Funeral Insurance FAQs

 

Why Purchase the Best Funeral Insurance Plan I can Afford?

Funerals are a necessary expense that all families have to bear when their loved ones pass away. Although the main aim of funerals is to send loved ones to a better place, families tend to feel the strain of paying for funerals since funerals on an average cost between $5,000 to $15,000 or more in Australia.

To prevent families from feeling financial strain when they are grieving the loss of a dear one, insurers in Australia offer affordable funeral expenses plans and comprehensive funeral expenses policies. The benefits offered by affordable plans and comprehensive plans are different, however; comprehensive plans usually offer better benefits.

The best funeral insurance plan can ensure that you are your family do not have to worry about funeral cost when you pass away due to reasons such as natural causes or accidents. The best funeral expenses plan can ensure that your family gets a timely compensation payment of $15,000 when they need to pay for funeral costs.

The bet funeral expenses cover can also ensure that your family receives up to $30,000 towards a lump sum compensation payment if you pass away due to an accident. The best insurance plan in Australia may cost you a little more than regular plans; however the best plan can ensure that your family does not have to borrow money or liquidate assets to pay for your funeral expenses.

 Which Insurers in Australia Offer Funeral Insurance?

Over 20 insurers in Australia and many insurance comparison websites offer funeral expenses covers to permanent Australian residents and Australian citizens. Each of these insurers and insurance comparison websites offer a range of plans to suit your needs.

Real Insurance, Zurich, Guardian Insurance, Australian Seniors Insurance Agency, Budget Direct and AIA are a few of the insurers that offer funeral expenses plans in Australia. While some insurers may offer affordable plans for people with a tight budget, other insurers may offer flexible plans for people who want comprehensive covers and do not mind spending $5 – $8 extra on premiums every month.

To know the complete list of insurers in Australia that offer this affordable type of personal insurance plan, all you have to do is visit an insurance comparison website and ask for a quote from the selected insurer through the comparison website. These quotes are given for free of charge and buyers can ask for 2 quotes or more by simply clicking on a few buttons and answering a few questions

 Which Insurer Should I Opt for When I Purchase Funeral Insurance?

While most insurers offer similar benefits and similar conditions for policies; some insurers offer additional benefits such as a triple accidental death compensation benefit and a free “will drafting kit”; these benefits can help your family get additional support when you are not there to pay for necessary expenses.

Before choosing an insurer, you should not only make sure that you get a policy that offers all the benefits you need, but also a policy that has minimum limitations. If possible, you should get a policy with the 24 hours worldwide cover that will ensure that your family gets the compensation payment within 24 – 48 hours even if you pass away while you are travelling due to work reasons or travelling abroad for other reasons.

While purchasing such plans, you should also check the claim eligibility criteria of each insurer. In addition, you should also check the waiting period, limitations, exclusions and other restrictive terms of the contract. If your contract has exclusions for pre-existing health conditions then the product disclosure statement will mention these exclusions in detail.

If you still have questions regarding the contract, then you can contact the insurer, the insurance agent or an individual tax expert, financial expert or insurance expert to get answers and personalized advice related to your policy.

 What is the Procedure to Purchase Funeral Insurance Plans?

Usually blood tests and medicals are not needed for funeral expenses plans; unless the buyer has many pre-existing medical conditions or genetic medical conditions. Buyers who are less than 79 years old can purchase these plans via the phone by contacting the insurer through the helpline number.

An easier way to purchase funeral expenses insurance plans is to log on to the computer, compare policies, choose a good and affordable plan then purchase the plan online after reading informative articles and FAQs to answer your questions. After purchasing the selected plan, your application will be sent to the insurer who will then assess your risk level and contact you within a few days. The insurer will then accept or reject your application and inform you of his decision in a few days.

If your application is accepted then you will be given a product disclosure statement that is a legal document informing you of the premium fee structure, additional fees if any and terms of the contract. The waiting period and other important information will also be mentioned in this document.

If the insurer offers you the option of backing out for no penalty charges during the waiting period then you can opt for this facility if you feel that the policy is not right for you. Most insurers offer this facility; however to ensure that you do not have to back out, make sure to read the fine print and other terms before you purchase the contract.

 Should I Purchase a Life Insurance Plan Along with a Funeral Insurance Plan?

While funeral pays a lump sum compensation payment for funeral expenses, this compensation payment is not enough to help your family through tough times after you have passed away.

If you are interested in supporting your family even while you are not physically present with them then you should consider getting a life insurance plan that offers a compensation payment of $100,000 to $500,000. This lump sum compensation payment will be given to your family when they file a claim and after the claim has been approved by the insurer.

 

 


  Income Protection Life Insurance