OneFamily warns insurers about inflation-fuelled funeral poverty

According to the latest research commissioned by OneFamily, 2.8mn adults aged 50 or over in the UK aren’t planning on having a funeral.

Related topics:  OneFamily,  funerals
Tabitha Lambie | Editor, Protection Reporter
26th March 2024
"Advisers are absolutely crucial in getting that message out there."
- Ryan Griffin, Director of Protection at OneFamily

Of those surveyed (2,000 adults aged 50 or above), 13% said they simply can’t afford a funeral, while 28% don’t want loved ones worrying about the expense. When asked how much a funeral would cost, the average amount quoted was £4,370.

To save money, nearly half (45%) of adults said they’d opt for a cremation and 32% said they’d simplify the casket. Notably, 9% said they would consider donating their body to science.

Only 21% purchased over-50s Life Insurance to support their loved ones with funeral costs. OneFamily believes this could have been an affordable solution for the remaining 79% of people who’re worried about their funeral arrangements affecting family financially.

“Funeral poverty is a very real problem, it’s quite shocking that 2.8mn people believe they can’t find a way to allow their families to celebrate their life – it’s part of the grieving process,” said Ryan Griffin, Director of Protection at OneFamily.

He believes advisers have a big role to play in understanding people’s perceptions of over-50s Life Insurance and explaining how this type of cover works. “Having protection in place is a simple and cost-effective solution for people who’re worried that their savings might not cover their funeral. But advisers are absolutely crucial in getting the message out there,” Ryan added.

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