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Funeral Insurance

Many people are buying funeral policies these days since the cost of a funeral service without insurance costs $60,000 or more. Funeral insurance is offered to permanent residents of Australia who are between the ages of 17 – 80 years. This type of insurance offers cover for accidental deaths for the first 1 year, after which the policy holder is covered for all types of death. Although most people who opt for this type of insurance are above 40 or have serious health problems, people with a family history of health problems and people who have dependants in the family, should consider opting for funeral plans.

Funeral policies ensure that after the policy holder passes away, his family has enough money to arrange for funeral services. In most cases the insured amount is given to the family within 24 hours to filing a completed claim, however the payout time may vary between insurance companies.

Insurance companies that offer this type of insurance usually do not ask for medical tests. Most insurance companies offer a guaranteed cover for $15,000 however, better policies usually offer a higher insured amount. While applying for the insurance plan, the buyer can customize the plan to suit his own requirements and he can also decide if he wants to pay the premium once in 15 days or monthly. Buyers can also select a specific day every month if they want to pay premiums on their pay day.

Many insurance companies that offer this plan, offer additional perks such as money back guarantees, rebates and free protection after the policy holder turns 90 years. Some insurance companies also offer an easy to use will kit and other freebies. Funeral policies are not only offered by insurance companies but also online retailers who allow buyers to compare quotes from over 500 companies before selecting a plan. Buyers who want to get maximum benefits while paying reasonable premiums should consider comparing multiple quotes online by using an insurance comparison website.

On an average, funeral insurance costs less than $3 a week, however the cost of funeral policies depend on many factors such as age, health status, smoking status and gender. Buyers who want to get a funeral policy should remember to opt for the best policy they can afford so that their family doesn’t have to suffer financially after the policy holder passes away. By doing a little research and leg work, buyers can get good deals online.

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