At the end of 2020, IRN Research expect there to be almost 1.6 million funeral plans in force (i.e. not drawn down). While the number has continued to rise in recent years, there has been a notable slowdown in growth in recent years. In 2020, IRN Research estimate that almost 160,000 new funeral plans will be sold. The number of new sales has declined steadily since 2016 mainly because of competition from over50s life insurance policies. Like the UK economy, the funeral plan market has faced a roller coaster year in 2020 because of COVID-19. As a result of COVID-19, net new sales in 2020 (gross sales less plans drawn down) are expected to be only around one-quarter of the number seen in 2019.
The briefing (54pp, PDF), is available directly from IRN Research