A Funeral Plan in Australia Takes Stress Off the Family
Article by Jeremy Smith
If physical life went on forever there would be no need for life insurance companies, but since this reality has a beginning and an end, life insurance companies are a necessity. Everyone wants to take the burden of responsibility off loved ones when that final day arrives.
Almost all of the life insurance companies in Australia offer a funeral package, especially since the Aussie population continues to get older. The median population age was 34.9 years in 1999, and that median age is expected to increase to 46.5 in 2051. Only 21 percent of the population was over 55 in 1999, but by 2051, almost 40 percent of the population will be 55 and over.
There is no doubt that people are living longer. In fact, the over 85 age group is expected to grow from 1.3 percent of the population in 1999, to 5 percent in 2051. Dying is part of life, but humans are extending that life as long as possible, so life insurance and a comprehensive funeral plan in Australia are becoming important financial tools for future planning. A well prepared funeral plan takes the stress off the family, and eliminates any guesswork in terms of what to do and how to do it, when that fateful day arrives.
Most life insurance companies offer funeral plans with coverage that starts at ,000 and ends around ,000, since most funerals in Australia cost between ,000 and ,000. Premiums are paid monthly, and acceptance is almost guaranteed for Aussies between the ages of 55 and 65. Most plans have a tripe benefit accidental clause in them, so if the death is an accident after year 2, a ,000 policy has grown to be worth ,000.
There are some exceptions in these funeral plans. For the first 2 years accidental death may be the only coverage, since most companies do not require a medical examination for coverage. After 2 years, full coverage is in force, even if a pre-existing medical condition is the cause of death.
Claims Are Settled Within 48 HoursFamily members do not have to wait long to get the payout, since most companies pay within 48 hours when all the documentation is submitted correctly. When funeral plans are analyzed, in terms of financial sensibility, some people believe they are not worth the additional premium cost, but those people have not personally gone through the death process.
Dying is an emotional experience that impacts the people who are alive and are watching the process unfold. The family needs all the support they can get, and a funeral plan helps them get though the financial part of that process. No price tag can be put on the relief that a funeral plan offers a family.
About the Author
Author is a freelance copywriter. For more information about Funeral plan Australia, please visit http://www.aussie.com.au.