If you’re thinking of paying for your own funeral there are three main options:
1. Saving or investment.
Putting money in a savings account for your funeral involves some risk – if your investment is good there might be ample money in the fund but reports show the average funeral costs have risen faster than the rate of inflation. Between 1990 and 1993 the cost of an average funeral rose 25%. Very few savings can match that sort of increase (Source: Third Age International)
2. A Whole-life insurance policy
Some insurance policies do cover funeral costs but they have been heavily criticised in the press. To calculate the true cost you have to multiply the payment amount by your life expectancy in months – the results can be staggering. Sometimes these policies do not guarantee to pay for the funeral in the early years.
3. A funeral plan
An increasing number of people now choose to pay for their funeral themselves in person before they die, rather than setting aside money or an insurance policy towards the cost. It prevents their families having to wait for money to be released by the estate and takes away some of the financial stress during their bereavement.
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Over 100 years
In 1910 Frederick Charles Douch founded a funeral business. The rest is history.