The Importance of Having Funeral Insurance
Article by Jeremy Smith
Funeral insurance is becoming more and more popular in Australia. As one never knows when they will pass away, it is extremely important to make sure that friends and loved ones who are left behind do not experience even more stress in such an unfortunate event.
Why Get Such an Insurance Plan?
Funerals in Australia can be very expensive, often costing thousands or even tens of thousands of dollars. Family and loved ones of the deceased person do not need the extra burden of paying for such an expensive event, while dealing with the normal grieving that everyone goes through. Planning ahead by having a reliable carrier will take much of the unnecessary stress away from those left to pick up the pieces after the death of a loved one.
Unlike a prepaid funeral service, one can pay for costs that will be incurred for such service little by little every month.
What Cover is Included?
The cover that the insured will receive for will vary from plan to plan, depending on the wishes of the individual. Often, those planning for this future event decide on a lump sum that they feel will cover their needs. Plans often range from funerals that will cost as low as ,000 or as much as ,000 of cover. Many necessary things will have to be considered, such as: if the person will be cremated or buried, the type of urn or coffin they prefer, the amount of flowers they would like at their service as well as picking out a of grave plot.
Are Premiums Expensive?
Again, everything depends on the type of service one wants to have. A lot will depend on the age the person is now, and how much they would like to pay monthly, and for how long they want to pay the premiums. Someone interested in obtaining such a service should request several quotes from different carriers, to see which plan and provider is right for them.
Of course, those looking shopping for such cover should make sure that the potential provider has a good reputation, and is known to pay out on claims made. Most companies do not offer refunds on premiums; the amount is only payable upon the death of the claimholder.
Is it Possible to Get Funeral Insurance for the Whole Family?
Many companies do offer a discounted rate for couples, or even whole families. Those looking for such cover should request quotes from different providers. However, in most cases each family member will still need to apply individually.
About the Author
If you are interested in funeral plans or life insurance, be sure to visit Real Insurance.