Common features And Benefits In A Funeral Insurance Policy

Funeral> is a great product that has only become widely available in Australia during the last 5 years. Prior to that, there was only one or two companies in the market offering funeral cover and it was expensive and not really worth it. Now there are plenty of companies fighting for your business and as a result funeral and crematory insurance has become more affordable, more competitive and more widely available. All you have to do is see all the advertising going on at the moment to see it is one of the hottest insurance products on the market. So what type of features issues can you expect to find in your funeral policy, here are some of the more common ones; Age Acceptancy & dependency: Some companies will guarantee acceptance for all ages, some for ages up to 79 and others give you it free after 90 if you have been with them for +10 years. You may not need family cover to insure your children up to the age of 21. It would be an absolute tragedy to lose your son or daughter but having a large part, if not all, of their funeral expenses can reduce stress significantly in such a time of loss. Payment Options: Most insurance companies these days offer a combination of yearly, monthly or fortnightly payment options. The key is to get it interest free. If you have to pay 10% interest for paying monthly instead of yearly then it is probably not worth it. No medical or health questions: Depending on your age, some insurance companies will ask you health questions or ask you to get a medical. Don't be fooled into thinking that companies offering no questions are better. If you are a healthy person and will likely live a long time, then you want the insurance companies to know this information as they will perceive you as having less risk and your insurance policy will be cheaper. Accidental Serious Injury: Often as an option, although sometimes included in the more premium funeral cover policies, is accidental serious insurance cover. This will cover you either pay you an ongoing annuity (although this is usually covered under life insurance) or a lump sum payout if a serious injury occurs. In Australia, if you are injured in a workplace accident or a transport accident you are often covered by the state or compulsory insurance cover. But if you fall out of a tree and are left in a wheelchair then how will you support yourself initially or long term. Life or disability insurance will usually cover such a scenario but if you don't have that cover then look for it in your funeral policy. Payout amount: As with any insurance product, the payout amount is extremely important as it is the dollar figure you are entitled to. The higher the payout the higher your premium. Payouts are typically in the $5-$15k range but you can talk to your insurer or broker to have the payout figure whatever you want. You may have to wait 12 months before you are entitled to a payout for your funeral expenses so ensure to check up on this within your policy. Funeral insurance is a great product and can help pay for funeral costs in a time where a big fat bill is the last thing you want to deal with. Funerals in Australia typically cost between $5,000 and $15,000 which is right on the payout figure of most policies. If your family can't afford a bill like this then for as little as 60c a day you can get funeral cover to protect your family from the costs of your funeral.