(^32) DAILY MIRROR WEDNESDAY 04.03.2020
DM1ST
PROTECT YOUR
LOVED ONES
FROM RISING
FUNERAL COSTS
F
uneral costs have risen much faster
than infl ation in recent years.
Between 2011 and 2019, average
funeral costs increased from £2,971
to £4,202*. That’s a 41% rise. If this
trend continues, by 2028 we project the
average UK funeral rising to £6,206**.
HOW TO AVOID RISING COSTS
Taking the proactive approach of buying
a Prepaid Funeral Plan helps protect you
and your loved ones by freezing the cost
of the funeral services in the plan at today’s
price. It also allows you to detail your funeral
wishes, so loved ones aren’t left guessing
what you wanted.
We have partnered up with Dignity, one
of the UK’s leading funeral plan providers,
to provide you with some of the best funeral
plans on the market. They are upfront with
exactly what is included in their plans and
are committed to providing the highest
standards of service and care.
Did you know?
- £1,981 On average, loved ones had to
fi nd an extra £1,981 to meet the full
cost of the funeral^ - 1 in 8 For almost 1 in 8 families, fi nding
the money to pay for the funeral caused
them notable fi nancial problems^ - 1 in 4 people surveyed were shocked
about certain funeral costs^
Request your FREE guide today
Paying for a funeral doesn’t
have to cost the earth if you
pay in advance and fix the
cost at today’s price. Save £100
if you buy before 30th April^^.Simply call FREE on
0800 633 5154
quoting MGNL13 5 ND.Lines are open 24 hours a day,
7 days a week
All calls to 0800 numbers are free whether made from
a landline or mobile. Calls may be recorded for monitoring
and quality purposes.
*2011-2019 Matter Communications independent research
**2028:Forecast based on average annual compounded growth rate of 4.43%
each year between 2011 and 2019.
^SunLife (2020) Cost of Dying Report, Sunlife.co.uk/costofdying2020
^^The £100 discount offer applies to all Dignity Funeral Plans, purchased between
25 February and 30 April 2020. For example, a Diamond plan purchased by lump
sum will be discounted from £3,995 to £3,895, or from £332.91 to £324.58 if you
choose to pay over 12 months. Instalment payments over a period greater than
12 months will also be discounted.Save
£100
DISCOUNT ENDS
30TH APRIL
^^your money
Nationwide is trying to help
encourage people to get into
the saving habit with an ISA
prize draw offering the chance
to win up to £20,000.
From Friday the building
society will offer a £500,000
prize pot to its ISA savers.
And it is raising the rate on
its Triple Access Online ISA
from 0.9% to 1.21%.
This is designed to get savers
topping up their ISA balances
before and after the new tax
year arrives on April 6. The
giveaway offers 10 chances to
win the top prizes of £20,000 –
the current annual ISA
allowance – with a further 10
prizes of £10,000 and 40 prizes
of £5,000.
Entries to the prize draw
open on Friday and close on
April 30, covering the end of
the current tax year and the
start of the new one. New and
existing Nationwide savers
need to increase their balance
by £100 or more by the end of
April to qualify.
This follows the launch of
Nationwide’s Start to Save
account and prize draw last
month, which offers the chance
to win £100 prizes for saving
regularly.
Andrew Hagger, from
personal finance site
Moneycomms.co.uk, said: “ISA
rates, like the wider savings
market, are stuck in the
doldrums and don’t look very
attractive, so I can understand
why Nationwide is making this
move.
“With 60 prizes up for grabs
and a total prize fund of half a
million pounds this move is
likely to prove popular –
particularly as you only need to
deposit a maximum of £100 to
qualify. The Nationwide Triple
Access Online ISA rate is being
increased to 1.21%. It’s not
market leading but not too far
off the pace and savers will
probably put up with a lower
rate in return for the chance to
win between £5,000 and
£20,000.”
Nationwide says the chance
of winning, based on last year’s
activity, is around 7,600 to one.
The current best-buy easy-
access ISAs are:
■■Al Rayan Bank – 1.36%
■■ Virgin Money Double
Access ISA – 1.31%
■■ Leeds Building Society
Double Access Cash ISA –
1.3%
■■Cynergy Bank – 1.29%
■■Ford Money – 1.27%Top up an
Isa and win
£20,000
EXPERT
hElPfor you
don’ T puT your famIly
In danger of evIcTIon
By Tricia PhilliPsM
illions of renters don’t
have any form of income
protection to fall back
on in the event of an
accident or illness.
One in five dwellings in the UK
are privately rented but
just one in 15 tenants
has income protection.
This leaves people at
risk of eviction should
they fall into financial
difficulties and be
unable to keep on top of
rent and bills.
Research from
financial giant LV=
reveals that renters are far less
likely than home owners to
protect their income. A total of
4.5million households are
privately renting and one in four
families with children now rents
in the private sector, compared to
less than one in 10 a decade ago.
The study also found that
renters have a list of issues they
have concerns over, from
landlords not solving problems
and failing to return deposits to
complex contracts that are
difficult to understand and
disputes over tenancies.
Debbie Kennedy, director of
protection at LV=, says: “Millions
of families live in rented accom-modation, and our research
indicates that many worry about
what would happen if injury or
illness meant they couldn’t work
and pay their rent.
“Dealing with a landlord is not
the same as dealing with your
bank or building
society and you can
quickly find yourself
facing rent arrears and
eviction.
“Research suggests
that one in three
people have less than
£1,500 in savings,
which is only about six
weeks’ worth of rent.
”One option renters should
consider is taking out an income
protection insurance, which pays
a monthly income if a tenant is
unable to work due to illness or
accident.”pro TecT your
fInanceS
■ efore taking on any extra B
protection insurance, check what
cover you may already have via
your employer.
Many firms offer a death-in-
service payment, which pays out
a lump sum based on your salaryand offers a financial safety net to
your dependents should you die
while employed by the company.
Some companies offer critical
illness cover as part of workers’
benefits and some also offer sick-
ness pay higher than the statutory
sick pay of £94.25 per week.
■ Decide if you need to top up any
benefits you have with additional
cover.
■ Income protection replaces
part of your monthly income if
you’re unable to work due to
illness or injury.
You can opt for a long-term
policy that pays out until you
retire, die or return to work, or a
short-term policy that pays out for
a fixed period. Premiums depend
on age, medical history, income
level and how long you want to
wait before the policy pays out.
■ Critical illness cover pays out a
lump sum if you are diagnosed
with a selection of critical illnesses
that include some cancers, heart
attack, stroke or loss of limbs.
Pre-existing medical conditions
are usually excluded.
■ Always check the small print
and ensure you are getting the
right cover for your circumstances
and are aware of any exclusions,
Ensure you know when the
policy will begin to pay out – most
have a waiting period.‘‘One in four
families rents
but just one in
15 tenants
has income
protection