Choosi Presents the Importance of Funeral Insurance
February 04, 2013 Business News(PRLEAP.COM) Nobody looks forward to planning for the death of their loved ones, or even their own service. But the truth is it's not cheap to have a funeral these days.
Funeral Line Australia who provide independent information regarding the Funeral Industry estimates the median price of a funeral is between $4,500 to $5,500 for a cremation service and $6,500 to $7,500 for burial services. If you're concerned about the financial burden, funeral insurance can help take the sting out of digging deep to meet these expenses.
A major funeral stress is that costs are required to be paid upfront at the time of death or shortly thereafter. And sometimes, there's just not enough time for grieving families to scrape enough money together to provide the best for their loved ones.
A typical funeral involves a director's fee, death certificate, casket, plot and burial fees or cremation charges, plus transport vehicle costs. There are also ceremony fees to consider such as hiring a celebrant, organist and flowers. And what about a wake?
Key funeral insurance features
• Funeral insurance provides your family with a considerate payout at the time that you or a family member dies. This payout can be used to cover funeral costs.
• It allows you to choose from a range of policies to determine your level of cover and affordability. You can also select the beneficiaries you wish to receive the benefits of your funeral cover upon your death.
• Most funeral insurance providers offer coverage that will grow with inflation so your policy is protected from future price changes.
If funeral insurance sounds suitable, consider writing a funeral plan to complement your funeral insurance policy. You can also make your wishes known within you formal will. This ensures that your wishes are clearly communicated to your executor be carried out to your preference. For example, you may wish to be buried a certain way (burial, cremated or 'green' burial).
Choosi can help you to compare from a range of funeral insurers so you can find a policy to suit your needs and your budget.
This is general advice only: Choosi is owned by Hollard Financial Services Pty Ltd (ABN 53 128 692 884), the information on this website does not take into account your personal objectives, financial situation or needs. You should consider the relevant Product Disclosure Statement (PDS) for more information and to ensure the product suits your needs.
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