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Most of us want to leave our loved ones with happy memories, not a difficult funeral bill.
It's something you should consider adding to your Post Office Over 50s Life Cover policy if you want the cash sum to pay towards your funeral. Adding it won’t cost you a penny more, but could help make a difficult time easier for those left behind.
With the Funeral Benefit Option:
You can add the option to your Over 50s Life Cover when you apply or at any time later.
When the time comes, the cash sum from your policy could be paid to Co-op Funeralcare who are one of the UK's leading funeral directors.
A single call to Co-op Funeralcare from your family is all it takes. They will make all the arrangements and depending on the type of funeral you'd like for them to arrange on your behalf, you'll get a discount applied to your final funeral cost.
The discount amount applied to your final bill will depend on the type of funeral chosen that Co-op Funeralcare will perform for you. By making your loved ones aware of your preferences for the type of funeral you'd like, you would also be ensuring your loved ones are made aware of the type of send-off you'd like. As an example of the types of funerals currently offered by Co-op Funeralcare and the available discount please refer to the table below.
| Type of Funeral | What it includes | Discount |
|---|---|---|
| Tailored Funeral | When Co-op Funeralcare arrange a tailored funeral with you, the first thing they will do is listen. Then they’ll advise, guide, and inspire you to create a tailored funeral arrangement. From a horse-drawn hearse to a favourite colour theme, you decide what you want, and they’ll do their best to make it happen. | £250 |
| Essential Funeral | The essential funeral is a simple, lower-cost option that provides everything needed for a funeral. The option might be suitable for those who want to keep costs down, or if you want a simpler send off. | £100 |
| Direct to Cremation |
A direct cremation is an unattended cremation without a funeral service. It means the person arranging the funeral can choose their own way to remember their loved one at a place and time that suits them. |
£50 |
When the time comes, the Payout from your policy could be paid to Co-op Funeralcare - a Co-op Funeralcare Director will then take care of arranging your funeral, making things easier for your loved ones at what is already a difficult time. With a single call from your loved ones, they'll start to work with them to help create your funeral, take care of all arrangements, and apply the discount towards the final cost, depending on the final choice of funeral. With over 800 Co-op funeral homes, there's a funeral director ready to support your family when they need it most.
The average cost of a funeral in 2020 has been estimated at £3,837.+
No. There's no set up charge, no application fee and no hidden costs. Plus, you or the person arranging your funeral can cancel the Funeral Benefit Option at any time if you decide that it isn't right for you. If you cancel, the applicable discount will not be paid.
You can add the Funeral Benefit Option to your policy at any time if you purchased your policy from 22nd February 2021 and you haven’t already added the Funeral Benefit Option to any other Post Office Over 50s Life Cover policy, or any similar policy you hold with another provider.
If you already have a funeral plan you would not be able to add the Funeral Benefit Option to your policy. Also, if you decide to take out a funeral plan in the future, the Funeral Benefit Option would be cancelled. Once you remove the Funeral Benefit Option you cannot add it back on.
You can remove the Funeral Benefit Option at any time before your death, or your representatives can choose to remove it upon your death as long as they do so before Co-op Funeralcare has been instructed to provide your funeral service. If the Funeral Benefit Option is removed at any time, the cash sum from your Post Office Over 50s Life Cover policy would be paid to your estate, you will not be eligible for the applicable discount towards your funeral costs.
Using Co-op Funeralcare is the only way to qualify for the applicable discount. But it's possible to remove this option at any point before Co-op Funeralcare have actually been instructed to provide the funeral.
We have a wealth of articles you can read for more information:
Things you need to know
†Source: The Royal London National Funeral Cost Index Report, 2020.
*Funeral Benefit Option is available to UK residents excluding Northern Ireland. Depending on the type of funeral plan chosen with Co-op Funeralcare, applicable discounts available are: £250 for Tailored Funerals, £100 for Essential Funerals and £50 for Direct to Cremation funerals.
It doesn’t cost anything to add the Funeral Benefit Option to your policy, but you do need to make sure you maintain the monthly payments on your policy. Failure to do so would result in your policy being cancelled, and in turn the Funeral Benefit Option also lapsing.
If your funeral with Co-op Funeralcare costs less than the combined value of the cash sum from your policy and the applicable discount, any money left over would be paid to your loved ones. However, if the funeral costs more than the combined value, your loved ones would have to pay the extra cost to Co-op Funeralcare director.
If you die of natural causes within the first year of taking out your Post Office Over 50s Life Cover policy, the full cash sum would not be payable. Instead, all the monthly payments you have already made, plus half as much again would be paid to your estate instead of Co-op Funeralcare. However, if your representative decide to use Co-op Funeralcare for your funeral, they would still be eligible for the discounts available towards the final cost of your funeral.
If you die as a result of an accident (see Post Office Over 50s Life Cover Terms and Conditions for an explanation of accidental death) within the first year of taking out your Post Office Over 50s Life Cover policy, the full cash sum would be paid to your estate rather than Co-op Funeralcare. However, if your representatives decide to use Co-op Funeralcare for your funeral, they would still be entitled to the discounts available towards the final cost of your funeral.
You can add the Funeral Benefit Option to your policy at any time, but only if you haven’t already added Funeral Benefit Option to any other Post Office Over 50s Life Cover policy, or any similar policy you hold with another provider.
If you already have a funeral plan you would not be able to add the Funeral Benefit Option to your policy. Also, if you decided to take out a funeral plan in the future, the Funeral Benefit Option would be cancelled. Once you remove the Funeral Benefit Option you cannot add it back on.
You can remove the Funeral Benefit Option at any time before your death, or you representatives can choose to remove it upon your death as long as they do so before Co-op Funeralcare has been instructed to provide your funeral service. If the Funeral Benefit Option is removed at any time, the cash sum from your Post Office Over 50s Life Cover policy would be paid to your estate and you will not be legible for the discounts available.
Please be aware that the inflation will reduce the value of the cash sum from your Over 50s Life Cover policy and the available discounts for Funeral Benefit Option.
The Funeral Benefit Option is not regulated by the Prudential Regulation Authority or the Financial Conduct Authority.
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