Falling mortality rates will start to reverse this year warns Engage Mutual, after research revealed 2015 is the inflection point which hands the next generation the uncomfortable burden of spiraling funeral costs.
A report entitled Is the UK sitting on a funeral timebomb? revealed the costs of a bereavement are likely to hit £3.7bn by 2020, at an average cost per funeral of £5,500. The Engage Mutual and ILC – UK research suggests 14.5m people would be unable to meet those costs at short notice.
During a video panel debate, chaired by Mortgage Solutions‘ group editor Victoria Hartley, Stuart Tragheim, sales director at Engage Mutual explains that introducing the subject of death and end-of-life insurance planning is never comfortable but the awareness of this critical issue has to be raised.
Tragheim said: “We need to help advisers understand this is a growing market opportunity for life insurance, funeral plans, will planning and IHT mitigation schemes. It’s important to know how to address these subjects with clients.”
The other panelists joining Stuart Tragheim include Martin Reynolds, CEO Simplybiz Mortgages, Emma Thomson, life office relations director, Lifesearch and Dean Mason, practice principal at Masons Financial Planning.