A funeral insurance policy is indeed a great product. For all those who aren’t familiar with this type of insurance policy, the primary objective of it is to assist you financially when the insured person in your family dies. The basic rules for this type of insurance policy are just the same as any other insurance policy. You have to pay a monthly premium to the insurance company, and in return, you’ll be given a lump sum amount when the insured member dies.
The payout received helps the family of the deceased person to arrange the funeral service. Everyone knows how expensive funerals are in Australia, and not having a sufficient amount of money on hand can be sort of a crisis. Here we discuss five reasons that prove why getting your funeral insured is a wise idea.
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1- It Provides the Peace of Mind
If you get involved in a bad accident, at least you’ll die knowing that your family will have the money to arrange your funeral. If truth be told, this is a big relief. There’s nothing worse than leaving your family in the need of money when you die. Thus, if you have funeral insurance, your family will have no problems whatsoever in arranging the kind of funeral you deserve.
2- Money Is Readily Available
Claiming a funeral insurance policy is not very difficult. Almost all funeral insurance policies can be cashed by the deceased person’s family within 48 hours. You can submit the necessary documents as soon as the insured person dies and your claim will be honoured within the following two days.
3- Arranging Funeral Arrangements Easily
If you’ve been through arranging for someone’s funeral, you’ll know how difficult it is. There are so many things to take care of and the responsibility to arrange everything in a limited amount of time is really stressful. If you’ve no previous experience of arranging funerals, then you’ll face a lot of complications. That’s why most of the funeral insurance companies provide you with help to get through all the necessary arrangements.
4- Funeral Insurance Policy Is Affordable
An average funeral service in Australia costs $4,000 to $15,000. To have that much money in the hour of need can be extremely relieving. The best thing is that even though a decent funeral can be costly, it can be covered by a funeral insurance policy at a very affordable rate. The amount of monthly premium actually depends on the age of the insured person. However, the average amount of monthly premiums for a funeral insurance policy ranges from $45 to $153.
5- Funeral Insurance Can Also Cover Your Family
Your funeral insurance can also cover your immediate family members. Moreover, it can also provide coverage for your extended family and dependent family members as well. Your extended or dependent family may include your parents, brothers, uncles, aunts and your children. If you need more details about funeral insurance policies, then click here.
The depressing reality is that everyone will die one day. But funeral insurance is not just about preparing yourself for your death. It’s also a very conscientious thing to do before you die.