One fact that the majority of us avoid facing until the last moment is that we are going to die. Another fact is that when we do eventually do shuffle off, we’re also going to cost someone a lot of money. That someone is likely to be your nearest and dearest.
The costs of funerals continues to rise. A recent survey (Mintel 2013) shows that the average cost of a funeral in the UK is now £3,456, – an increase of 80% over the past nine years. If this trend continues the average cost of a funeral in 2022 will be over £6,220.
This is the reason why paying in advance for a funeral is becoming a growing trend. Not only does it prevent our loved ones from having the additional financial burden, but will also possibly offer a saving by paying now and avoiding the potential inflation that has occurred when the time comes.
We offer a range of funeral plans that deliver peace of mind for you and your family. Just contact us to see what we and our partners can offer to ensure that your family can say goodbye to you without having to worry about paying the bills.
Releasing Funds from your Home
Unfortunately funerals are not the only things that appear to have become more expensive over the years. Retirements planned for years ago, are just not bringing in the income needed to survive in the post credit crunch economy. For the majority of us, we have paid into our pension and paid into our house in the hope of security. The pension has not performed as well as many would like, but due to house price booms, our homes have.
An option many people are looking into is releasing funds from their home to help with retirement. A lump sum cash amount can be released via a lifetime mortgage or home reversion scheme, which can be used for paying existing debts, home improvements, going on a luxury holiday, or just helping with an enjoyable retirement.
Lifetime mortgages and home reversion plans do have disadvantages though. They will decrease the inheritance you leave to your family, and may even affect any means tested-benefits that you receive. This is why it is important to always get specialist advice when looking into Equity Release. For more information on what Equity Release is, call us for our free brochure on 0800 077 6979.
To enquire about a funeral plan, or options in retirement, call us ERIC 0800 077 6979. These are lifetime mortgages or home reversion plans. To understand the features and risks ask for a personalised illustration. Please quote offer code MT0414.
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