SunLife is launching a new funeral plan to help consumers beat the rising costs of funerals and inflation, as the company expands its offer in the direct-to-consumer financial services market.
The company said as most of its Over-50s customers took out the product to help with funeral costs, it made sense to offer customers the option of a funeral plan letting them choose the kind of funeral they'd like.
Figures from SunLife found funeral costs had risen much faster than inflation, with the average funeral now costing £3,456.
Dean Lamble, managing director of SunLife, said: "I believe this new product means we're giving our customers an unrivalled choice. We know of no other national provider of both an over 50s plan and a funeral plan, so people can choose the service which is affordable for them at a time when funeral costs are rocketing."
Lamble added: "And because the monthly payment option is regulated by the Financial Conduct Authority, customers also benefit from having some financial protection - making the plan unique in the market."
