What are the benefits of Funeral Insurance?
28 October 2021
Having the funeral discussion
It’s not a topic many people want to cover but it’s an important conversation: what do you want your funeral to look like? Talking about your funeral may help bring normalcy to something that is very much a fact of life. It may also help your family plan the perfect funeral for you.
Deciding to take out funeral insurance can be the catalyst for this discussion. It may also be a good reminder for your loved ones that, at the end of the day, you’re worried for their welfare and just want to ensure that financially, they are taken care of.
How much will your funeral actually set your family back? This will, of course, depend on what you want your funeral to look like. Many people have specific ideas of what they want to include in their funeral - will it be flowers, balloons or both? Will there be music? Do you want a cremation or a burial? What about a function after the service so your family and friends have a chance to share memories? All of these decisions will influence the ultimate cost of your funeral.
Having this discussion with your loved ones means you get to have a say, but it also means less work for your family when the inevitable happens. Everything will be planned, so there may not be as much stress as there usually would - making decisions and figuring out how to cover the expenses.
How funeral insurance may help
The average funeral in Australia can cost from $4,000 up to $15,000. Even at the lower end, this can be a lot for a family to have on hand immediately. While the figure depends on the conversations you have and the plans you put in place, having insurance to cover the expenses may help give your family peace of mind when they need it most.
Funeral insurance can provide a lump sum payment of between $3,000 and $15,000 to your loved ones, within 24 hours of an approved claim. This means your family won’t have to wait too long to receive the benefit amount, and they may be relieved of the financial strain that can be involved with planning, and paying for funerals. With Suncorp Funeral Insurance, you’re also covered for accidental death after the first 12 months. Once your policy is in place, cover can even be increased to $25,000 if required. Of course, there are other benefits from Suncorp Funeral Insurance including a 10% bonus cover after five years, an early payout option of 120% of your benefit after your 85th birthday and an annual premium discount.
If you have any questions about Suncorp Funeral Insurance, you can talk to our Suncorp Life specialists on 13 11 55 (Mon to Fri 8am–8pm).
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