Base rate decision: Funeral plan investment offers savings of up to £6,500

14 July 2016

With base rate remaining at an all-time low and funeral costs likely to reach over £5,500 by 2026*, data from the nation’s leading funeral provider reveals that individuals looking for new places to invest could save their families over £6,500 with a funeral plan.

The findings follow the re-launch of Co-op’s funeral planning range earlier this month to include the UK’s most affordable** national fully-guaranteed funeral plan, the Simple Funeral Plan.

Data from the UK’s leading funeral provider reveals that if funeral costs continue to rise at today’s rates, investing in a fully guaranteed funeral plan could offer a much higher return than the nation’s leading savings accounts. An investment of £2,995 in a Simple Funeral Plan has potential to save families up to £6,500*** over 25 years.

Unlike other funeral plans, within Co-op’s new range all set funeral plans fully cover all essential funeral costs, including third party fees****. With third party costs such as clergy fees, cremation charges, burial costs and doctors’ fees currently amounting to £1,040***** on average, investing in a plan that covers this fully protects families from any future rises in costs.

With a variety payment options now included from £15 per month, Co-op’s core funeral planning range includes the below burial and cremation plans:

Simple Funeral Plan Bronze Plan Silver Plan Gold Plan
Price £2995
(£2945 online)
(£3345 online)
(£3700 online)
(£3949 online)
Monthly payments ****** From £14.98 From £16.98 From £18.75 From £20.00
Coffin choice A simple coffin A wood effect coffin A quality wood effect coffin A high quality wood veneer coffin
Viewing Office hours Office hours Any time Any time
Limousines 0 0 1 2
Collection of the deceased 24 hours a day, within 50 miles
Funeral procession From funeral home From family home via service location From family home
via service location
From family home
via service location
Choice of funeral director

Plan moves with you and can be redeemed at any Co-op funeral home (1200 locations nationwide)

Fully guaranteed Yes – third party costs fully guaranteed for burial and cremation.
No more to pay for any of the services detailed in the funeral plan

To help increase transparency on funeral costs, Co-op has launched a comprehensive online comparison tool for the key national funeral plans on its website, it has also become the first funeral director to sign Fair Funerals new enhanced pledge to tackle funeral poverty.

Launched by campaign group Quaker Social Action earlier this month, the enhanced Fair Funerals Pledge requires funeral directors to help people find funerals within their budget by displaying the full price of affordable options both online and in their funeral homes. As part of a range of measures to tackle funeral affordability announced this year, this forms part of the Co-op’s broader commitment to playing its part in ensuring that funerals remain accessible and affordable.

Richard Lancaster, Managing Director for Co-op Funeralcare said:

“Making plans for end of life isn’t something we always want to think about, however with funeral costs continuing to rise and savings returns remaining low, investing in a funeral plan in advance can protect relatives both emotionally and financially from a funeral price shock.”
“As a one off purchase, finding a funeral plan can be confusing and a comparison of the market reveals that third party costs are not always fully guaranteed for other plans, potentially leaving families with more to pay. By re-launching our funeral planning range and improving our website to include an online comparison tool, we have taken steps to make funeral planning more accessible and transparent, making it easier for individuals to protect their family long term against all essential funeral costs.”

There are a range of ways to take out a funeral plan with the Co-op offering plans online, within funeral homes or by phone. Data from the Co-op reveals that online is the fastest growing channel for funeral plans, with the number of plans sold online increasing 60% on 2015. Co-op data also reveals that those taking out a plan are on average 5 years younger than those opting for a plan offline.


Notes to Editors:
A range of exclusive funeral planning case studies are available upon request.


* Figures based on an assumption that funeral costs continue to increase annually at a rate of 3.9% (3.9% rate derived from Royal London Funeral Cost Index 2015)
**According to a comparison of national funeral plan providers, the Simple Funeral plan is the most affordable set plan for both burial and cremation available nationwide and fully covering third party costs
***Figures based on a lump sum investment of £2,995 in a Simple Funeral Plan and based on an assumption that funeral costs continue to increase annually at a rate of 3.9% (3.9% rate derived from Royal London Funeral Cost Index 2015)
****As prices and availability vary across the UK, plans do not include the cost of a burial plot
*****Co-op’s own internal data outlining the average third party costs paid by clients in 2016
******Figure based on someone taking out a plan aged 55 (payments over 25 years) without a deposit.  Lower monthly payment options available with deposit

For further information please contact:
Lauren Hoult / 07702 505 626 /
Catherine Turner / 07834 090783 /

About Co-op Funeralcare:
Co-op Funeralcare is the UK’s leading funeral provider and part of the Co-op, the UK’s largest co-op business, whose purpose is “Championing a better way of doing business for you and your communities.”
Further information is available at:

About the Co-op:
The Co-op, which is the UK’s largest co-operative business with interests across food, funerals, insurance and legal services, has a clear purpose of championing a better way of doing business for you and your communities. Owned by millions of UK consumers, the Co-op operates a total of 3,750 outlets, with more than 70,000 employees and an annual turnover of approximately £11 billion