Engage Mutual has launched an updated ‘funeral calculator’ on its adviser community site.
It allows intermediaries to access the most up-to-date cremation and burial costs throughout the UK at the touch of a button.
It is based on its latest research into funeral costs, ‘The Engage Mutual 2014 Funeral Costs Tracker’ report, which found a 12% increase in the price of cremations (9% for burials) since its funeral calculator was launched in 2012.
The calculator has proved a useful tool for advisers to help sell Engage Mutual’s over 50s life cover, as statistics show only 18% of over 50s have made specific provision for funeral costs while a further 9% admit they have no idea of what one costs to organise.
Research undertaken by the mutual also shows that the majority of purchasers of its over 50s life cover want the policy’s lump sum to go towards their funeral to help ensure they don’t leave a funeral debt for their families.
The updated funeral costs calculator, which launches this week, reveals that the average cost for a burial is now £4,690 and £3,239 for a cremation.
Advisers use the calculator by simply keying in the postcode of customers to find out the cost of a funeral wherever the customer lives, as prices can vary by thousands of pounds nationwide, the mutual said.
It shows that Northern Ireland is the cheapest place for a funeral at just over £3,500 whilst the cost of a burial in London is more than double that at £7,490.
The calculator takes into account the cost of items ranging from embalming and grave digging to hiring an organist or placing an obituary, and is based on interviews with over 600 funeral professionals nationwide.
It also predicts how those costs will rise in the future going up to the year 2044 where the average UK funeral will cost an estimated £9,091 (cremation) or £13,164 for a burial.
“Feedback from our advisers has shown that the funeral calculator is an extremely useful tool for them which is why we have updated costs and will continue to do so,” said sales director, Maria Harris.
“We’re not surprised by that because our own research has shown that nearly two-thirds of our customers have bought their over 50s life cover from us because they wanted a lump sum to put towards their funeral.
“And we also found that just under a quarter of them were really worried about leaving their family with a debt if they hadn’t done so.”
