Life Insurance
Busting funeral insurance myths
22 October 2021
There are certain conversations people don’t want to have with their loved ones. Discussions around funerals is likely one of them. But it’s actually one of the most important conversations you’ll have throughout your lifetime. Discussing what your funeral will look like can help put a budget in place so your loved ones understand their financial commitment. But do you want them to shoulder this financial burden?
There are a lot of myths out there about funeral insurance, for example, that you don’t need it or that it can only be used for funeral expenses. Funeral insurance may go a long way to easing the financial strain on your loved ones.
Myth one: you don’t need funeral insurance
This is probably one of the biggest myths floating around. Consider the expense of funerals though. According to MoneySmart, funerals in Australia can cost, on average, between $4,000 and $15,000. Even on the lower side, that could be a lot of money for your family to cover. While the cost of your funeral will largely depend on what kind of service you want, many families don’t have that kind of money simply lying around. Funeral insurance may help cover these expenses to ease the financial burden.
Myth two: you need to plan your funeral to take out funeral insurance
Many people believe that in order to take out funeral insurance, you need to have fully planned your funeral already. But this isn’t always the case. Sure, it makes sense to have a basic understanding of what your service may cost, so you can ensure you are insured for the ballpark amount, but you don’t need to have every nitty gritty detail organised. In saying that though, planning for your funeral is an important conversation to have with your family. Taking out cover can help you start those discussions - what you want, what you don’t want and who you want there.
Myth three: funeral insurance has to be used for funeral costs
Yes, funeral insurance payouts can be used towards the cost of a funeral. But it’s not the only thing the funds can be used for. One benefit of funeral insurance is that the payout can be used towards other things. For example, if you have outstanding debts, the benefit amount can go towards paying those off, or if you have a family member who wants to attend your funeral, the payout can go towards travel costs.
Myth four: it’s too hard to take out funeral insurance cover
Difficulties around taking out cover and making a claim can make a lot of people wary of insurance products. With Suncorp Funeral Insurance is easy to take out and the claims process is made simple - the last thing your loved ones need when they’re dealing with grief is red tape and complicated forms. As long as you’re between 45 and 80 years old, you should be able to take out cover and quotes can be obtained online or over the phone to save you time.
Consider easing the financial burden
There are plenty of myths surrounding funeral insurance. But taking out cover may help your loved ones from financial stress at an already very stressful and emotional time. If you’re ready to take out a policy, contact Suncorp Life on 13 11 55 or get a quick quote online.
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If you have any questions about Funeral Insurance policy, you can talk to the Suncorp Life specialists on 13 11 55.
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Read more:
- What you need to know about funeral insurance
- Comparing Funeral Insurance policies: What you need to know
- Buying funeral insurance: a step-by-step guide
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