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.
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 calculator has proved a useful tool for advisers to help sell 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.
The updated funeral costs calculator reveals the average cost for a burial is now £4,690 and £3,239 for a cremation.
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.
Maria Harris, sales director a Engage Mutual, said: “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.”
Age UK[5] research shows 20 per cent of over sixties owe money and a million retired people still have mortgage debts, a figure that’s anticipated to rise to two million in a decade.
Harris added: “It’s human nature to avoid talking about death but our report shows some people are in grave danger of leaving a legacy of debt for their loved ones if they make no financial provision for their funerals.
