10 Sept 2018 New data out today from the UK’s largest funeral provider – the Co-op, shows almost four times as many families are now opting for lower cost funerals.
Figures from the Co-op also show over a third (34%) of people think cost is the most important part of a funeral. This figure increases with age, with over two fifths (42%) of those over the age of 80 citing cost as the most important factor.
Responding to the changes in the market, Co-op has been focussed on tackling funeral affordability over the last three years and today is announcing a wave of new initiatives aimed at combatting the issue and leading the way on affordability.
Firstly, from Monday 10th September, Co-op will ’guarantee to beat’ other funeral providers on like for like funeral costs.
The funeral provider will be further lowering the cost of its Simple Funeral by £100, undercutting other national providers by taking it to £1,895 plus third party costs and £1,675 in Scotland.
Finally, changes to funeral price will be made to support Co-op’s 4.7 million members. Members will now receive an increased discount of £200 (or 5% if greater) on all of Co-op’s core funeral options.
This will take the member price of a Simple Funeral to £1,695 plus third party costs.
Commenting on the changes, Robert Maclachlan, Managing Director of Co-op Funeralcare and Life Planning said: “The fact that 4 million Brits have suffered financial hardship after a bereavement is startling. As a member owned organisation, the changes we are making form part of a long term focus we have on leading the market to further assist the bereaved in tackling funeral affordability.
“Funerals are becoming increasingly price sensitive and in the last two years we have seen a huge shift in the number of clients seeking affordable funeral choices. Our new guarantee to beat on price means that families choosing a funeral with the Co-op can be assured that they are receiving a competitively priced funeral, with no compromise on our high standards of care.”
Helpful Resource Depending On Your Requirements