Coop funeral plans review
Co-op funeral plans are provided by one of the UK’s largest and most well-known funeral directors. There are the only company to guarantee burial costs as well as cremation fees.
Market insight: Co op funeral plans are competitively priced and offer excellent guarantees. However cheaper alternatives are also available that guarantee the cremation fees
- Registered and regulated by the Funeral Planning Authority (FPA)
- Route to funeral service can be chosen by the family on 3 of the 4 plans
- Offer 4 different levels of service
- All third party costs for a cremation are fully guaranteed – including doctors fees where necessary
- All third party costs for a burial are fully guaranteed – this does not include the burial plot
- The Co op funeral plan is available to anyone over the age of 18
- Plans can be placed in joint names at no extra cost
- Lack of flexibility with set prepaid funeral plans that cannot be changed or added to
- You have to use a Coop funeral director
Co op funeral plan review - the details
Co op Simple Plan: £3,295 – Guarantees the funeral directors services & the third party costs. Times of the funeral service are restricted.
Co op Bronze Plan: £3,595 - Guarantees the funeral directors services & the third party costs. Includes a standard coffin & no limousine.
Co op Silver Plan: £3,950 - Guarantees the funeral directors services & the third party costs. Includes a midrange coffin & one limousine.
Co op Gold Plan: £4,199 - Guarantees the funeral directors services & the third party costs. Includes a quality coffin & two limousines.
Co-op funeralcare payment options
You can pay for the Co operative Funeral Plan a number of ways; here is a summary of the options:
In Full / over 6 or 12 months – As with most plan providers this is the cheapest option – you can pay in full or over 6 or 12 months and you won’t incur any additional fees.
Monthly Instalments – between 1 and 25 years dependent on age with no deposit. Payments must be complete by the maximum age of 80.
The Coop Commitment ensures that if you were to die after the initial 12 months but before you have completed your instalment payments, your funeral services would be provided and your family will not be charged the outstanding balance.
How secure is the Co operative Plan
Co op Funeralcare is registered and regulated by the Funeral Planning Authority so therefore has to comply with their strict rules and code of conduct on the service you receive and most importantly how the money is held.
When paying in full or by monthly instalments, your money is invested in a whole of life insurance policy that is managed by a reputable financial institution; authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority.
If paying by Fixed Monthly Payments, your money is invested in a whole of life insurance policy with AXA Wealth, which again is regulated by the Financial Conduct Authority (FCA).
Co op Funeralcare - Company Review
Co operative Funeralcare is the largest Funeral Director in the UK with over 1,000 funeral homes throughout the country.
In addition to banking and food, the Co op has been offering its funeral services for over 80 years.
Co-operative Funeralcare also provides the funeral benefit option for the Post Office’s over 50 life insurance. This enables the policyholder to have the policy cash sum paid directly to the Co-op and receive an additional £250 contribution towards the cost of the funeral in return.
Our Coop Funeralcare review verdict
The feature that makes Co op funeral plans stand out is that it is one of the few companies that guarantee cremation fees, including doctors fees where required and the only company to guarantee burial costs. Plans therefore are concise and straightforward.
In addition they come with a wealth of expertise in the funeral industry however there has been some bad press over the years.
In addition to proice, the main points worth considering are that once you have bought a set plan, you cannot add to it or change it. You can upgrade it however this would be at the prices payable at that time. Also you have to use a Co-op Funeral Director and if you choose burial, you would need to purchase the burial plot as this is not part of the guarantee.
Finally if you pay by instalments, Co-op Funeralcare promise to provide your funeral services and not charge the balance if you were to die before completing your instalment payments. You just need to have paid into the plan for 12 months. Therefore, if you are thinking of an instalment plan, the Coop funeral plan may be worth considering.