Top 10 Tips for Saving Money on Funeral Insurance
Top Tips for getting Funeral Insurance!
- There are several different Funeral Insurance Providers in the market and many of the policies are very similar, in fact there may only be slight variances between most of the providers, so check what each policy offers.
- Check what rates will be when you are in old age! Many Funeral Insurance providers don’t advertise these, so check how much you will be paying in later life if you plan to continue the policy into old age.
- Assess who needs to be covered on your policy – if you are most likely going to have to pay for either of your parents funerals then get a quote for what they will cost to add onto your policy. Many Funeral Insurance providers offer discounts for additional family members added to your policy.
- Do your research on what funerals actually cost in your area, and also what type of funeral you want. Investigating the cost of your own funeral sounds morbid but there’s no use paying for a $15k policy when you want a simple inexpensive service and cremation..
- As always make sure you contact several Funeral Insurance providers to obtain as many quotes as possible. Like shopping around for anything make competitors compete for your business.
- Always ask a lot of questions – you need to understand exactly what details each Funeral Insurance policy covers and the conditions of each policy such as cut off ages, when the premiums increase etc
- Ask about available discounts – some providers may not offer them but you won’t know if you don’t ask.
- Read the key points in the Funeral Insurance PDS (Product Disclosure Statement) and your Funeral Insurance policy documentation when it arrives.
- Ask about commissions made by either brokers or Funeral Insurance sales representatives. If they are making ridiculously high commissions then are you paying too much for your policy?
- If you need a hand or have further questions, get in touch with the team at Insurancepoint.