With the base rate remaining at an all-time low and funeral costs likely to exceed £5,500 by 2026, data from funeral provider Co-op Funeralcare suggests those looking for new places to invest could save their families thousands of pounds by putting in place a funeral plan.
The figures revealed that if funeral costs continue to rise at today’s rates, investing in a guaranteed funeral plan could offer a much higher return than keeping cash in the nation’s leading savings accounts.
The company claims that an investment of £2,995 in a funeral plan has the potential to save families as much as £6,500 over a 25-year period.
Richard Lancaster, managing director for Co-op Funeralcare, said:
“Making plans for end-of-life isn’t something we always want to think about; however, with funeral costs continuing to rise and savings returns remaining low, investing in a funeral plan in advance can protect relatives both emotionally and financially from a funeral price shock.”