What is funeral insurance?

Funeral insurance is an insurance policy designed to make sure your loved ones have access to funds  needed to pay for your funeral in the event of your death.

The pleasing process with funeral insurance they are often  paid within 48 hours to assist with funeral cost that often have to be paid quickly. Funeral insurance works in a similar ways to other insurance policies most families possibly a have. Once you chosen the amount of money you would like your policy to cover, you pay and agreed of regular premiums to cover that amount. Then, the chosen person who is the nominated beneficiary will receive the sum insured in the event of your death. The money once paid out is then used to pay for funeral expenses

The negative with funerals insurance is the premiums often go up every year and are linked to the age of the person, often over a long period of time the premiums will far outweigh the cost of a normal funeral. Some funeral insurance have age limits and restriction  that prevent certain people from being able to purchase them

Funeral insurance is more expensive for older people and premiums can often exceed the benefit due.

  • You must select the sum insured which may or may not be sufficient to cover future funeral costs.
  • Your family will still have to handle all the funeral arrangements as generally no thought has been given to actual wishes and instructions of the person.
  • Your family will still have to handle all the funeral arrangements as generally no thought has been given to actual wishes and instructions of the person.
  • No benefits received if payment of premiums cease or are not up to date.
  • Does not affect pension or social security benefits in relation to the deeming threshold