10 Things You Need To Know About Funeral Insurance

Jul 13, 2018 | Funeral, Insurance

Funeral plans in Australia has to offer some of the best things that a person can purchase if they want to make sure that their family will not have the stress of monetary complications after they pass away. The problem with funerals in Australia is that they have gotten to be very expensive.

There are a lot of things to pay for, from the burial plot to the coffin to the funeral hall. Someone has to pay for all of these things. Usually, the family of the deceased person has to make these payments. However, it can be a great gift to the family if a person already has funeral insurance to cover the expenses.

The time following the death of a loved one is already stressful. First, there is the sorrow and emotional impact that a death can bring. Next, there is the planning of the funeral and the suspension of other plans — business trips, vacations, or holidays, for example.

Finally, there is the will and the process of figuring out what to do with everything that the person owned on the day that they died. This adds quite a lot of work and hassle to the lives of the family members who have to deal with such things. A person should do everything that they can to make sure that they do not add the stress of finding money to pay for the funeral to the list of things to be done.

Funeral plans in Australia are designed to pay just for the funeral. It is important to note how this differs from live coverage. While a life plan can be used for anything, from house payments to sending the children to school, a funeral plan is much smaller in scope. There are very definite things that it can be used for. While this is somewhat limiting, it also means that the coverage costs much less each day. If a person does not have the money to pay for life cover, they can get this to help out as much as they are able. It is easy to budget for the low monthly payments.

Most of these people do not want to leave any type of burden, especially financial burden, to their loved ones. Some of the costs covered by insurance policies are cremation, burial, plots, music, flowers, taxes and even medical costs.

10 Things to consider when Buying Funeral Insurance in Australia

Now that you’ve decided to buy funeral insurance, here are some things which you do need to think about to make sure that you get exactly what you think you’re going for.

  • Do some research first about funeral insurance policies. In this way, you will be able to get the best quotes, check on the best and most reliable insurance companies, and seek the best service available for the funeral cover.
  • Prior to buying a funeral policy, have a discussion of your options with your family and lawyer to make sure it is consistent with your will and estate planning.
  • Take note that premiums can only get higher as you get older. To save a little cash, don’t wait too long and act now.
  • Ask and determine how much of the plan value you will actually receive in death benefits. Make sure that your funeral cover is sufficient to cover all of your funeral expenses.
  • Learn and determine if your policy is an immediate benefit funeral policy or graded – which can delay payout of the full benefit.
  • If you choose to buy burial insurance through a funeral home, it’s important that they are not the named beneficiary.
  • Investigate the company. Verify the license of the agent, funeral director or company, and company’s registration before doing business.
  • Never accept any documents that have not been completely filled in and signed in your presence. Be wary of prearranged forms. Never agree to any files or certificates that have been prearranged or have been filled up without your presence.
  • Do a survey of your desired cemetery to see how well the upkeep is, particularly after a snowstorm.
  • What happens if you decide to cancel your policy

Find out more about funeral insurance

Give your family piece of mind knowing you’re covered with funeral insurance. Click below to start.