Funeral Insurance
Is Funeral Insurance Cover – Is it right for you?
Today in Australia you have more choice than ever before in how you plan all aspects of your daily life. The same is true in planning your funeral. For more and more people, one of the first decisions to contemplate as part of this process is will you pay funds towards or even pre-pay the cost of your funeral in the golden years of your life. The obvious benefit and reason for this is to ease the financial burden from your family or loved ones at a time of great sadness and grieving.
Once you resolve to saving towards your funeral cost and commit to this, the next step is to investigate the best way to do this. Do you take out funeral insurance cover and make regular payments to a policy designed to payout your funeral costs in full. Or is it better to pay a lump sum up front and have a prepaid funeral in place right from the start. Or perhaps a funeral bond with its unique characteristics will suit you better.
Let’s look at the three most common funeral pre payments options in a little more detail:
Funeral Insurance Cover
Many large Australian insurance companies offer funeral insurance policies whereby policy holders set a payout amount at the beginning of the process to the expected value of their funeral. A policy is set up and payments are made towards this amount (with a premium for the insurance company) over a period of time. Costs are generally covered with a lump sum payout made to cover the cost of the agreed value of your funeral when you die. To find out more about how funeral insurance cover may help you click here….
Prepaid Funerals
Prepaid funerals are exactly as the name suggests – prepaying your funeral in full at today’s prices. When organising a prepaid funeral you typically deal with the funeral home you have chosen. Prepaying your funeral has many benefits that are worthy of consideration and funeral homes are more than happy to lock you in as a customer one day well in advance. Click here to find out more …
Prepaid Funerals
Funeral bonds are investment products that can assist you in saving towards expenses associated with your funeral. You can invest in funeral bonds through insurance companies or even directly through funeral homes. Typically paid in instalments, funeral bond funds can only be withdrawn upon your death. Costs associated with the Funeral Bonds will be clearly spelt out in a prospectus. To find out more about the benefits and disadvantages of funeral bonds and if they could be right for you, click here…
Planning for and paying for your funeral expenses in advance has seen significant growth in Australia in recent times and is certainly now an important decision. Although we typically favour funeral insurance cover, all three options have strengths and weaknesses. The good funeral guide is designed to provide information and start you on a process of investigation. If you are interested in finding out more and being contacted about any of these funeral expenses prepayment options please complete this simple form below and we will organise for you to receive more information.
