A guide to being future funeral proof
A study by SunLife in their 2018 Cost of Dying Report found that for almost 1 in 8 (12%) families, finding the money to pay for their loved ones’ funeral caused them notable financial problems. This is an increase from 1 in 9 families last year. And on average, this group had to find £2,775 to pay for the funeral.
But by planning ahead, organising your finances and your own pre-paid funeral plan – you can help your family to sidestep issues over the cost.
A Nottingham Building Society member, 65, from Stapleford, has planned and paid for his funeral in advance. He started things off by making an appointment at his local branch, where he has been a saver for 50 years, and they helped put his pre-paid funeral plan in place as he didn't want his family spending what they had on his funeral.
John Cutler, Relationship Manager for The Nottingham’s Pre-paid Funeral Plan partner, Dignity, said: “Freezing your funeral costs at today’s prices protects you and your family from any future price rises.
A pre-paid funeral plan enables you to buy at today’s prices for a funeral in the future. So, no matter how much prices increase, you will not be asked to pay a penny more for the services included in your plan. The difference in average funeral costs between 2011 and 2018 was £1,074*. Just imagine how much you could save in 10 or 20 years if you made the decision to pre-pay for your funeral today!
The plan also enables you to support loved ones on the key decisions regarding the type of service you would like and any wishes you may have. This will help protect loved ones from spending unnecessary money on a service you may not have wanted, leaving a legacy of happy memories and not financial difficulty.”
Planning ahead now can save a lot of money and worry for you and your loved ones. During the current promotional period that started during September 2018, The Nottingham and Dignity, as a partnership have saved funeral plan customers over £129,000 on future funerals. Have a conversation with your family, or if you’d prefer, drop into your local branch first for a no-obligation chat with our staff who will be happy to help you.
Furthermore, if you are a qualifying member of The Nottingham you can receive up to £460 off** a Prepaid Funeral Plan through our partner, Dignity. Find out more about Member Rewards here.
* Difference between 2011 average price of £2,971 and 2018 average price of £4,045. Matter Communications independent research from 2011 - 2018 on mystery price shopping with 254 funeral directors across 122 UK locations. These locations are stratified across the UK to represent the proportion of FDs overall per region and cover a range of providers.
** £460 saving is based on the £120 cashback for qualifying members and £340 difference between Diamond plan price of £3,795 and the 2018 plan price of £4,135. Discount valid until 30th April 2019 - you can read full terms and conditions here. To qualify for cashback you need to have a savings balance of at least £500, and have either held one of our savings accounts for at least the last 12 months or currently have a Nottingham Building Society mortgage - you can read full terms and conditions here.