Funeral plans and prepaid funeral are like life insurance you do not get the direct benefit but your loved ones do and they are not left in limbo when you pass away.
Your unexpected death would have a devastating affect on your family. They would be most emotional and confused as they struggle to come to terms with their loss. In their darkest hour would you want to burden them with your funeral bill? Money problems are the last thing that they need at this time.
When the person insured passes away and after the attending doctor has completed the report together with the completed claim form should be sufficient to have the insurance company pay out the benefit. The level ranges differ between providers but it is usually in the range of $10,000 to $20,000. Once the death certificate has been issued the balance of the policy is paid to the estate or beneficiaries. This should ensure that there are sufficient funds available to pay the funeral costs which are due very soon after death.
If you should be in a financial position to be able to pay for your funeral upfront you need to be cautious. Payment could be made a long time before your passing and by the time the funds are required your chosen funeral provider may no longer be in business.
Funeral bonds are another option of prepaying your funeral costs, they do accumulate annual bonuses though very little, but they do add up. Funeral bonds are non refundable should you require the money back.
Funeral arrangements are never easy to discuss but you need to make the important decisions and arrangements yourself saving your family the emotional and financial burden. With a little forethought you can help prevent unnecessary stress for your loved ones.
Please call Rate Detective on 1300 793 143 or submit enquiry form on this page and experienced financial adviser will help you to find the best funeral plans or prepaid funeral plans in Australia.