Seniors embracing end-of-life planning

Early stages

Xing Weidong, assistant of the manager at the business division of Fu Shou Yuan, said that although the popularization of the contract is still in the early stages in China, the practice has a history of more than 60 years overseas.

"More than 70 percent of Japanese people have accept-ed the contracts, and the percentage in the US is even higher, reaching 90 percent," Xing said.

For example, in 2014, preneed sales of funerals and cemetery plots generated revenue of $822 million and $688 million respectively at Service Corporation International, a provider of funeral and cemetery services headquartered in Texas, United States, according to its 2015 financial report.

Despite traditional considerations, attitudes toward death are changing as China becomes more open and developed.

A white paper published this month by the China Will Registration Center shows that a rising number of Chinese seniors are recognizing the importance of writing wills while they are physically and mentally healthy to avoid disputes and to simplify inheritance procedures.

More than 82,000 people ages 60 and older have written and stored their wills at the center, free of charge.

"Perceptions are gradually being transformed as more people discuss death and care with their families or with friends, and then seek professional help," Xing said.

"The preneed funeral and burial contract has been introduced just in time as a proper education about death."

Data from Fu Shou Yuan reveals that most contracts have been bought by people born in the 1970s and '80s for their parents after discussion, and they account for more than 90 percent of the company's consumers nationwide.

"People in their 30's and 40's are the exact generations born under the one-child policy in China, which means the burden of taking care of their children and four or more elderly people falls on just one couple," Xing said. "They are in urgent need of assistance from us."

The company's other customers are usually seniors ages 75 to 80 who are purchasing services for themselves or their spouses.

"It illustrates the Chinese pursuit of a unique, high-quality life both before and after death. It's our mission to help them design a nice farewell to this world," Xing said.

"China's population is aging, so demand will definitely rise."