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Why Should Australians Carry Funeral Insurance?

Why Should Australians Carry Funeral Insurance?

Article by Jeremy Smith

Funeral insurance has become a popular form of cover for many conscientious Australians. But what does funeral insurance in Australia include? Why should someone carry it? What all does this insurance include? This article will cover some frequently asked questions regarding this important form of cover.

What is Funeral Insurance?

It is something every Australian needs in case of an unforeseen death. Its basic purpose is to cover any expenses that may be incurred for a memorial service.

Those who decide to use this service will pay a reasonable premium each month. They will have to decide in advance the type of service they’d like to have. For example, they will need to decide in advance the type of coffin or arrangements they would like to have as well as the flowers they would like at their memorial service, among other important details. This insurance can be purchased for the entire family.

Why Have Funeral Insurance?

The sad truth is that no one knows when their time to die will come. The emotional consequences experienced by close family and friends of the deceased person are often overwhelming in themselves. But, if the person that dies had thought ahead and carried this form of cover, they will ensure that their loved ones who are left behind aren’t overwhelmed by huge funeral expenses. They will have planned ahead to create no further burden and stress on their dear loved ones.

The average cost of a funeral in Australia for those who choose cremation is between ,500 and ,500. Those who pick a burial service in Australia pay a higher price, normally between ,500 and ,500. Those who decide on a more extravagant lavish service may pay up to ,000 or more. Surely, no one would want to put such a heavy burden on their poor family who will be grieving their loss. Obviously, this funeral insurance Australia has made popular can save a lot of financial burdens.

How Does This Insurance Work?

Like most forms of cover, those who sign up will pay a low monthly premium. Normally, such premiums will be paid only up until age 60. However, the cover will be applicable until the death of the carrier, no matter the age at which the insured person passes away. Premiums will be adjusted depending on the age the person has when they sign up for cover, and on the cost of funeral they will have. Premiums are generally non-refundable. However, the money invested in such premiums will truly pay off in the long run.

About the Author

If you are interested in insurance or a term life insurance, be sure to visit Guardian Insurance.