When it comes to planning for important life stages, very few of us want to think about our own funerals and other end of life costs.
After all, it’s very different to planning for marriage or retirement. Yet preparing for your own funeral is something you may want to do for your family and friends.
If you have purchased either funeral insurance or final expenses insurance in Australia, you can have peace of mind knowing the costs of your funeral and other final expenses can be covered – not left for your loved ones to pay.
Your family may not have the money ready when you pass away to cover your funeral and any other financial obligations that you may have, especially during a time of stress and grief.
The good news is, finding the right final expenses insurance policy for you is an easy task. There are many plans and policies to compare, so there is sure to be an option that suits your needs.
It’s a good idea to speak to a final expenses insurance provider to gain more information about what cover you may require.
In the meantime, here are some things to think about before you make the investment.
Do your research
Put some time aside to research the variety of final expenses covers available to you. A good way to get an idea of the different options is to request quotes from various providers.
This will allow you to compare costs as well as the policy benefits.
Draw up a budget
Another useful thing to do before you purchase either final expenses or funeral insurance is to draw up a budget.
This can include a funeral cost plan which can help give you an idea of how much your funeral will cost. Things to include in your cost plan are direct funeral expenses, the funeral director fees, coffin, death certificate, flowers and any other associated expenses. So you can then find the right insurance policy to match this estimate.
Other cost items to include in your budget may be any other immediate expenses that your family may need to pay, such as travel expenses for your family members to attend your funeral and any other urgent costs or debts that you may leave behind.
Update your will
If you are thinking about purchasing final expenses insurance, then this is also a good opportunity to update your will.
Meet with a solicitor and review your will to make sure that it is still in line with your wishes. This may be a good time to prepare anything else you may want to leave to loved ones in the event of your death, such as letters, poems or family heirlooms.
These articles are provided as reference material to allow more informed decision making, but are not intended as being a complete source of information on any topic. All readers should make their own independent analysis on the topic to make sure they have considered the aspects that are important to them.