Age UK Reveals 61% increase in funeral plans
Published on 09 July 2010 10:30 AM
Latest figures from Age UK Funeral Plans show a staggering 61% sales increase in 2009 with over 180,000 plans sold to date - treble the average industry growth1.
This increase is part of a wider consumer trend with the industry seeing a 22% increase in funeral plan take up in 2009*, suggesting more and more people are recognising the need for this product which guarantees their funeral will be paid for.
In recent years, funeral costs have risen faster than inflation due to various factors including increased cremation fees, which many local councils no longer subsidise. Age UK Funeral Plans have addressed this price inflation by enabling people to fix the cost of this purchase, regardless of any future rise in costs.
Sharon Dobson, Product Development Manager for Age UK Funeral Plans, said: "Recently more and more people have worried about their finances with particular concern over how they will afford large purchases. This goes hand in hand with the increase in sales our funeral plan has experienced which is testament to the trustworthy reputation we have in providing such an important product2. As the consumer continues to be mindful of their finances we encourage them to think ahead. Our plan ensures loved ones don't incur the costs involved with the planning of a funeral for a loved one when the time comes."
She added: "One of the key benefits of Age UK Funeral Plans is that they guarantee to cover the funeral costs included in the plan, no matter how far in the future the plan may be needed."
Age UK Funeral Plans (formerly Age Concern Funeral Plans), provided in association with Dignity, are one of the first products to be rebranded since the charity became Age UK (formerly Age Concern and Help the Aged).
Age UK Funeral Plans are available to anyone aged over 50 years old and offers three packages to suit varying wishes and different budgets. For more information call 0800 022 32 45 or go to www.ageuk.org.uk/funeralplan.
- ENDS -
- Funeral Plan Authority (FPA) statistics are only in respect of the FPA Registered Providers of funeral plans. Registered Providers account for 95% of funeral plans sold in the UK. Table below can be found at: http://www.funeralplanningauthority.com/statistics.html
- 22% uplift figure calculated by table figures below: (91,335 / 74,683) x 100 = 122.2 = 22.2%
|Plan sales in period||61,158||56,748||60,145||60,082||67,519||74,683||91,335|
|Plans drawn down in period||n/a||n/a||30,018||31,158||34,861||40,846||38,282|
|Plans undrawn at end of period||n/a||n/a||409,579||451,820||486,007||514,748||564,234|
Notes to editors
Age UK is the new force combining Age Concern and Help the Aged. The Age UK family includes Age Scotland, Age Cymru, Age NI and Age Concern Enterprises - the trading arm of Age UK.
Age UK, a charitable company limited by guarantee and registered in England: registered office address 207-221 Pentonville Road, London N1 9UZ, company number 6825798, registered charity number 1128267.
Age Concern Enterprises
To fund its charitable activities, Age UK needs a constant flow of independent income. It seeks to achieve this through a balance of traditional fund raising and trading activities.
The trading activities, through Age Concern Enterprises, (ACEnt) enable it to meet the needs of older people, through products specifically designed to meet these needs; quality products such as general insurance and energy Services.
ACEnt incorporates: Age UK Energy, Age Concern Insurance Services and Age UK Guaranteed Funeral Plans. Log on to http://www.ageuk.org.uk/buy/ for details.
Age Concern Enterprises is part of the Social Enterprise Coalition; an organisation that represents a wide range of social enterprises with the overarching aim of working in partnership for the creation of effective sector products, services and knowledge-sharing networks to help stimulate and encourage growth, development and sustainability of social enterprises in England.
Age Concern Enterprises Limited is authorised and regulated by the Financial Services Authority for insurance mediation (311438). Age Concern Enterprises Limited is registered in England and Wales No. 3156159, registered office: Astral House, 1268 London Road, London SW16 4ER. VAT Number: 710 3843 66. Age Concern Enterprises Limited is a wholly owned subsidiary of Age UK (registered charity No. 1128267 and registered company No. 06825798) and donates its net profits to Age UK.
Age Concern England (charity number 261794) has merged with Help the Aged (charity number 272786) to form Age UK, a charitable company limited by guarantee and registered in England: registered office address 207-221 Pentonville Road, London, N1 9UZ, company number 6825798, registered charity number 1128267.
Age Concern Enterprises is based at 4th floor, 207 - 221, Pentonville Road, London, N1 9UZ.
About Dignity caring funeral services
Age Concern Enterprises work in association with Dignity to provide Age UK Guaranteed Funeral Plans. Dignity plc is Britain's largest single provider of funeral related services and is the market leader in the provision of pre-arranged funeral plans.
In 2009 Dignity was awarded fifth place in the Top 50 Call Centres for Customer Service Awards. Dignity Pre Arrangement Limited ISO 9001:2008 accredited company status.