Funeral Costs in Essex up 92 percent and keeps rising

Funerals Costs in Essex up 92% – and keep rising!
 
Research conducted by BBC Business in 2015 showed that the cost of Funerals in Essex had risen 92% in the last 10 years, way above the rate of inflation and there are no signs of it slowing down.
 
As such, more and more people are considering solutions with pre-paid funeral plans the most popular option.
 
In 2006, the average funeral cost £1920. In 2016, the cost of a funeral now averages £3690.
 
The real cost of a funeral can be much higher as this does not take into account the costs of flowers, orders of service, additional cars, any burial plot fees, if applicable, and the send off afterwards. All this can see the expense rise to over £6000.
 
Of course, the good news is that people are living longer but with that, this means that there’s more time for prices to further increase. According to figures published in The Lancet, using data from The Global Burden of Diseases, Injuries, and Risk Factors Study, published in 2013, people living in the South East of England can now expect to live, on average, until they are 82 years old, compared to just 75 years of age in 1990.
 
Remember, costs have increased 92% in the last 10 years. Let's say that rate slows down though and that every 10 years the costs only rise by 65%; this is what you might expect to pay if you live to the average age:
 
A 72-year-old living to the average age might expect to pay £6088
 
A 62-year-old living to the average age might expect to pay £10,046
 
A 52-year-old living to the average age might expect to pay £16,575
 
If you think that these prices are exaggerated look at how other things have increased.
 
According to a document published by the motoring organization the AA, when unleaded fuel was introduced to the country in 1988, the cost for a gallon was, on average £1.67. Now bear in mind that there are four and a half litres to a gallon, so the average price per litre in 1988 was just 36.7p. Today, 30 years later, the average cost is £1.06 per litre, although we all remember it going up to £1.30 not so long ago. But even at £1.06, that’s an increase of 288% and at its highest point of £1.30 an increase of 354%.
 
But it's not just petrol
 
According to the BBC's Doomsday report, here are some other basic costs:
 
Item 1985 cost 2015 cost % increase
 
First class Stamp 17p 64p 376%
 
Loaf of bread 33p £1.35 409%
 
Pint of Beer 75p £3.92 522%
 
Ave UK House price £33,200 £197,044 593%
 
and the list goes on …….
 
So is it really hard to believe that in 30 years time a funeral could cost over £16,000 pounds? That’s £32,000 for a couple.
 
How long does it take to save £32,000 pounds today?
 
So what is the solution?
 
Is there a solution?
 
Martin Lewis, from Money Saving Expert, who runs the UK's top money saving website and is a TV personality stated, quite bluntly in fact, in November 2015:
 
“Death happens – plan for it”
 
Most people do not want to think about what we all know is inevitable. Our children want to talk about it with us even less in most cases.
 
The four main reasons people do not plan properly are:
 
1. Apathy – I will get around to doing it, it is just not important enough right now.
 
2. Its Morbid – I don’t want to think about dying yet
 
3. Cost – What do I care, I will not be here anyway
 
4. Knowledge – I wasn’t aware that I could do anything about it now

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So let's look at the first three of those things and break them down a little.
 
Apathy – we all think we are going to live forever when we are younger but the reality begins to set in as we age. The odd ache and pain. The eyesight starts to fade a little. We are not as quick to recover from illness or a night on the town.
 
Getting old is a privilege denied millions. We all know of people who have passed before their time.
 
Putting your estate protection in place today, not tomorrow takes just one afternoon or evening with a professional advisor. This will ensure that you are robustly protected and that your family is not left out of pocket or burdened should anything happen.
 
Morbid – Do you have life insurance? Why? House insurance? Same reason? Think about it for a few seconds. It is not being morbid, it's being financially prudent. To take just one hour out of your schedule, for one evening and then never have to worry about thinking of it again.
 
Cost - Well, we have seen from earlier in this report that the cost of living and the cost of funerals is only going to rise, whilst the equivalent incomes may not move as fast as those costs.

