Death is not something a lot of people would like to talk about, but whether we like it or not, it is a fact of life and it is something we should prepare for.
If you are the breadwinner of the family, it is important to think about not just providing for your family while you’re alive, but also making sure that your loved ones won’t be burdened financially when you die.
As a breadwinner, your income pays for your family’s daily expenses such as rent, mortgage, utilities, travel costs, school fees, etc. In the event the unexpected happens, your family will not only have to deal with the loss of a loved one, but they will also have to deal with the added stress of paying for your funeral.
According to Golden Charter:
- In 2017 the average funeral cost was £4,078** – an increase of 112% of the cost of a funeral in 2004 (£1,920).
- It is estimated that by 2026, the average funeral cost could be £7,049.
- 42% of deceased either make no financial provision or insufficient provision to cover funeral costs.
Based on the statistics provided by Golden Charter, a big percentage of people in the UK do not include funeral costs in their financial planning. That is why their families are burdened by funeral expenses when they die.
A death in the family could have a huge impact on your family’s finances. Having a funeral cover will ease your financial worries. It will give you the peace of mind that your family won’t be burdened by funeral costs when you die. At the same time, if someone in your family dies, you won’t have to worry about the funeral expenses.
A funeral cover can help with the funeral expenses. Apart from the funeral itself, there are other expenses that you or your family may need to cover. Other expenses that may be included are flowers, additional cars for family members, death notices, funeral catering and venue, estate administration fees, etc. A funeral cover will pay out a lump sum that can help cover the expenses.
Planning on something that is bound to happen is a wise thing to do. Ensure that your family is protected from financial burden when you pass away. The Right Cover can help you find the cover that will suit your needs.
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