Funeral insurance?

[Oakie]

Thinking about getting Funeral Insurance as there's a fair chance I'll die eventually.

Comments from those who have explored this or done it please.

[Virago]

My mum looked into it. In the end she decided to take the pre-paid funeral option instead with our "family" undertaker.

It's surprising how many people mix up the two options. They take out insurance and think they can withdraw later and get a refund. Or stop paying premiums when they reach the cost of a funeral.

[Oakie]

My mum looked into it. In the end she decided to take the pre-paid funeral option instead with our "family" undertaker.

It's surprising how many people mix up the two options. They take out insurance and think they can withdraw later and get a refund. Or stop paying premiums when they reach the cost of a funeral.

Yep, the $20 a week is fine while I'm working but when retirement happens am I still going to be able to meet that comfortably? Yes for the first few years but the longer I live, the harder it'll be I guess.
I'm looking at all options but also considering just putting money into a suitably accessible account which i can just build up to a good amount and then leave on a term deposit for when needed. Accessibility is the key though.

[Hitcher]

Insurance is where you contract to pay an insurance company more than you will get in return. You only win if you die young.

[Oakie]

Insurance is where you contract to pay an insurance company more than you will get in return. You only win if you die young.

Genes are against me winning. Males in my family tend to get to mid 80s.

[SPman]

When I die, someones got to bury me.....or throw me on the bonfire or whatever - I'm a selfish sod and by then I'll be beyond caring. Let people be creative in the method of my disposal, I say, preferably on the cheap!

[jellywrestler]

Thinking about getting Funeral Insurance as there's a fair chance I'll die eventually.

Comments from those who have explored this or done it please.

why bother, no-one yet has been left above ground cause they didn't have it

[awa355]

I'm going to get shot by someone's husband when I'm 70, so hopefully ACC will be coughing up. :rolleyes::rolleyes:

[gsxr]

For what my opinion is worth
If you are concerned about your send off then just put 10 bucks a week in a separate account at the bank.
If you get insurance and for what ever reason you stop paying your money is GONE never to be seen again
No one is left rotting away on this earth because they cant afford to pay.
If you have assets the estate will eventually pay for your send off so why line the pockets of someone else
Just saying

[Oakie]

why bother, no-one yet has been left above ground cause they didn't have it

Solely to avoid my daughters having to front up with the cash. It's my last gift to them. (Apart from the proceeds of my estate of course). Besides, there is something I want done as a memorial that'll cost a few dollars.

[jellywrestler]

Solely to avoid my daughters having to front up with the cash. It's my last gift to them. (Apart from the proceeds of my estate of course). Besides, there is something I want done as a memorial that'll cost a few dollars.

my olds wnated to pay for their funerals, i said quite clearly they paid for all of our upbringing and we'll get whatevers left when they're gone it would be an insult if we couldn't cough up a few quid to pay for this.....

[Berries]

Solely to avoid my daughters having to front up with the cash. It's my last gift to them.
Just bung them 500 bucks and a shovel each for Xmas.


Job jobbed as they say.

[Oakie]

Just bung them 500 bucks and a shovel each for Xmas.

Box of matches and 5 litres of petrol in my case.

[gsxr]

Solely to avoid my daughters having to front up with the cash. It's my last gift to them. (Apart from the proceeds of my estate of course). Besides, there is something I want done as a memorial that'll cost a few dollars.

Invest what you can afford then and reap the benefits. Investing in MOST life insurance, pet insurance, accident insurance ,loss of income insurance, funeral insurance unless you get unlucky/ lucky to me is all a watse someone is getting rich off you. House and contents and car bike boat plane insurance is a different ball game . However you can always take that gamble not to have them as well . However I wont take those gambles.

[Moi]

Solely to avoid my daughters having to front up with the cash. It's my last gift to them. (Apart from the proceeds of my estate of course). Besides, there is something I want done as a memorial that'll cost a few dollars.

So, sit down and talk with them about. Perhaps put the money aside for the "special thing", and then see if you need to do any more. Your estate will cover the costs...

But basically I'm with jellywrestler on this...

and don't waste your money on funeral insurance...

[AllanB]

Insurance is where you contract to pay an insurance company more than you will get in return. You only win if you die young.

Nah. It's a gamble/risk game. They hope to take your money and never exceed the total premiums paid. You pay and hope you never need to cash it in.

Many 'win' - crash you new car/bike - get a payout that way exceeds the premiums paid.

I got a new house out of the earthquakes .......... way exceeded the input I made. Preference on that one would to be to not have had to claim :(

[jasonu]

A couple of years ago I found out there is a $2000ish funeral benefit the ones you leave behind can claim. BUT it is only good if you spent your whole life being a dole or welfare bludger and have less than $5 bucks and a bag of chips to your name. If you spent your whole life working, paying tax and contributing to the country and have a few bucks in the bank or you own your house like Dad did then you get fuck all.

The funeral company you choose will do the funeral and then bill whoever handles your estate.
If there is enough cash available to pay up front they will generally give a nice prompt payment discount.

[nodrog]

Give me $15 a week, and I'll sort it out.

[jasonu]

Give me $15 a week, and I'll sort it out.

Ya better hope he lives for a while, a decent 'cheap' funeral with cremation is at least $6k

[HenryDorsetCase]

Thinking about getting Funeral Insurance as there's a fair chance I'll die eventually.

