Leaving funeral insurance too late can be a costly mistake
In July the Australian Securities and Investments Commission (ASIC) released a study they commissioned into the decision process undertaken by consumers when choosing how to fund their future funeral expenses.
The research found that many people undertake very little research and therefore are not aware of all the options available. Those who take out funeral insurance with some of the highly advertised plans are often not aware of the escalating premiums, the total cost of their policy and the consequences of not paying premiums.
This again highlights the cost savings for consumers who obtain cover with Sureplan Family Fund earlier in life.
So if your friends or family who are aged 55 or younger either currently have a policy with another company, or are now considering purchasing funeral insurance, Sureplan Family Fund will be a far more cost-effective option for them because,
- Premiums are fixed
- Premiums are payable only until age 60.
Premiums with many other funeral insurers regularly increase and are payable until age 90. This means that the total cost for a $10,000 policy with one of these highly advertised funeral insurers could be $25,000 – $30,000 (depending at which age the policy is commenced). Compare this to Sureplan Family Fund where for a 40 year old the total cost for $10,000 cover is just under $5,000.
The ASIC report can be found on the following link; www.asic.gov.au/asic/…nsf/…/rep292-published-19-July-2012.pdf