Life Cover Over 50s Funeral Benefit Option

Funeral benefit option

Most of us want to leave our loved ones with happy memories, not a difficult funeral bill.

 

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What is the Funeral Benefit Option?

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:

  • Your policy payout could be paid directly to Co-op Funeralcare to arrange and help pay for your chosen funeral
  • Depending on the type of funeral you choose with Co-op Funeralcare, you will be eligible for a discount of up to £250 towards the final cost of your funeral
  • Your loved ones will be supported through the process at a difficult time

How does it work?

You can add the funeral benefit option to your over-50s cover when you apply, or any time later.

When the time comes, the payout would be paid to Co-op Funeralcare, who would then make all of the arrangements based on the type of funeral you want.

Co-op Funeralcare are one of the UK's leading funeral directors. A single phone call to them is all it takes to make the arrangements, and depending on the type of funeral you choose, the funeral benefit option can also come with up to £250 discount. The table below has all the details.

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 your loved ones call Co-op Funeralcare, a funeral director will take care of the arrangements and work with them to help create the funeral you wanted. This can be a tremendous help at a difficult time, and with over 800 Co-op funeral homes, there's always a funeral director ready to support your family.

Get Over 50s Life Cover. Help towards the cost of your funeral or leave a gift when you're gone

Did you know?

The average funeral in the UK between 2016-2021 cost around £5,631*. Will you have the costs of yours covered?

Some common questions

Will the Funeral Benefit Option cost any extra?

No, there is no extra charge to add the funeral benefit option to your Post Office Over 50s Life Cover policy

Can I add the Funeral Benefit Option to an existing policy?

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.

Is it possible to cancel the Funeral Benefit Option?

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 legal beneficiary, you will no longer be eligible for the applicable discount towards your funeral costs.

What if my family don't want to use Co-op Funeralcare?

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.

Things you need to know

*Source: British Seniors Funeral Report 2021

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 payout from your policy and the discount amount applied, any money left over would be paid to your legal beneficiary. However, if the funeral costs more than the combined value, your loved ones would have to pay the outstanding balance to the Co-op Funeralcare Director.

If you die within the first year of taking out your Post Office Over 50s Life Cover policy, any amount due under your policy would be paid to your legal representative, rather than 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 of natural causes after the first year of taking out your Post Office Over 50s Life Cover policy, any cash sum due under your policy will be paid to Co-op Funeralcare up to the 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) after the first year of taking out your Post Office Over 50s Life Cover policy, the insurer, AIG Life Limited, will pay out two times your cash sum amount. Only your original benefit amount will be paid to Co-op Funeralcare up to the cost of your funeral. The remaining benefit amount will be paid out to your legal beneficiary.

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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