Funeral insurance

[Oakie]

Worth it? Not?

For the level of cover I'm looking at at age 58, if I make it to age 73, any further premiums paid after that stay with the insurer. They are betting that I will live past 73. Getting Funeral insurance means I'm betting I won't live that long. I am in good health and have been tested for the usual things. My male ancestors generally lived into their 80s and 90s.

A resource. https://www.stuff.co.nz/business/80817047/Funeral-insurance-an-expensive-way-to-cover-costs-Consumer-NZ-warns

What I'm looking at doing is putting the equivalent of the premium payments into an account of my own with the kids' names on it and managing it that way.

Discuss.

[caseye]

Worth it? Not?

For the level of cover I'm looking at at age 58, if I make it to age 73 any further premiums paid after that stay with the insurer. They are betting that I will live past 73. Getting Funeral insurance means I'm betting I won't live that long. I am in good health and have been tested for the usual things. My male ancestors generally lived into their 80s and 90s.

A resource. https://www.stuff.co.nz/business/80817047/Funeral-insurance-an-expensive-way-to-cover-costs-Consumer-NZ-warns

What I'm looking at doing is putting the equivalent of the premium payments into an account of my own with the kids name on it and managing it that way.

Discuss.

Damn fine idea there Oakie, mind if some of us copy it?

[Laava]

I bought some fire starters and a box of matches for my whanau!
We visited some people recntly whose parents have bought a huge ostentacious funeral plot and already had a massive family headstone installed with a blank space for their names etc...gives me the shits. Burn, baby, burn!

[GazzaH]

Bugger expensive funerals: save for the wake.

Personally, whatever's left of my mortal remains after assorted bits have been donated to science and medicine can be unceremoniously dropped in the nearest offal pit. I don't give a stuff. But a good wake, now yer talkin'.

YMMV (Your Mortality May Vary)

[Oakie]

Damn fine idea there Oakie, mind if some of us copy it?

Well I've never been a trend-setter before, so why not! Copy away!

Just seems to make sense for a few reasons:

- means we won't lose the lot should we not be able to afford the premiums after retirement
- will give us a wee war chest of money should the shit really hit the fan
- after that 15 years when we hit 'break-even', whatever we put in will still come back to those who need to dispose of our carcases.

In reality, what we'd probably do is build this funeral account up this way and when we get KiwiSaver we'd use part of that to top up the account to the modest amount we want.

[Oakie]

I bought some fire starters and a box of matches for my whanau!
We visited some people recntly whose parents have bought a huge ostentacious funeral plot and already had a massive family headstone installed with a blank space for their names etc...gives me the shits. Burn, baby, burn!

Hate the hurry, pressure and family drama around dealing with the deceased in what is normally a three day time frame. What I want to happen when I toodle off is to be cremated as soon as legally possible and then the family can have a memorial service when it suits, be that a few days, a week or a month later. No embalming or 'viewing' fees. No rushing to get there.

The family can decide what to do with the ashes but my preference is to be scattered near my favourite fishing spot in the Mackenzie Basin.

[Honest Andy]

Self insurance isn't a new idea, but giving your kids the key to the fortune is a good twist. They'll be able to access the money straight away, or even early if they need it, instead of having to wait.

And +1 for Gazza' s comment. When I'm finished with it, I couldn't care less, the cheaper the better!

[johcar]

Hate the hurry, pressure and family drama around dealing with the deceased in what is normally a three day time frame. What I want to happen when I toodle off is to be cremated as soon as legally possible and then the family can have a memorial service when it suits, be that a few days, a week or a month later. No embalming or 'viewing' fees. No rushing to get there.

The family can decide what to do with the ashes but my preference is to be scattered near my favourite fishing spot in the Mackenzie Basin.Having just been through this with my step-mother, I heartily agree. Fancy funeral, all the bells and whistles - waste of time and money!

When my dad goes, a quick cremation followed by a leisurely memorial is the way to go.

Rinse and repeat when I kick the bucket...

Sent from my ONEPLUS A5000 using Tapatalk

[HenryDorsetCase]

Worth it? Not?

For the level of cover I'm looking at at age 58, if I make it to age 73, any further premiums paid after that stay with the insurer. They are betting that I will live past 73. Getting Funeral insurance means I'm betting I won't live that long. I am in good health and have been tested for the usual things. My male ancestors generally lived into their 80s and 90s.

A resource. https://www.stuff.co.nz/business/80817047/Funeral-insurance-an-expensive-way-to-cover-costs-Consumer-NZ-warns

What I'm looking at doing is putting the equivalent of the premium payments into an account of my own with the kids' names on it and managing it that way.

Discuss.

Yes. Dont give money to anyone that advertises on TV. Depending on what you want funeral wise they range from like $5000 and up . Mine with the maidens wailing, the viking longship, the three day orgy and feast, will be somewhat more expensive.

The "account in the kids names" thing is important if your estate gets tied up in probate -you know, when your OTHER family finds out and crash the funeral then want a slice of your estate. It also means they can access the coin to pay for the funeral.

By the way, since you're minded to think about it presently, have a look at your Will, consider if your circumstances have changed, and decide if you want to do anything. The other thing worth considering is Enduring Power of Attorney. If you are ga ga it is too late.

Talk it over with your wife too - if you jointly own everything then the survivor inherits so its the last of you to go that needs the estate planning thing really.

I do this stuff for a living so PM me any questions.

[Laava]

. Mine with the maidens wailing, the viking longship, the three day orgy and feast, will be somewhat more expensive

My advice would not to wait until you die for this to avoid disappointment.
Oh, and, can I come?