The pension pot is getting smaller
 
In 30 years time, there may not even be money left in the pot to pay for pensions, if some reports from the government are to be believed.
 
If you knew that you could secure your funeral at today's costs, effectively having a price freeze, how important would that be to you?
 
Imagine the government said to you that you had the opportunity to freeze the amount that you paid for stamps, bread, meat or petrol. Knowing what you know now, would you take it?
 
The good news is that there is a way to freeze the price of your funeral, at today's prices, for use when you need it.
 
Unfortunately, we cannot help out on petrol, stamps and the like, though.
 
A pre-paid funeral plan gives you the ability to do just that.
 
So now to the last point, knowledge. Here are some of the most frequently asked questions:
 
Where do I go to sort out a Funeral Plan?
 
Your local expert for estate planning and pre-paid funeral plans is Richard Morris. Richard is an ex-military officer who now spends his time advising people on how to prepare their estate. Richard represents Golden Charter, the UK's largest provider of pre-paid funeral plans who have over 3000 funeral homes as part of their network in England and Wales. Richard can be contacted on Freephone 0800 847 7030 and would be more than happy to assist with a free consultation to assess your needs.
 
Is it complicated?
 
Fortunately, no. The process takes less than 30 minutes to find a plan that suits you. A home visit at a time convenient for you can be arranged with Richard and you can begin to have peace of mind that there’s one less thing to have to worry about.
 
Do I need a medical?
 
There is no requirement for a medical. You have 100% guaranteed acceptance providing you are over 18.
 
Do I need to pay a deposit?
 
This depends on the plan you choose. There are options both with and without deposits at a price that’s right for you.
 
Can I pay it off in one go?
 
It is possible to pay everything off in one go. This can be done by credit or debit card and the price you pay is, of course, today's prices.
 
Can I Pay in Instalments?
 
Certainly. It is possible, dependent on your age, to pay 12 monthly instalments or even pay low-cost monthly payments starting at just £5 per week with our flexible payment plans.
 
Can I choose my Funeral Director?
 
Yes, you can. With over 3,000 Funeral Directors already aligned with us, it is possible that your preferred Funeral Director is already a member. If not, we will contact them and make the necessary arrangements for you.
 
What if I have special wishes?
 
You can highlight in advance any special wishes that you have. If there is an additional cost to this, then this may need to be covered at the time of the funeral, but the major bulk of the expense would have been taken care of.
 
What happens to my money?
 
Your payments are all protected. Depending on how you have chosen to make your payments, your money will either go into the Golden Charter trust or a life insurance policy with AXA Wealth Ltd. It will remain there until it is needed to pay for your funeral arrangements.
 
What if I die before my plan is fully paid off?
 
This will depend on the payment method you have chosen with the plan
 
If you have chosen to pay in 12 monthly instalments and you pass away before all payments are completed, then what you have paid into the plan will be forwarded to your funeral director and the family then just need to cover the balance remaining.
 
If you have chosen the low-cost monthly plan and you pass within 12 months then the money you have paid in will be returned to you. If you pass after 12 months but before the plan is completed then the funds you have paid in will be passed directly to the Funeral Directors and the family then just need to cover the balance remaining.
 
If you have chosen to pay by fixed monthly payments and you die within the first 2 years then the funeral director will receive the money you have paid in PLUS and additional 20% provided that you are up to date with your payments. The family will then just need to cover the balance remaining.
 
However if you have chosen the fixed monthly payment option and you pass after 2 years and 1 day, then your full funeral costs are covered, even if you have only paid a fraction of what the funeral will cost in reality.
 
So what do I do now?
 
Hopefully, you have found this information useful today. The next step is to contact Richard and book a consultation. To contact Richard Morris you can either phone him Free Phone on 0800 847 7030.
 
If you would like to keep up to date with information regarding all aspects of estate planning, from pre-paid funeral plans to Wills and probate, or even lasting powers of attorney, then feel free to follow us on Facebook.
 
Thank you for taking the time to read this information, we truly hope that it has been useful for you.