Funeral Insurance

Funeral insurance and other prepaid funeral plans are regularly sprayed on TV

. Ensure that your family does not suffer a financial burden in the case of your death is of course a good idea, after the retirement warns clients to be very careful before signing up to any of these stuffs. Our investigation confirms the need for care. We found:

Under some funeral insurance plans, youll end up paying more in premiums than the value of the cover.

Prepaid funerals, funeral bonds and life insurance are more cost-efficient options for covering your funeral costs.

According to actuaries Rice Warner, taking out funeral insurance at age 65 could represent your premiums almost add up to the expenses of four funerals if you live until 91.

Covering your costs

There are a number of different ways to cover funeral expenses:

Prepaid funerals You pay for the entire or part of an interment usually at todays prices, and its sheltered when you die despite the consequences of how much it would cost at that time. There are a few ways to finance prepaid funerals:

Small contributory finances: You make small, standard payments for part or all of a funeral service with a particular funeral manager. Conditions differ between finances.

Pre-purchased products: You pay for a graveyard plot, wall place or place in a memorial garden, usually directly from the graveyard or crematorium.

Prepaid funeral plans: You choose the type of funeral you like and give for it in full or make a deposit and give installments over a fixed period. Only several plans offer a refund if you cancel always check this before committing.

Funeral bonds are usually offered by welcoming societies or Life Insurance Company and require you to make a lump sum payment or pay by installments. The money is invested and can only be used to cover your funeral it cannot be access earlier or for any other cause. The funeral link can be in your name or joint names; in the case of the later, the benefit is normally paid on the death of the first link owner.

Funeral insurance You pay a regular involvement until age 90, after which time cover continues for free. The benefit amount is either fixed or increases over time, and youre usually only covered for accidental death for the first couple of years. An age limit of between 18 and 79 years applies for taking out cover the older you are, the superior the premium. Premiums can be fixed or increase each year, and can differ according to your gender and whether or not you smoke. If premiums are not fixed you wont know how much they increase in consequent years. If you stop paying your premium, youll no longer be covered and in the majority cases wont receive a refund.

Premiums for funeral insurance policies vary considerably. In one example NICRI calculated in November last year, monthly premiums between providers range from $72 to $120 for a cover amount of $15,000 for a 65-year-old non-smoking male.

Life insurance can be taken out as a individual policy or through your super fund. The cover amount is usually more than $100,000 and covers your dependents as well as your funeral costs.

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