What is funeral insurance?
Quite simply funeral insurance is a policy you can take out now; then when you die the policy will pay your nominated amount to your beneficiaries which they can use to cover your funeral or other final expenses.
It is a very simple form of insurance, available for a fortnightly or monthly premium, covering these costs can make the process of burial or cremation smoother and less stressful for those left behind.
A regular payment now may save your family a lot later!
Funeral insurance helps reduce your family's financial burden, in an emotional time. Funerals can be very expensive. It can be very difficult for grieving families to come up with thousands of dollars at short notice.
When purchasing a funeral insurance policy, you will need to select the cover that best suits both your budget, as well as the benefit you would like to have paid out. You are also able to take out policies which cover your partner and children until they reach the age of 21 (they will need to be financially dependent on you).
Why should you cover your funeral costs?
The death of a loved one is a sad and traumatic experience and organising a funeral involves a lot of decisions and details, including the coffin, flowers, transport, the service and other related costs.
Families don't always have the ready finance to meet these costs and it typically takes a while before the assets of the estate are distributed. Someone has to pay for the funeral and this in itself can cause friction between family members at a very emotional time. Your family will be grateful to you for making it easier for them by ensuring access to cash, as a lot of policies pay within 2 business days of completing the required claim documentation. You will need to read the relevant Product Disclosure Statement (PDS) for full details of the policy you are interested in.
This is general information only and does not take into account your personal objectives, financial situation or needs. You should consider the relevant PDS available on this website prior to purchasing any product. Choosi offers insurance products from a range of brands but does not compare all products available in the market.
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