A growing number of Britons are concerned about how they will afford to pay for the funeral of a loved one, a new report has suggested.
This could inspire a number of homeowners aged over 55 years to seek equity release advice to see how the value of their property could provide them with a tax-free cash lump sum.
A recently-published report from national charity Age UK has revealed a 61 per cent increase in sales of its funeral plans.
The rise echoes an industry-wide trend which saw total sales of such products increase by 22 per cent in 2009.
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.
“As the consumer continues to be mindful of their finances we encourage them to think ahead.”
Another way for homeowners aged over 55 years to ensure they have enough money for large purchases is to release some of the cash tied up in their property through the use of an equity release plan.
Posted by Tom Papworth
