It is understandable to not want to think about funeral planning because of the sensitive nature of the event. We need to use these emotions as motivation to want to prepare for these moments. Even if you would rather dismiss the idea, one needs to consider those left behind. No one wants to be worried about finances when tragedy strikes. Having funeral insurance with no waiting period is essentially important.
Unfortunately, when someone passes away, the family is left with burdening questions about how the funeral costs will be covered. By having a funeral policy in place, you are able to allow your family to grieve and grow when the time comes. Let’s have a look at the pros and cons that come with having a funeral policy with no waiting period.
Pros
Instant Payout
In Australia we have a diverse culture and the same applies to how and when we bury a loved one. A lot of the time, we need funeral costs to be paid as soon as humanly possible. When you have funeral insurance with no waiting period, you are able to eliminate the stress of pending funds. A lot of times families have to cover the costs themselves, only to battle for payouts to be made.
Assistance with arrangements
One of the supportive benefits given by funeral insurance companies is the assistance plan. Funeral planning is a lot more work than many of us would like to think about. Having professionals take care of the arrangements is a blessing. You don’t have to be concerned about missing an important element that goes into funeral planning.
Affordability
Funerals cost a lot more than one anticipates and it can be such a burden to try and get funds together. When you have funeral insurance with no waiting period, you know that the funeral costs will be there when needed by your loved ones. Paying a fee monthly is much more affordable than having to come up with a lump sum of money in a hurry.
Cons
Loss of funds
Some individuals are smart enough to take out a funeral policy when they are in their prime. This means that they could possibly be paying a lot of funds over to insurance providers. If this amount exceeds the cost of the funeral, the balance of payments are not paid out. As much as this can be analysed and frowned upon, at least you know the funeral costs are fully covered.
Too Young
It might come as a surprise to you that many insurance companies only allow you to take out insurance at a certain age. It is important to speak to a few insurance brokers if you find it difficult to get a policy because of your age. What this means is that you might be ready to start your funeral planning, just to be told that you are too young. Luckily, a lot of brokers are willing to drop the age number lower as the need increases.
Beware of scams
Nothing would be more devastating than investing in a funeral policy that would never pay out. It is advisable to go for a reputable broker when dealing with such a sensitive area of concern. Be sure to do your homework ahead of time before paying anything over. Look out for companies with no contact information and no track record. Another scammer’s move to look out for is the exchange of cash. A reputable broker will have a bank account into which you can make direct deposits. Make sure the account is in the name of the company and not an individual.
Here are some tips to consider after taking out a funeral policy:
Save all documents
From the day you decide to take charge and begin funeral planning, there will be communicating with the broker. Open a file on your computer or in your filing cabinet. These documents are important in the event of a claim. Having funeral insurance with no waiting period is great, but how difficult will it be for your loved ones to find your policy documents?
Inform others
After you have sorted out your documents and filing, let those close to you know where to find it. Many people pay for funeral insurance, only to never let anyone know. If they are unaware that you have a policy, they might end up having to cover the cost. Spare them the confusion by informing them that you do have a policy and where it can be located.
Up to date payments
A crucial tip that you want to follow is to always make sure your payments are up to date. If you miss the last few payments and something were to happen, your claim might not be processed. The payments on funeral policies are relatively low and needs to be prioritized. It does not make sense to pay for years, only to let a few current payments cause issues.
Have a contact
When you are communicating with your policy holder, try and get a contact person. In a large organisation, it can be difficult to find someone to answer a simple question. It is much easier to pick up the phone and ask for someone specific to speak to. A good insurance broker will have an open communication policy. Write the contact information down and save it with your insurance policy.
Conclusion
In the sensitivity of this topic, we have learned that having funeral insurance with no waiting period can give you peace of mind. At one point, we are all going to die and as sad as it is, those who are left behind have a lot to work through. Give your family the freedom and emotional release to honour you with a burial that gives them peace. Discuss the topic openly with your loved ones, because we cannot hide from the inevitable. Starting funeral planning does not mean that someone is going to pass away in that moment. It simply means that you care enough to give your loved ones a gift that lasts forever.
Click on the following link if you are ready to start your funeral planning.
