Adelaide Cemeteries Authority Blog

Funeral Insurance, transparency and inclusions

Funeral Insurance, transparency and inclusions

Thursday, 24 May 2018

Funeral Insurance is seeing a lot of exposure in the media at the moment. On the surface it looks like a sensible idea – you get in early, pay your premiums, get everything covered and come the end of your life there is less stress and expense for those left behind.

Unfortunately, funeral insurance is often nowhere near that straightforward. Let’s unpack some facts and take a look at what you need to pay close attention to.

Premiums that cost more by the year

You might assume that in order to have everything paid up before the end of your life, you’d want to take out a policy well in advance, and you’d be right. The problem here is that many Funeral Insurance premiums rise sharply year-by-year as the insured person ages. Fail to read the fine print and you might find yourself ‘locked in’ to a scheme that you are struggling to afford, yet offers no refund should you wish to opt out.

Does Funeral Insurance really take care of everything?

This is a key concern with Funeral Insurance plans – very few really cover everything needed for a funeral. It’s always worth asking plenty of questions. You might find that a policy doesn’t include seemingly obvious thing such as flowers for the funeral, and you will almost certainly find that the policy does not include the cost of an interment (burial) site and other standard cemetery fees. These costs can be a major part of a funeral, so be sure you know where you stand before signing anything.

Consider a solid  alternative

Before you take out Funeral Insurance, take your time, discuss every aspect of the policy and be absolutely sure of where you stand. If you have any concerns, by all means call us at Adelaide Cemeteries Authority for an impartial opinion.

If you are concerned about funeral costs, a simple way to get these covered might be to open a savings or term deposit account with your bank or credit union. And if you’d like to be certain that your cemetery needs are covered, Adelaide Cemeteries Authority offers:

·         Site selection and reservation at no cost

·         3 years to pay for your site with no interest

·         No fees to pay at all

·         Your investment backed by the South Australian State Government

The right time to talk is now

There is no doubt that preparing in advance for end-of-life matters is a wise idea, but it is worth remembering that there is always more than one option available. If you are considering Funeral Insurance, don’t be rushed into signing. Be absolutely sure of what you are getting into before you commit to anything.  And if you wish to discuss any aspect of end-of-life planning, we would be happy to take the time, talk with you and offer some friendly, expert advice.

 

 

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