Most of us want to leave our loved ones with happy memories, not a difficult funeral bill.
Get £50 worth of Argos Gift Cards* when you apply for Over 50s Life Cover by 31 March 2018.
It's something you should consider adding to your Post Office Money Over 50s Life Cover policy if you want the cash sum to pay for 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 will be paid to Dignity – one of the UK's leading funeral directors.
A single call to Dignity from your family is all it takes. They’ll take care of all the arrangements, and they’ll even contribute an additional £300 towards the cost of your funeral.
With nearly 800 sites around the UK, there’s a Dignity team nearby and ready to support your family when they need it most.
The average cost of a funeral in 2017 has been estimated at £3,784.†
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 £300 will not be paid.
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 Money Over 50s Life Cover policy, or any similar policy you hold with another provider.
If you already have a pre-paid 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 your representatives can choose to remove it upon your death as long as they do so before Dignity 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 Money Over 50s Life Cover policy would be paid to your estate, and Dignity will not make the £300 contribution to your funeral costs.
Using Dignity is the only way to qualify for the extra £300 contribution they provide. But it's possible to remove this option at any point before Dignity have actually been instructed to provide the funeral.
Things you need to know
†Source: The Royal London National Funeral Cost Index Report, 2017.
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 Dignity costs less than the combined value of the cash sum from your policy and the £300 contribution, any money left over would be paid to your estate. However, if the funeral costs more than the combined value, your loved ones would have to pay the outstanding balance to the Dignity Funeral Director.
If you die of natural causes within the first year of taking out your Post Office Money Over 50s Life Cover policy, the full cash sum would not be payable. Instead, all of the monthly payments you have already made, plus half as much again would be paid to your estate rather than to Dignity. However, if your representatives decide to use Dignity for your funeral, they would still be entitled to the £300 contribution towards the final cost of your funeral.
If you die as a result of an accident (see the Post Office Money Over 50s Life Cover Terms and Conditions for an explanation of accidental death) within the first year of taking out your Post Office Money Over 50s Life Cover policy, the full cash sum would be paid to your estate rather than Dignity. However, if your representatives decide to use Dignity for your funeral, they would still be entitled to the £300 contribution 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 Money Over 50s Life Cover policy, or any similar policy you hold with another provider.
If you already have a pre-paid 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 your representatives can choose to remove it upon your death as long as they do so before Dignity 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 Money Over 50s Life Cover policy would be paid to your estate, and Dignity will not make the £300 contribution to your funeral costs.
Please be aware that inflation will reduce the value of the cash sum and the £300 contribution.
The Funeral Benefit Option is not regulated by the Prudential Regulation Authority or the Financial Conduct Authority.
1. Participation in this promotion is deemed acceptance of these Terms and Conditions.
2. This Offer entitles you to £50 worth of Argos Gift Cards (the 'Offer') as a ‘thank you’ when you buy a Post Office Money® Over 50s Life Cover policy between 8 January 2018 and 31 March 2018.
3. You must retain the policy for at least the 90 day qualifying period, and make at least 3 monthly direct debit payments to be eligible for the Offer. The Argos Gift Cards will be sent to eligible customers within 28 days after the end of the 90 day qualifying period, as long as the policy is still active and a minimum of 3 monthly payments have been paid.
4. If you decide to cancel your cover within the first 30 days of the commencement date of the policy you will be refunded the monthly payments you have paid in full but will not be eligible for the Offer. If you decide to cancel after the first 30 days but before the end of the 90 day qualifying period, you will not be refunded monthly payments already made or be eligible for the Offer.
5. The Offer is open to anyone who is a permanent UK resident aged between 50 and 80 (inclusive) for Post Office Money® Over 50s Life Cover. This Offer does not apply to Post Office Limited employees, Post Office Management Services employees, or Post Office Sub-postmasters and their employees who work in Post Office branches.
6. Please note it is not possible to cover more than one person on an individual policy; however, couples wishing to take out Post Office Money® Over 50s Life Cover may apply for separate policies, in which case each policy may be separately eligible for the Offer.
7. The Offer cannot be used in conjunction with any other promotion or offer.
8. This Offer is applicable to applications for Post Office Money Over 50s Life Cover made online, by phone or in branch via paper application. If any application cannot be completed in branch, the customer is referred by a Post Office branch employee to the Post Office Money Life Contact Centre to complete the application.
9. The Offer is not transferable or exchangeable.
10. The Offer can only be used once per person.
11. Post Office Money reserves the right to withdraw the Offer without notice at any time.
12. The promoter of this offer is Post Office Management Services.
13. Argos Gift Cards are subject to Argos Ltd Terms & Conditions which can be found at argos.co.uk/help/terms-and-conditions/
If you buy a Post Office Money® Over 50s Life Insurance product in a Post Office branch or over the telephone, it has been arranged and sold by Post Office Limited and Post Office Management Services Limited. If you buy the product by post or online, it has been arranged and sold by The Royal London Mutual Insurance Society Limited following an introduction by Post Office Limited and Post Office Management Services Limited.
Post Office Limited is an appointed representative of Post Office Management Services Limited which is authorised and regulated by the Financial Conduct Authority, FRN 630318. Registered in England and Wales. Registered numbers 2154540 and 08459718 respectively. Registered office: Finsbury Dials, 20 Finsbury Street, London, EC2Y 9AQ.Post Office Money and the Post Office Money logo are registered trademarks of Post Office Limited.
Post Office Money® Over 50’s Life Cover is provided and administered by The Royal London Mutual Insurance Society Limited, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, FRN 117672. Registered in England and Wales number 99064. Registered office: 55 Gracechurch Street, London, EC3V 0RL. These details can be checked on the Financial Conduct Authority website.
Post Office and Royal London are not part of the same corporate group.
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