The cost of dying is rising, but how much will money will it set you back?

Analysts said that the cost of dying is rising seven times faster than inflation rate.

16:53 16 October 2014

A major study has confirmed that the cost of dying has recently jumped by 10.6% to £8,427 – this number is seven times bigger when compared to inflation rate and is the biggest jump in six years. 

 

The analysis, which was carried out by an insurance compan Sun Life Direct, tallied up the cost including a basic funeral, probate, and memorials such as a headstone.  

 

The cost of undertaking a funeral has increased more than twice the rate of inflation to £3,590. This is 87per cent higher when compared to numbers eleven years ago. Funeral costs account for 43per cent of cost of dying. 

 

Sun Life’s marketing director, David Brooks said: “The death of a loved one is already a very difficult time. All our research shows that planning, however small, really helps and we urge families to break the taboo of talking about death and share their wishes.”

 

Dr Kate Woodthorpe, lecturer in sociology at the University of Bath’s Centre for Death and Society, added: “The costs associated with the end of life are rising and it is worrying that people are not prepared for what they may have to face.”