coop funeral care plan

caplife

Hi

I'm currently paying into a funeral plan scheme with coop for myself and my wife, ive paid for 18mths with another 18mhly payments to go. I'm becoming concerned about the state of affairs with coop group and the looming losses and wonder if they go bad whether i'm still going to have this cover or whether it could become worthless.

I considered pulling the plug but there is a £250 cancellation fee on each policy and further it looks like if you pay monthly you don't get any money back at all.

I cant be on my own with this one, would welcome any thoughts/advice on whether the plans are at risk and whether i could get my money back?

Had I known about coop's state of affairs 18mths ago when i started this plan i definately wouldn't have invested.

cheers

phil

Own_My_Own

I think you will find the funeral service has nothing to do with their bank. I know their shops don't.

They just have the same name, but run as seperate companies.

caplife

they are all part of the same group, so if one part is bad the whole is potentially bad. In the same way barclays investment bank was bad and it impacted the retail side.

two_n_six

This is copied from the co-op funeralcare website. I have 2 of these plans as well but not too concerned as the plans are protected.

The Co-operative Funeralcare is a member of the Funeral Planning Authority (FPA) which provides rules and guidelines around investments that its members must conform to. This offers clients the protection that their money invested in line with these guidelines.
This ensures:

• Funds are protected and held in a trust, are regularly audited, regularly reviewed by an actuary and are only invested by independent fund managers authorised and managed under the The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001; OR
• Funds are applied towards a contract of whole-of-life insurance on the life of the client.