A new funeral plan comparison site has launched in Leeds, as the competitions’ regulator warns that people cannot easily compare funeral prices.
Compare Your Funeral Plan works with over 800 funeral directing firms to offer greater options for funerals in advance, and it locks in prices at today’s rates.
The Competition and Markets Authority shelved plans to cap funeral prices last week, describing the move as infeasible during the current pandemic. Its research, however, did find that people are overpaying by up to £400 for a funeral, and that costs are spiralling way above inflation, with funeral prices rising by as much as 9% in a year in some regions.
The regulator also highlighted that people struggle to arrange funerals after a bereavement because of ‘a lack of easily comparable information on directors’ services’, which Compare Your Funeral Plan seeks to address.
The Leeds-based company can compare funeral plans across the whole of the market and offer the best value plan that meets customer requirements, with prices starting from just a few pence per day. Customers can take out plans for any length of time up to 25 years and can request their money back at any point.
Compare Your Funeral Plan’s own research found that only one in three people surveyed were aware of the approximate cost of a funeral and only one in four had made any provision for their own.
The comparison site also offers free bereavement support to help customers who are overwhelmed with the practicalities surrounding the death of a loved one.
Director Craig Wilson said: “People are often overwhelmed by the repercussions of bereavement and arranging funerals can be challenging. Losing a loved one is already an enormous emotional strain, without the added burden of worrying about money too. Our aim is to make it easy to compare and select the funeral our customers would like, and allow them to pay for it in advance, at today’s prices, so the weight is lifted from those that are left behind.”
The average cost of a funeral in the UK is £4,417, with the average burial coming in at £4,975 and a typical cremation costing £3,858.
During the Covid-19 crisis, funeral costs have become a greater worry than ever, as more than 9 million people have seen a wage reduction thanks to furlough, and over 3.5 million new Universal Credit claims have been processed. Thousands of people have turned to fundraisers to try and cover the costs of the funerals of relatives who have lost their lives to the virus.