An average funeral these days can cost between $4,000 and $14,000*, so it’s no wonder that many people take out funeral insurance to protect their family from this financial burden.
How it works
Funeral insurance provides a lump sum payment upon your death to help pay for the funeral and settle other outstanding expenses, bills and accounts.
Choosi offers a number of different Funeral Insurance policies, which provide benefits up to $15,000 – and that amount is tripled to $45,000 if the death is accidental.
Who can take out cover?
Getting cover is simple: generally there are no medicals, blood tests or complicated forms, and acceptance is guaranteed to Australian residents under the age of 79. The policies available directly through Choosi cover you for accidental death in the first 12 months and death by any cause after that.
While funeral insurance is designed to help with funeral and other end-of-life expenses, the money can be used however your nominated beneficiary sees fit – to pay for travel expenses or legal fees, for example. The benefit is a lump sum only and does not provide any funeral, burial or cremation services.
Funeral insurance is a helpful and considerate way to tidy up your finances at the end of your life. Compare funeral insurance today with Choosi.
* Source: MoneySmart, Paying for your funeral, July 2014.