Life insurance vs funeral insurance?

[awa355]

Just had a call from the BNZ offering funeral insurance.

Funeral cover $10,000 $14.75 weekly. Paid out in 48hr, no increase in premiums.

Currently got life insr. $120,000. $23.? weekly. premium increases each year, Has to go thru' probate etc before my wife sees it but enough there to pay off my debts etc.

Cant afford to have both and have had the life ins for several years.

Anyone else taken on funeral insurance? or got both?

[Akzle]

bwaahahahhaha. pay till you die and pay after you die. sounds like a perfect croc of shit. my carcass goes to the worms/bird/fish (depends where i die eh), if any living human wants to fuckaround, that's their business, i'm sure as shit not going to pay for their privilege.

[phill-k]

Just had a call from the BNZ offering funeral insurance.

Funeral cover $10,000 $14.75 weekly. Paid out in 48hr, no increase in premiums.

Currently got life insr. $120,000. $23.? weekly. premium increases each year, Has to go thru' probate etc before my wife sees it but enough there to pay off my debts etc.

Cant afford to have both and have had the life ins for several years.

Anyone else taken on funeral insurance? or got both?

Just have life insurance, leave very clear instructions that all you want is a plywood or cardboard box, and don't allow your dependents to be sucked into feeling the pressure of having to have the most expensive of everything, better still leave your body to science and avoid funeral costs (after being a donor) all together

[Banditbandit]

WTF .. do they think you are going to need it soon? Are you riding your bike home today?

[SMOKEU]

Just pay someone $50 in advance if they promise to dig a hole and put the body in there.

[allycatz]

Unless you have a wife and /or kids ,why bother with either? Selling your bike and or car if you have one would cover a budget funeral

[Oscar]

Has to go thru' probate etc before my wife sees it but enough there to pay off my debts etc.



Not necessarily. If your wife is the policyowner, all she needs is a death certificate.

[James Deuce]

Unless you have a wife and /or kids ,why bother with either? Selling your bike and or car if you have one would cover a budget funeral
Which could take months and many people's car/bike isn't worth what they think it is. In the meantime, someone's credit record is trashed when the funeral director refers his payment issue to Baycorp.

[BMWST?]

Death insurance(life insurance) is to cover your family for the debts you have(ie a mortgage) Have a very clear will and keep it up to date if you want to make things as easy as possible for your family.If you are single and want to keep things easy for your family then funeral ins could be ok but even then a will would be the easy way to make it clear for all whats hapenning.

[awa355]

Not necessarily. If your wife is the policyowner, all she needs is a death certificate.

Thanks, My wife is the policy holder. She would need the life ins. to pay funeral and other debts in my name. My initial concern is when I retire in 4 years, I'll be debt free, but could I keep up the life premiums with their usual annual premium increases. The funeral ins prems wont go up.

[HenryDorsetCase]

Just had a call from the BNZ offering funeral insurance.

Funeral cover $10,000 $14.75 weekly. Paid out in 48hr, no increase in premiums.

Currently got life insr. $120,000. $23.? weekly. premium increases each year, Has to go thru' probate etc before my wife sees it but enough there to pay off my debts etc.

Cant afford to have both and have had the life ins for several years.

Anyone else taken on funeral insurance? or got both?

stick with the life insurance. Particularly if you have mortgage debt. Even if you have mortgage repayment insurance that pays the BANK not you.

also, do the maths that is FUCKING expensive. $14.75 a week is $767 a year so in 13 years you have PAID them the $10k. Do the same sums on your life insurance and see which is the better deal. (though I acknowledge that conceivably you could pay $23. a week and receive no return, but thats not really the point.

Put the $14.75 in the bank by DD and forget about it.

Also, funerals dont have to cost ten k. Most of the bills I see vary between $4500 and $6000.

And if your family is strapped, and you are a biker, sometimes there will be a hat passed around.

TL;DR That is just predatory fucking bullshit. Dont fall for it.

