While the topic might be a little sensitive, planning and getting value are still relevant right up to the end of your life.
Getting value should not just be confined to utilities, groceries and other necessities. Just as much as we plan for retirement, prudence would dictate that we should also plan for our departure date.
A recent poll by Marketing Partners between July 26th and August 5th 2016 and released by Post Insurance, one of Ireland’s leading insurance providers and a wholly owned subsidiary of An Post revealed:
The standard funeral cost - €4,062 ( this covers Removal and Care of the Deceased, Embalming, Removal to Church/Cemetery, Hearse, Funeral Directors Fee and Coffin but excludes “disbursements”, items such as Church Offering, Priest, Music, Obituary Notice and the cost of a burial plot or cremation service)
The highest price quoted to researchers for a standard funeral was €6,310 in Co. Tipperary. The highest average funeral costs were €5,000 in counties Sligo and Clare while the lowest of €3,408 was recorded for Co. Wexford.
A nationwide high cost of €32,000 was quoted for a double plot at a graveyard in Deansgrange Dublin (the same sized plot in Shanganagh, Dublin was quoted at €5,600, while a double plot in Bunclody Co Wexford only costs €2,000 again reflecting considerable geographic differences in pricing)
Cremation costs were highest in Cork at €770, behind Dublin at €682 - with the lowest in Galway at €527.
Thankfully, we’re all living longer and healthier lives so hopefully won’t need to think about your burial or cremation for a long time. That said, accidents do happen, and the survey shows that costs are considerable and vary widely. And because it’s an event that is a celebration of a life, there’s a natural inclination to add in elements to create a more bespoke - but therefore more expensive – final farewell.
That’s why a simple bit of financial planning now can avoid additional heartache for family and loved ones also having to cope with the extra burden of burial costs.
For instance, the Post Insurance Over 50's Funeral plan is a product which is easy to apply for, starts from just €15 per month* and is available to everyone between the ages of 50 and 75 with no medicals required.
*For example, a 50 year old paying a monthly premium of €15 would be assured for cover of €4,700. The total premiums paid over the term of your policy may exceed the death benefit.
In addition to a “standard funeral”, there are additional and in many cases, unavoidable costs to be considered.
Disbursements:
Includes costs for everything from a Church Offering, Priest, Sacristan, Singer, Organist, Flowers, Obituary Notice, Radio, Doctors and Coroners Fee. The survey found in this regard:
Amongst respondents, Laois at €1,440, Galway at €1,242 and Dublin at €1,177 were the top three most expensive locations for disbursements in Ireland (Kerry and Limerick were the least expensive at €470 and €573 respectively).
Coffins:
While the standard funeral includes the cost of a coffin, a delicate topic - in the US, you can slip into a Walmart and buy a variety of coffins to suit your pocket - the cost of that coffin can make a difference to the final funeral bill.
What’s described as a “standard coffin” is most affordable in Waterford at €1,177 and most expensive in Kerry and Laois (each costing €2,000). Dublin and Cork reported rates of €1,750 and €1,399 respectively.
The costs of dying in Ireland are many and varied so having some insurance protection in place can offer peace of mind at a very stressful time. For some, having the expenses sorted ahead of the departure date is great comfort.
For more details of the survey or the Funeral policy (for ages 50 to 75, guaranteed acceptance and no medicals), call 1890 22 22 22 or email info@postinsurance.ie.
John Lowe, Fellow of the Institute of Bankers, is founder and managing director of Providence Finance Services Limited t/a Money Doctor, author of the best-selling The Money Doctor 2017 plus 50 Ways to Wealth (both Gill Books – price €12.99) Contact John at jlowe@moneydoctor.ie or tel +353 1 278 5555. Web site plus Twitter (@themoneydoc) and Facebook, Linkedin, Pinterest & Google+