Comments from those who have explored this or done it please.

run the numbers - its very expensive.

as others have said a prepaid funeral is probably a better bet.

Just ask the questions about where your money is, and how it will be looked after.

[HenryDorsetCase]

A couple of years ago I found out there is a $2000ish funeral benefit the ones you leave behind can claim. BUT it is only good if you spent your whole life being a dole or welfare bludger and have less than $5 bucks and a bag of chips to your name. If you spent your whole life working, paying tax and contributing to the country and have a few bucks in the bank or you own your house like Dad did then you get fuck all.

The funeral company you choose will do the funeral and then bill whoever handles your estate.
If there is enough cash available to pay up front they will generally give a nice prompt payment discount.

Whenever I am doing an estate I pay the lesser amount. Let them argue with a dead guy.

[HenryDorsetCase]

Yep, the $20 a week is fine while I'm working but when retirement happens am I still going to be able to meet that comfortably? Yes for the first few years but the longer I live, the harder it'll be I guess.
I'm looking at all options but also considering just putting money into a suitably accessible account which i can just build up to a good amount and then leave on a term deposit for when needed. Accessibility is the key though.

that's do-able but be aware that one of the first things that happens is that your bank accounts are frozen. If you have more than $15k, then you have to get Probate (you have a Will, right? If not, get one because doing estates without them is a fucking pain for everyone - again, do-able but more time and effort and thus money to your lawyer ( yay :) ) because of the extra work with letters of administration cf probate.

as a guide, our standard charges around estates are $1000 plus GST to get probate, usually around $1250 plus GST for LOA, then whatever admin is required in terms of fucking about with bank accounts, beneficiearies, property sales, and the like. Bonus points if you have an extra family stashed away somewhere, you dont have a Will, someone contests your Will, or you are a dirty shagger with 16 kids from five mothers.

Extra bonus points if you have lots of money. Or leave a trust. Or whatever.

Buy me a beer sometime I'll tell you all about it.

[nodrog]

Ya better hope he lives for a while, a decent 'cheap' funeral with cremation is at least $6k

He'll be dead, so he won't know what's happening to his money.

I know someone with a boat.

[SVboy]

The way I ride bikes, I imagine the fire service will hold my service, while hosing my remains off the road......

[caspernz]

This post, taken literally, is asking for responses from the "other side" and I'm disappointed we've had none :eek5::wacko:

Not suggesting there's no life after death, just no Wifi connection :sweatdrop

[Banditbandit]

I have it. I was required to take out funeral insurance with a company that gave me finance for a house I bought way back when ...

I no longer use the company as a bank, but I kept the insurance - I think it's about $125 a month .. my wife pays the bills so I have bugger all idea of the cost really ..

[neels]

Just funeral cover I wouldn't bother with, if I had sufficient assets to cover the cost upon my inevitable demise.

If there was not going to be any other money to pay for it and I could afford the premiums I'd put the same amount into a bank account, then when the total saved = cost of funeral + however much I need for the thing I want to buy I've just won on the deal.

[jasonu]

I have it. I was required to take out funeral insurance with a company that gave me finance for a house I bought way back when ...

I no longer use the company as a bank, but I kept the insurance - I think it's about $125 a month .. my wife pays the bills so I have bugger all idea of the cost really ..

You pay $125 a month for funeral insurance??? Shirly not.
If you worked out how much you have paid into that policy and look at what a funeral costs you might get a big fright.

[mashman]

Yep, the $20 a week is fine while I'm working but when retirement happens am I still going to be able to meet that comfortably? Yes for the first few years but the longer I live, the harder it'll be I guess.
I'm looking at all options but also considering just putting money into a suitably accessible account which i can just build up to a good amount and then leave on a term deposit for when needed. Accessibility is the key though.

You could start up a Dad's Death Fund with the family. If they want to buy you a present that you don't really, more bloody socks for instance, get them to pay into the DDF instead. You'll also find out which child loves you the most :killingme.

[Swoop]

You pay $125 a month for funeral insurance??? Shirly not.
If you worked out how much you have paid into that policy and look at what a funeral costs you might get a big fright.

I suspect it is more than just a funeral insurance, and more of an income protection insurance. Banks like to know they will get their money, one way or another!




Regardless of the insurance stuff, everyone please look into getting your Enduring Power of Attorney sorted out. It doesn't matter what age you are.
This shit is seriously useful if you are incapacitated, hospitalised or dead.

[JimO]

before my mum died we put $10000 into a funeral fund with the local undertaker and guess what the funeral cost $10000

[tigertim20]

get a quote for funeral insurance - then funnel the same amount into a separate bank account, and file a letter with you lawyer to go with your will stating that the money is to be used to fund your funeral up front.
Or if you trust your kids set the bank account up under their name so theres no fucking around with gaining access as its THEIR acount.

You wont overpay, cos theyll keep the balance after paying what ever it costs to bung you into the cheapest mass paupers grave at the back of the cemetary, and everyones happy

[awa355]

[QUOTE=tigertim20;

You wont overpay, cos theyll keep the balance after paying what ever it costs to bung you into the cheapest mass paupers grave at the back of the cemetary, and everyones happy[/QUOTE]

Why do dead people get to be buried on hill sides with fantastic views over the country or coastline?. :pinch:

[eldog]

Why do dead people get to be buried on hill sides with fantastic views over the country or coastline?. :pinch:

Its the only time you and I will ever be able to afford such a property, much less appreciate it.:facepalm: