•   Over 50’s Life Cover customers offered£250 contribution towards funeral costs

The Post Office® has today launched a new Funeral Benefit Option as part of its Over 50’s Life Cover plan offering customers £250 towards funeral costs, available from today. 

 The Funeral Benefit Option is a free addition to the Over 50’s Life Cover plan and means that Post Office customers who choose to arrange their funeral through The Co-operative will receive an additional £250 contribution towards the cost from The Co-operative Funeralcare.  Using this £250 contribution, and the lump sum from the Post Office Over 50s plan, The Co-operative will help make the funeral arrangements – simplifying matters for family and friends.

The new Funeral Benefit Option helps address a need identified by Post Office research, which showed that 75 per cent of customers taking out Over 50’s Life Cover do so with covering the cost of a funeral in mind¹.

 Any excess money left over after the cost of the funeral is paid to the deceased’s estate. There is no obligation for Post Office customers to arrange their funeral through the Co-operative, although the £250 contribution from The Co-operative is only redeemable through those arranged via one of the 1,100 Co-operative-owned funeral homes.

Given that the average funeral cost has risen by over 65 per cent in the last ten years to around £2,648²,an additional £250 contribution towards funeral costs will help many families at what can be a very difficult time, financially as well as emotionally. 

Head of Post Office Life Insurance, Duncan Caesar-Gordon,said “This new offer applies to both new and existing Post Office Over 50s Life Cover customers.  Not only will the cash lump sum help friends and family pay for the funeral, but The Co-operative Funeralcare’s nationwide network of funeral homes means friends and family will be able to access a local and trusted name when it comes to arranging the funeral.”  

The Co-operative Funeralcare also offers a funeral requests service, allowing people to record their wishes on how to personalise their funeral and be sure their loved ones know what they want.

To find out more about the Funeral Benefit Option as part of the Over 50’s Life Cover product, log onto www.postoffice.co.uk/over50s, call 0800 096 5322 or visit your local Post Office branch.

Ends

For more information, please contact:

Hayley Fowell   
Post Office Press Office 
0207 250 2468/ 07725 446226
Email: hayley.fowell@royalmail.coms

Notes to Editors:

1. Post Office research of approximately 200 customers taking out Over 50’s Life Cover conducted in July 2010

2. Figure taken from Raif funeral cost comparison research February 2010.

About Post Office Over 50’s Life Cover

Post Office Over 50s Life Cover is guaranteed for all UK residents aged between 50 and 80 with no medical questions or checks needed.  Customers can choose how much cover they want with premiums starting from as little as 25p per day.  Post Office Over 50s Life Cover is provided by Aviva.