The Grim Reaper is charging more these days.
The rising cost of dying has sent funeral plans soaring says a leading provider.
Golden Charter, an independent funeral plan company, reckons that rising funeral inflation is helping drive sales of pre-paid funeral sales to record levels with more than £500 million paid into plans last year.
The company’s latest analysis reveals that the total number of plans in force is now around 950,000. Some 60,000 paid out last year – with average plans costing £3,400. Sales for 2014 are estimated at £500 million and a total of more than £3.2 billion is invested in all plans across the sector.
The average cost of a funeral, estimates AXA Sun Life, is currently around £3,590 with the cost increasing by around three per cent a year.
Golden Charter Chief Executive Ronnie Wayte said: “Funeral plan sales have shown strong and consistent growth since 2006 and are increasingly a major part of later life planning.
“Pre-paid funeral plans give people comfort that their funeral is paid for and that they can have the funeral they want. While it may not be a subject we like talking about nobody wants to leave a debt burden on their families.
“People expect choice and quality of service in whatever they do and there are few more personal purchases than planning your own funeral. Combine this with a straight forward, good value financial proposition and people are increasingly happy to plan ahead.”