Most people don't ever want to think about their own funeral, but unfortunately it's an inevitable part of life. The Funeral Planning Authority, which keeps a watchful eye on the funeral plan market, has now found that Brits on average start to think about their funeral when they are 51 years old, usually after the death of a parent.
The regulator surveyed a group of over-40-year-olds and further discovered that 57% hadn't given any thought to preparing for their funeral, with only 7% considering themselves to be extremely prepared. While a lot of issues are down to personal taste – such as the location, type of service and music – it's important to start thinking about how your family will pay for it all, as funerals can prove to be a lot more expensive than people realise.
Luckily, 70% have put some thought into how they would cover the cost of their funeral, with 39% setting some savings aside for it, 18% having taken out a life insurance policy, and 13% having bought a funeral plan. "We're encouraged that so many of those over 40 aren't shying away from making arrangements for their own funeral – including the financial implications," said Graeme McAusland of the Funeral Planning Authority.
"Whilst it can be prompted by a sad occasion and feel like a foreboding task, it does ensure that people's wishes are carried out and financially prepared for." Even if you feel that you'll just want the simplest possible funeral, there will still be costs associated with it. Always remember, too, that your loved ones may have other ideas – at the end of the day, your funeral will be for them more than for you.
So, start putting a little bit of money aside in a dedicated savings account, or consider life insurance to cover yourself for both illness and death (if you add critical illness cover). Whatever method you use, you can be sure that your loved ones will be grateful that your passing will not put them in debt.
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