3 things you didn’t know about funeral insurance

We’re not going to lie — funerals are a sad, inevitable part of our lives. They’re also not a particularly fun topic. But the reality is that, at some point, we’re going to have to arrange a funeral or need one for ourselves. That’s life.

The problem is that funerals cost quite a bit of money and are often a sudden expense — a financial burden at an already difficult time for those left behind. No one wants this for their family, which is why funeral insurance may be an option to consider.

Funeral insurance is a simple policy that gives a lump-sum payout to help your loved ones pay for your funeral and associated expenses, which can help reduce your family's stress during an emotional time.

If you’ve never thought about funeral insurance, here are three things you probably don’t know (but should!):

Funerals can be expensive

No one really knows how much a funeral actually costs until they have to organise one. But in general, the cost of a funeral can range from around $4,000 for a basic cremation to $15,000 for a more elaborate affair that includes a fancy coffin, flowers and burial. There are also lots of additional services to pay for, including funeral director fees, hearse transportation, permits and death certificates, a celebrant, newspaper advertising, and the wake.

Funeral insurance provides an immediate cash benefit for your loved ones  

The main benefit of funeral insurance is that it provides your loved ones with quick access to a lump-sum amount upon your death — usually within 24 hours of submitting the completed paperwork. Imagine the relief of knowing that during the difficult grieving process, the financial costs are taken care of. It’s one less thing for your family to worry about.

Funeral insurance differs depending on the provider

Funeral insurance can vary depending on your provider, including how much they cover (what the minimum and maximum amounts are), how much your premiums are, the features and benefits, the frequency of payments, and so on.

This is why comparing policies can be helpful in finding the best option for your needs. In addition to the Product Disclosure Statement, all funeral insurance providers in Australia are required to issue a Key Fact Sheet which will allow you to compare certain key features of a policy more easily. You should ask for this when you’re shopping around.

The funeral insurance policies available through Choosi provide:

  • Australian residents aged 18-79 are guaranteed acceptance;
  • a cover amount from $3,000 up to $15,000, which is paid to your loved ones upon death or terminal illness (if you’ve been diagnosed with less than 12 months to live);
  • funds that can also be used for other related expenses or to settle end-of-life affairs.

How many of these did you know?

Well, luckily — now you know all three! If you want to know more, you can read more about funeral insurance. Or if you’re ready, compare a range of funeral insurance policies with Choosi today and secure peace of mind for you and your loved ones. Choosi makes it easy to compare for funeral insurance — not only does Choosi do hard work for you, you won’t pay extra when you purchase a policy through us!

Information on this website doesn’t take into account your personal objectives, financial situation or needs. Any advice is general in nature. You should consider the relevant Product Disclosure Statement (PDS) or Policy Booklet for more information and to ensure the product suits your needs. Choosi offers insurance products from a range of Australian brands. Choosi doesn’t provide information or offer cover for all products available in the market and there may be aspects of some products that Choosi doesn’t compare.

Posted: 15 Jul 2019

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