The Post Office has added to its financial services products by launching a range of pre-paid funeral plans.
The 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, coffin, transportation, and a range of fees and charges.
Customers will be able to choose from 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. The cheapest monthly instalment would be £145.
Paul Havenhand, head of insurance at the 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.”
Earlier this year, a study by the University of Bath’s Institute for Policy Research found that the average cost of dying – including funeral, burial or cremation and state administration – stood at £7,622, having risen by 7.1 per cent in the previous year.