Funeral insurance, also known as burial insurance, final expense, or pre-need insurance, is a type of targeted life insurance cover that is meant to provide for the expenses associated with burial and internment following your death, or the death of a loved one. Purchasing funeral insurance is something that can offer the peace of mind that comes with knowing your funeral costs are covered and, depending on the policy you purchase, can help your family pay outstanding bills or loans, lifting any financial burden off their shoulders.
A funeral insurance policy allows the policy holder to decide the level of cover and the beneficiary who will receive the benefits upon your death. After comparing funeral insurance policies to choose the best coverage for yourself and your family, you can be comforted in the knowledge that they will not be bothered by financial worries at a time when they are already grieving.
Selecting the funeral insurance policy that best suits your needs and budget is a very personal matter, which is why it is so important to compare funeral insurance policies and discuss your needs with your financial planner. Funeral cover benefits can be secured for up to $15,000 with no medical requirements demanded to qualify, and in some cases that amount can triple if your death is accidental. Your professional advisor should be consulted to confirm the benefit details, including payout for accidental death. With the cost of a funeral averaging between $4,000 and $7,000 in Australia, funeral insurance can spare your family from shouldering the cost of your funeral if you were to die with no cover in place.
In some cases, you can purchase optional extras along with your funeral insurance cover, such as Accidental Serious Injury insurance, which can protect you financially if you are the victim of an injury that runs up exorbitant medical bills during your treatment and recovery.
Comparing funeral insurance policies and choosing one that suits your financial needs and those of your family or beneficiary is a thoughtful way of planning ahead to free your loved ones from the burden of unexpected expenses at a time when emotions are already fragile. Families who are able to bury their loved ones without worrying about the cost of the funeral can experience a great deal of comfort and peace that a proper funeral can provide.
At MultiCover, we provide a wide range of funeral insurance providers and plans to compare and consider. Since different providers and different policies can offer many variations on benefits and premium costs, it’s best to investigate all the possibilities, and always discuss your options with your professional advisor.
When purchasing funeral insurance, no blood tests or medical evaluation is necessary, and you can find funeral cover that can guarantee acceptance to any Australian resident under the age of 79.
Funeral insurance is really targeted life insurance, designed basically as a form of life insurance at a relatively low face value. It is a basic issue life insurance policy with coverage to the age of 100, and different from some forms of life insurance in that it does not expire.
When comparing funeral insurance policies, it is important not to confuse this type of cover with burial insurance, which only covers burial; your funeral insurance policy should cover all pre-paid funeral plans. If you are unsure, discuss the difference between burial and funeral cover with your professional advisor.
Death is inevitable, and although we all hope to live to a very old age, it is never too soon to compare funeral insurance policies and choose one that will ease your family’s stress when the unexpected occurs.
In general, funeral insurance policy costs can depend on the actual type of policy and what it includes. The coverage may determine your premium payment schedule, which can be a single premium policy with a lump sum payment made once, a graded death benefit in which the coverage amount is increased over time, or a traditional whole life plan in which the coverage remains constant for as long as the premium payments are made regularly. If premiums payments are interrupted, coverage will cease. By visiting the MultiCover website, you can access a variety of funeral insurance options and compare them to see which one best suits your needs and budget.
In Australia, there are many insurers offering a wide variety of insurance policies to cover funeral expenses. Be sure to establish first whether or not your life insurance plan includes funeral expenses to decide whether or not it is necessary for you or your family members. Ask your professional advisor for information on your State’s pre-need funeral insurance laws before meeting with a Funeral Home consultant.
Let your family and your advisor know the details of your funeral insurance policy so that they are better prepared if you should die unexpectedly.
Make sure to thoroughly compare funeral insurance policies and the companies that sell them. Take advantage of the “free look” period some insurers offer on funeral insurance cover, which can extend anywhere from 30 to 60 days. Depending on the time frame associated with your plan, you may be able to cancel the policy within the “free look” period without penalty if you decide the plan is not for you.
For more information, visit MultiCover.com.au to compare funeral insurance policies and providers, and remember to talk to your professional advisor if you have any questions regarding your insurance plan.