Or rather, what comes afterwards for your family. Planning for the cost of your death is one of the hardest pieces of life-after planning you’ll ever do, but it’s sadly necessary. You’ll want to be smart about how you spend your money too.
One of the first after life insurance policies people tend to think of funeral insurance. With the average funeral costing around $15,000, your grieving family might well need some help with costs – but is it the right sort of help?
Funeral cover can be an expensive mistake
There are often large premium increases once you’re over 50, and waiting periods apply for the first twelve months. Basically, the longer you live, the more you’ll pay.
In addition, your family can only use the funds to pay for a funeral. Not the mortgage, or medical bills, or to leave a little something for the grandchildren. It’s a little restrictive, isn’t it?
The Government’s MoneySmart* website lists a number of things to consider when thinking about funeral insurance – it pays to be informed.
What about life insurance?
Life insurance isn’t just for worst-case scenarios. It’s a smart financial decision that offers you and your family peace of mind. Whether you’re supporting a family, paying off a mortgage, or just want to ensure your loved ones are protected, life insurance can be your – or their – safety net through challenging times.
While life insurance can include waiting periods, and premium increases as you grow older, there are fewer restrictions regarding how your family can use your benefit payment. The good news is life insurance can cover the cost of your final wishes.
Many life cover policies, that aren’t funded through your super, include a funeral advancement.
Why choose Compare Club?
Compare Club’s life insurance experts assist thousands of Aussies each month by comparing policies that include funeral advancement. Having experts do the research – and the paperwork – makes it easier to protect the ones you love. This means:
- Your family receives your payout to cover their necessary costs .
- You don’t need a separate funeral insurance policy.
- The funds can be used for other end of life costs, like medical bills or hospice invoices.
- Funds can be released quickly, helping with cashflow at a stressful time for your family.
With access to 10 of Australia’s leading life insurers, they can efficiently compare premiums to help you find a cost-effective insurance option. They also handle all the liaising with underwriters and assist with filling out application forms to make your experience as smooth as possible
Compare Club’s experts know life insurance inside and out. Their team of dedicated specialists is committed to helping you navigate the way to an informed decision about which cover best suits your needs, and the needs of your family.
Talk about life today:
Life insurance has been described as ‘the last letter to your loved ones’ – and this is true in a very real sense. No one lives forever, but that doesn’t mean your legacy is over when you are – and there’s no time like the present to secure your family’s future.
Visit Compare Club’s life insurance page to get a free, no-obligation quote.
Disclaimer: The information contained on this web page is of general nature only and has been prepared without taking into consideration your objectives, needs and financial situation. As such, it is important that you consider the appropriateness of the advice and the relevant product disclosure statement (PDS) before proceeding. Any opinions expressed within an article are those of the author and do not specifically reflect the views of Compare Club Australia Pty Ltd.
*Funeral Insurance. Money Smart Government. https://moneysmart.gov.au/other-types-of-insurance/funeral-insurance
