Funeral and probate provider Co-op Funerals and Life planning has now announced another wave of price cuts following its decision to lower the prices of its funeral services to beat competitors.
The company is extending its guarantee to beat competitor prices on a like-for-like basis across its funeral plans and on probate fees. With over 207,000 funeral plans and more than 250,000 grants of probate every year across the market, the provider hopes that its move will have a “significant impact”.
According to Co-op’s data, the average cost of a funeral now stands at £3,900. Coupled with the average cost of administering a grant of probate at £4,500, the cost of dealing with a loved one’s affairs for the bereaved now totals £8,400.
The new measures are in response to recent findings from Co-op’s biggest ever survey on death and bereavement, which received a response from over 30,000 UK adults. The survey revealed that as many 81 percent of people haven’t saved anything towards a funeral.
Robert Maclachlan, managing director of Co-op Funerals and Life Planning, said: “Every year, thousands of families are having to find significant sums to arrange the funerals of their loved ones and are seeing any inheritance left, reduced by probate fees. Last year, 70,000 funeral plans were taken out with the Co-op, giving more people peace of mind that their families won’t be left to cover the costs of their funerals.
“By introducing these new measures, we hope that more people will plan ahead with confidence and families who are left to deal with probate can trust that they’re getting the best price.”