Benefits of Funeral Insurance that You Weren’t Aware Of
Last updated on March 3rd, 2022
In this world, nothing is certain but death and taxes, or so the saying goes. Thus, some people want to make sure they will have a dignified exit by leaving no burden upon their loved ones. With funeral costs reaching up to $15,000, many Australians consider getting funeral insurance to help with the financial costs of their passing away.
What is Funeral Insurance?
Funeral insurance is a lump sum payment that you can use to cover the cost of the funeral and other related expenses in the event of your death. The insurance company will release the money to your nominated beneficiary. You can typically opt for a funeral plan policy from $5,000 to $15,000. This will be dependent on the type of funeral you wish to have.
You want to make sure you only deal with a reliable and reputable insurance company to give you the best insurance deal. When choosing a funeral insurance company, it is essential to take the following into account:
- Reputation - Choose a company that has an excellent track record of its services.
- Policy - Read and check the key features of the policy carefully. Take note of who underwrites the insurance cover, the waiting period, and the exclusions, among other things.
- Claims process - Find out what requirements will be needed and how long it will take to have your claims processed.
The Benefits of Having Funeral Insurance
Sometimes referred to as burial insurance, funeral insurance does have its benefits. In these times when no one can be certain about when death will come, funeral insurance serves as an umbrella of protection against this risk.
- Depending on the insurance company, you get immediate coverage in case of accidents resulting in death.
- It is customisable to suit your needs and budget and easy to arrange as well.
- In most insurance companies, you only have to answer a few health questions, and almost no medical exam is necessary.
- It is an excellent choice for those who cannot save up for the costs of the funeral.
- It is a form of security for your loved ones. In case of death, they won’t have to worry about coming up with a large amount of money on short notice.
To make sure you won’t encounter problems with your coverage, be sure to ask a lot of questions and read the fine print.
Discussing Funeral Insurance with the Family
The final arrangement of one’s death is not exactly something that people would enjoy discussing. Bringing up the subject of a future funeral arrangement with your family can be awkward. Nonetheless, preparation and your final wishes must be known.
- Pick a location and schedule that everyone concerned can accommodate. Only have attendees whose inputs should matter.
- Try to steer the topic away from emotions and, as much as possible, stick with the facts. It will help to have a neutral mediator who can maintain the direction and flow of the discussion.
- Address the purpose of your meeting; let them know what you hope to accomplish with it. Talk about your expectations and listen to what your family has to say as well. Agree on a final decision, and focus on the solution.
