1.6 million funeral plans in force
02 Dec 2020
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.
These findings comes from the IRN Research Funeral Planning Consumer Research report
Funeral Planning Report
This report looks at the pre-paid funeral plan market and sets that into the context of how consumers pay for their funeral. It considers consumer use of funeral plans and other means they use to pay for their funeral, especially over50s insurance. It includes an assessment of the size of the market and its trends.
The report (54pp, PDF), is available directly from IRN Research, priced at £300
Related IRN Reports
The Wills & Probate Consumer Research Report 2020. This is the second annual edition of this report from IRN Research (branded as Orchard Reports) offering insights into consumer behaviour, perceptions, brand awareness, and opinions. This report is based on responses from 1,208 adults.
The UK Wills, Probate & Trusts Market Report 2020. This is the seventh edition of an annual research report from IRN Research. The report provides a review of the Wills, Probate & Trusts market, looking at the market structure, key issues and new developments, market size and trends, the key players, future market developments, opinion survey of practitioners.
Estate Planning Consumer Research report 2021. This report will be published in December 2020/January 2021. This report studies the degree to which consumers in the UK engage in estate and inheritance planning. Results are based on a nationally representative sample of 2,093 consumers