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Post Office Launches Pre-Paid Funeral Plans

Press Release   •   Sep 18, 2014 14:54 BST

- Pre-paid funeral plans provide customers aged over 50 with certainty over funeral costs
- Plans allow customers to pay a minimum of £150 a month towards the cost of their funeral

Post Office has today announced the launch of its pre-paid funeral plans, in the latest addition to its growing range of financial services products.

Post Office’s pre-paid funeral plans allow customers to fix the amount they have to pay at today’s costs. With the average cost of a funeral increasing over recent years, the ability to fix will ensure customers are protected from any further increases to these costs in the future.

Customers will have the opportunity to choose between three plans based on the funeral they wish to have. Starting from £3,275, the plan can be paid as one lump sum or over 12 or 24 months which would cost from £145 a month.

Plans include:

  • Essential - £3,275 or 12 monthly payments at £272.91 or 24 monthly payments at £144.42
  • Standard - £3,565 or 12 monthly payments at £297.08 or 24 monthly payments at £157.21
  • Premium - £3,899 or 12 monthly payments at £324.91 or 24 monthly payments at £171.94

Pre-paid funeral plans help to put in place and pay for the essential elements of a funeral, including the costs of the cremation or burial, Funeral Director, Doctor’s fees, Minister’s fees, coffin, transportation and a range of other fees and charges.

Paul Havenhand, Head of Insurance at Post Office said: “Most of us, understandably, would rather avoid thinking about our funerals. Even more than that, though, we want to limit the amount of anxiety facing our families at a time which is likely to be distressing enough as it is. With funeral costs rising at an alarming rate we want to give families peace of mind at such a difficult time. Our pre-paid funeral plans guarantee that customers will pay today’s price for the funeral they have chosen, even if the average cost continues to increase.”

Ends

For more information, please contact:
Carmel McCarthy
Post Office Press Office
Tel: 020 7250 2268
Mob: 07717 294529
Twitter: @postofficenews
carmel.mccarthy@postoffice.co.uk

Notes to editors

The cancellation period for Post Office’s pre-paid funeral plan is four months without penalty, and £195 for a time after this.

About the Post Office

The Post Office (Post Office Limited) has an unrivalled national network of over 11,500 branches across the UK, more than all the high street banks combined, and sits at the heart of communities in Northern Ireland, Scotland, Wales and England. The Post Office has made a commitment to maintaining its network of branches at its current size and reach. It provides around 170 different products and services spanning financial services including savings, insurance, loans, mortgages and credit cards; Government services; telephony; foreign currency; travel insurance and mail services.

The Post Office serves over 17 million customers a week and a third of small businesses. Some 99.7% of the total population live within three miles of a post office and over 97% live with one mile of a post office. For many rural communities, the post office is the only retail outlet. Post Offices branches remain highly valued and trusted, and are the focal point of many communities. For more information, visit http://www.postoffice.co.uk/.

Bank of Ireland has supported customers in the UK for many decades and is the exclusive financial services partner to the Post Office. Bank of Ireland primarily operates in the UK through its wholly owned and separately incorporated subsidiary Bank of Ireland (UK) plc, which is authorised and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Activities related to the Post Office partnership are conducted within this entity and as such, all retail deposits up to £85,000 with the Post Office are protected under the UK’s Financial Services Compensation Scheme. At 31 December 2013, Bank of Ireland (UK) plc had a loan to deposit ratio of 86% with customer deposits of c. £21 billion utilised to fund customer lending of c. £18 billion (primarily comprising c. £13 billion of UK residential mortgages).

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