[mashman]

Thanks, My wife is the policy holder. She would need the life ins. to pay funeral and other debts in my name. My initial concern is when I retire in 4 years, I'll be debt free, but could I keep up the life premiums with their usual annual premium increases. The funeral ins prems wont go up.

Take out Employment Insurance. Get a chunky mortgage on the house (yay spends). Make yourself unemployable :shifty: and retire a year or two early :blink:

[awa355]

I dont intend to drop the life insurance, Have always thought these funeral plans from Cigna, AA BNZ etc, would work expensive for what you get from them.

[allycatz]

Which could take months and many people's car/bike isn't worth what they think it is. In the meantime, someone's credit record is trashed when the funeral director refers his payment issue to Baycorp.

Most funeral directors will let you arrange payments...Ive done it twice before...and depending on financial circumstances there is a funeral grant available from WINZ

[HenryDorsetCase]

Most funeral directors will let you arrange payments...Ive done it twice before...and depending on financial circumstances there is a funeral grant available from WINZ

there is also a funeral grant from ACC if its an RTA. Also if there is finance on the vehicle, sometimes there is a "fine print" death benefit paid.

[James Deuce]

Most funeral directors will let you arrange payments...Ive done it twice before...and depending on financial circumstances there is a funeral grant available from WINZ
If you're lucky. It's certainly not something I count on or hope for.

Personally I hold no faith in any business taking a humane view and I have seen people ruined by funeral directors. If you don't imagine the worst and plan for it, you're not protecting family and friends.

[HenryDorsetCase]

If you're lucky. It's certainly not something I count on or hope for.

Personally I hold no faith in any business taking a humane view and I have seen people ruined by funeral directors. If you don't imagine the worst and plan for it, you're not protecting family and friends.

Most people are not emotionally able to deal with fun eral directors and dont realise that by signing up the contract they assume liability for the debt. I have over the years had some very frank discussions about their expectations of payment and their treatment of victims. The thing is, they always get paid, they know they will and their ridiculous overcharging must account for that. Sure they're carrying a bit of cost for a few months, but their margins are calculated to cover it.

Its a bloody cut throat business too, behind the scenes.

[Genestho]

Life Insurance, if you're employed within a large company, your employer may even provide a super scheme that's paid out on death or disability, too.

I'd also recommend that you make sure your will is upto date and specific. Have seen friends battle for life insurance for months and months when the will wasn't current, one partner lost everything, as there was no will, that was in a long term de-facto situation...

[Zedder]

I dont intend to drop the life insurance, Have always thought these funeral plans from Cigna, AA BNZ etc, would work expensive for what you get from them.

Maybe you could ask about options for the Life policy ie: What's the Surrender value, can it be changed to an Endowment policy? Then work out a plan.

[Winston001]

stick with the life insurance. Particularly if you have mortgage debt. Even if you have mortgage repayment insurance that pays the BANK not you.

also, do the maths that is FUCKING expensive. $14.75 a week is $767 a year so in 13 years you have PAID them the $10k. Do the same sums on your life insurance and see which is the better deal. (though I acknowledge that conceivably you could pay $23. a week and receive no return, but thats not really the point.

Put the $14.75 in the bank by DD and forget about it.

Also, funerals dont have to cost ten k. Most of the bills I see vary between $4500 and $6000.

And if your family is strapped, and you are a biker, sometimes there will be a hat passed around.

TL;DR That is just predatory fucking bullshit. Dont fall for it.

I concur with my learned friend.

[Road kill]

I have a $10,000 funeral policy through my Union membership.

$14.00 a fortnight,,,she get's the lot,,so that's around $3000 for a cheap fire an the rest for a piss up or what ever she frigin' wants.

I could care less,I ain't gonna be there.

[BMWST?]

Thanks, My wife is the policy holder. She would need the life ins. to pay funeral and other debts in my name. My initial concern is when I retire in 4 years, I'll be debt free, but could I keep up the life premiums with their usual annual premium increases. The funeral ins prems wont go up.

it sounds to me as if you d ont need the life insurance.