Death. It’s an inevitable part of life and one that maybe we should be more conscious of. From wills to burial insurance, if we invest a little bit more time during our lifetime to sort out our final affairs we can ensure that our family doesn’t have even more to handle after we depart. There are many good reasons to have burial, also called funeral insurance. The point of these policies is to help you financially when the insured person in your family passes away.
Like any other insurance policy, you have to pay a small monthly premium to the insurance company, and in return, you’ll be given a lump sum amount when the insured member dies. The money received helps you to make arrangements for an appropriate funeral service that the deceased person deserves. As everyone knows, in certain countries, like the UK and Australia, funerals are expensive, and not having a decent amount of money on hand can be devastating. Here are 6 good reasons to have funeral insurance.
The Peace of Mind
If something happens to you, you’ll pass away knowing your family will have the money to arrange the funeral. They say you can’t put a price on peace of mind, so paying an affordable monthly premium is a no-brainer if you are worried that your loved ones may struggle to pay for your funeral.
Money is Available Quickly
With most funeral insurance policies, the cash lump sum is made available to your family pretty quickly. As soon as the insured person dies, the required documents need to be provided to the insurance company and the claim should be settled in less than 48 hours.
Assistance with Funeral Arrangements
With some funeral insurance companies, you can benefit from experienced people helping you arrange the funeral service. If you’ve been through this before, you’ll know how much work is involved. And if you’re new to having to arrange a funeral, then it’s likely that you won’t know what to do. And you’ll appreciate all the professional help you’ll get.
The Policy Is Affordable
Final farewells are expensive. In Australia, it is said they can be anywhere from $4,000 to $15,000 (with premiums ranging from $45 to $153), and to have this much money in the time of need is quite relieving. Here in the UK, on average, a funeral can cost upwards of £3,500, and that’s just for the bare bones. If you consider things like location, because we all know that the capital is so overpriced, you can expect to spend so much more. So, funeral service is a cost-effective way to ensure that money will be available when you have to bury your loved one.
It Can Cover Your Family
Funeral insurance does not only cover your immediate family, but it can also cover your extended family and dependent family members as well. This may include your brothers, uncles, parents, children and aunts.
It Is Simple to Apply for Funeral Insurance
All it takes for you to qualify for funeral insurance is to provide your basic stats and answer a few health-related questions. Most of the insurance policies are so simple that it only takes 20 minutes to figure out your premium rate and you’re covered.
For more information related to funeral insurance, you can visit sites like freedominsurance.com.au and take guidance from experts in this field.
The sad reality is that everyone we will all pass away. Many people don’t want to talk about it, but funeral insurance is not only to prepare yourself for your death but also it’s a very responsible thing to do before you die.