PensionsJul 17 2014

New calculator to help determine the cost of dying

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According to Maria Harris,, sales director at the mutual, adviser feedback has been positive so far.

She said: “We were 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.”

With figures showing 18 per cent of over-50s have made provision for funeral costs, while a further 9 per cent admit they have no idea about the costs involved, the calculator can help advisers find out the cost of a funeral wherever the client lives.

It also predicts how costs will rise up to the year 2044, when according to the mutual the average funeral will cost an estimated £9,091 for a cremation, or £13,164 for a burial.