Death is inevitable but you can prepare for it with funeral coverage insurance.
This type of insurance can help you to arrange your funeral expenses, so that when you die your family members won’t have to bear the cost.
A tragic incident can occur anytime and many times a family is not emotionally and financially prepared to handle the sudden demise of their loved one.
Freedom Funeral Insurance can help you to prepare in advance by providing an excellent coverage plan. You can get a quick quote from their website after making a decision by selecting an appropriate insurance policy.
Let’s take a look at how this insurance works and why you really need it.
The Basics of Funeral Insurance
Pre-need insurance and prepaid funeral coverage are some other names of this insurance policy. The names might vary, but the policy is the same in each case. It is also regarded as a guaranteed life insurance plan.
People who are between 50 and 80 years of age can get a funeral insurance policy. They don’t even need to give a medical exam. The policy’s price varies from 6000 to 30000 Australian dollars.
How Funeral Insurance Works
Funeral insurance policy has a less coverage than life insurance one as it only pays compensation for a casualty.
So, how does it work? Well, you have to name a beneficiary like a funeral home or a family member, who receives compensation after you pass away.
The expenses for the casket, a cemetery plot and other costs are all covered in such an insurance policy. After receiving confirmation of a fatality by a death certificate, the insurance company normally sends a check in just a few days.
If you are financially strong, you can pay all the expenses beforehand without opting for instalments. However, there is another option for paying the coverage fees over a certain period of time.
Why Should You Get Funeral Insurance?
A man aged just 34 years who lived in Toowoomba died suddenly leaving his family in an utter state of shock. The family was not able to pay the funeral fees due to the unexpected death of their loved one.
In another incident, a fit and healthy dad (aged 36 years) collapsed in a shower. The death was due to a fatal brain aneurysm. The heartbroken family comprising of two kids and a young woman had to get funds from other people to survive.
The above incidents show that death can come anytime. If a young person can die without any indication, an older person is more prone to a fatal outcome.
To cover up the costs beforehand, you can get a funeral insurance plan by paying the entire amount in instalments or all in one go. Plan ahead and get a coverage policy to avoid financial problems for your loved ones.