Today funeral insurance is widely available in Australia offering various funeral plans to the retired people. It has become widely popular in the last four years as earlier only two or three companies were there in the market offering funeral plans and they were too expensive for everybody. Today we have many companies offering pensioner insurance products and due to competition it has become really affordable for people who want to avail it.
So, now let’s discuss some of the features that you can expect in your funeral insurance policy:
Age: Many insurance companies accept people up to the age of 79 years for their pensioner insurance products and many others give it free after the age of 90 if you’ve been their customers for past ten years.
Premium Options: Most of the companies offer wide options ranging from monthly, fortnightly to even yearly payments. The main benefit here is to get the interest free option because if you have to pay some interest on monthly payments instead of yearly one, then surely it is not worth it.
No need of medical checkup: According to your present age, few companies can ask some health related questions. It is beneficial for you because if you are in a sound health, then you will have to pay less and your funeral plan will be much cheaper.
Accident or some serious injury: Sometimes, accidental serious insurance cover is also included in the funeral plans by few companies. This type of cover will pay you an annuity on ongoing basis or some set lump sum amount is paid in case of some serious injury.
Usually every person residing in Australia is covered under the state accidental insurance cover but in case you don’t have such a cover, then you can avail funeral plan.
Payout: As with any kind of insurance product, the amount that you will get as a payout is really important. You premium will climb if you are insured for a higher amount. Usually payouts are in the range of $5000 to $15,000 in case of funeral plans and you can discuss this with your insurer. There is a mandatory 12 months time period before you are entitled to a payout and you need to check this up in the pensioner insurance.
Funeral insurance is a good insurance product and can assist in paying off essential funeral costs in time saving you from paying a huge bill running into thousands of dollars.