% resorted to payday loans. One in five also had to take time off work. It’s particularly interesting to note that 18-34 year olds were most affected by the hardship of having to pay for a family member or friend’s funeral.
Although death is a subject no one really wants to think about, much less plan for, having a pre-paid funeral plan in place could really help to ease the emotional and financial burden on loved ones at what will inevitably be a distressing time.
According to the latest SunLife Cost of Dying Report, the average cost of a basic funeral has risen for the 11th year in a row and now stands at £3,693, an increase of more than 90 per cent since 2004.
When you take out a Golden Charter funeral plan, you can help to protect your family from rising funeral costs which can make things easier at a difficult time. We also offer a range of legal services, which provide peace of mind for you and your loved ones. If you would like further information on our funeral plans and legal services, please request an info pack.