Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • January 2015
01

Sales of funeral pre-paid plans up by 9%

Open-access content Thursday 29th January 2015

Pre-paid funeral plan sales grew by 9% in 2014 and more than £3.2bn is invested across the funeral sector, according to research.

2

Sales of plans by providers registered with the Funeral Planning Authority (FPA) increased by around 12,000 to 147,325. 

According to funeral plan provider Golden Charter, with the average cost of a funeral in 2014 being £3,400, the total amount invested in plans was £500m.

The increase brings the total number of plans in force to 950,000, with 60,000 paying out each year. Around 10% of funerals are funded by pre-paid plans, the firm said. 

It said growing concerns about paying for a funeral was driving the growth, with the average cost of a funeral rising around 3% per year.

In pre-paid plans, customers pay a lump sum up front which contributes to the cost of their funeral.

Golden Charter chief executive Ronnie Wayte said: "Funeral plan sales have shown strong and consistent growth since 2006 and are increasingly a major part of later life planning.

"Pre-paid funeral plans give people comfort that their funeral is paid for and that they can have the funeral they want. While it may not be a subject we like talking about nobody wants to leave a debt burden on their families."

This article appeared in our January 2015 issue of The Actuary.
Click here to view this issue
Filed in:
01
Topics:
Life insurance

You might also like...

Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

Senior Underwriting Risk Manager

London (Central)
£85K-£95K + Benefits
Reference
124386

Reserving Manager (Contract)

London (Central)
£1200 - £1400 per day
Reference
124385

Life Actuary - Contract - IFRS 17 Financial Impact

England, London / England, Bristol / North Yorkshire, England
£900 - £1150 per day
Reference
124384
See all jobs »
 
 

Today's top reads

 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2022 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