[AllanB]

Put the money aside is a good idea. With modern medicine you have a decent chance of hitting 80 plus.

[Honest Andy]

Oh, and, can I come?

It's a three day orgy, pace yourself...:eek:

or you might be the one who needs funeral cover :thud:

[GazzaH]

Is that 3 days in total, or elapsed?

[Laava]

Is that 3 days in total, or elapsed?

Hey bro, there is a queue here ya know!

[jasonu]

There is a funeral benefit of around $2k you can get from the government as long as you die poor and don't own anything.

[Voltaire]

Depending on what standard of care I get off the children might go for this:

https://www.cycletrader.com/research/sites/cycletrader.com/files/styles/large/public/field/image/buriedwithharley.jpg?itok=NL65_LnO

Haven't decided on the bike, might sell up some and get a Vincent,Harley ( same thing really) or Ducati 900ss so as to get my 15 minutes.:lol:

[neels]

Don't really get the specific funeral cover insurance thing.

I think Oakie is on the right track, unless you are at deaths door and your family is broke put the premiums in a bank account, the family can calculate how long they wait until they bump you off based on the account balance.

Personally I'd be happy to get stuck in a cardboard box and burnt, what's left of me once I've finished with it probably won't be of any use to anyone, and there's no point continuing to take up space on the planet when no longer functioning. Make it as cheap as possible, and spend the rest of the money on something fun, taking the family for a holiday on a pacific island in memory of seems a much better use of the money than having someone ponce around in a suit looking appropriately sombre for a large fee.

[HenryDorsetCase]

There is a funeral benefit of around $2k you can get from the government as long as you die poor and don't own anything.

It might be slightly more than that now. And you motorcyclists will be pleased to know that if you die on your motorbike ACC will pay out a funeral benefit too. I have $4500 in my head but not sure if that is right.

[HEsch]

I'm a self-insurer. I worked in insurance for a bit and decided I didn't like the idea of paying someone else to decide when, or if, I got any benefit from the premiums (vehicle insurance aside, that shit is worth having... although I've probably paid for my car again in the 10 years I've insured it, with no claims except windscreen... sigh).

My will goes first to mum (not ideal, given the age differential, but at the moment she's the best bet) then to my brother. Instructions - donate the parts of me worth donating, and do what you like with the rest. They get my property, and my (currently significant) debts, and can do whatever they want with it all. Good luck to them.

[AllanB]

It might be slightly more than that now. And you motorcyclists will be pleased to know that if you die on your motorbike ACC will pay out a funeral benefit too. I have $4500 in my head but not sure if that is right.

Shhhhh don't let the new government know they will add more to the rego

[F5 Dave]

I bought some fire starters and a box of matches for my whanau!
We visited some people recntly whose parents have bought a huge ostentacious funeral plot and already had a massive family headstone installed with a blank space for their names etc...gives me the shits. Burn, baby, burn!

Good idea. I might put away a litre of premix so at least it smells good.
Next logical step is a retirement plan consisting of one bullet.
Best see that I can borrow a gun else it's going to be a bit slow and uncomfortable pushing it into my cranium. :weird: like this emoji.

[Viking01]

Mine with the maidens wailing, the viking longship, the three day orgy and feast, will be somewhat more expensive.

Very sensible. You get my vote. Not so much "the maidens wailing" (any that
I can think of will be singing, quite happy to see the back of me), but "the viking
longboat and the three day orgy and feast" - yes, that sounds like the business :niceone:

But not anytime soon - there's still plenty of riding to be done while still above
ground.

Cheers,
Viking

[TheDemonLord]

For some reason, when I die - I want my Corpse to be packed full of High Explosives and set off.

I literally want to go out with a Bang.

[Swoop]

What I'm looking at doing is putting the equivalent of the premium payments into an account of my own with the kids' names on it and managing it that way.
"Self insuring".

A good approach indeed.






As for exit strategy, I like a recent suggestion...
"When I die, I want my remains scattered at Disneyland.

I do NOT want to be cremated first!"
:wings:

[BuzzardNZ]

For some reason, when I die - I want my Corpse to be packed full of High Explosives and set off.

I literally want to go out with a Bang.



https://www.youtube.com/watch?v=ZFwxH3PPWiU

[Oakie]

Personally I'd be happy to get stuck in a cardboard box and burnt, what's left of me once I've finished with it probably won't be of any use to anyone, and there's no point continuing to take up space on the planet when no longer functioning. Make it as cheap as possible,

Interestingly, when we processed my deceased mother-in-law in February it turned out that the paper casket was not the cheapest option. The paper option was $1300 but a plain casket made out of MDF was only $600.

[GazzaH]

$600 would buy enough ply for several (https://www.wikihow.com/Make-a-Coffin) ...

[Oakie]

$600 would buy enough ply for several (https://www.wikihow.com/Make-a-Coffin) ...

I looked at the casket and thought $100 for the MDF and $300 for the handles. $100 labour to make and $100 profit.

I made a couple of small tables for home last year. Perhaps I should be making coffins to sell instead?

[TheDemonLord]

https://www.youtube.com/watch?v=ZFwxH3PPWiU

Heh, that Video still makes me laugh - if only for the engineers quote:


"I know it will work, it's just a matter of how much explosive we need"

Words of wisdom to live by.

[Oakie]

Heh, that Video still makes me laugh - if only for the engineers quote:

"I know it will work, it's just a matter of how much explosive we need"

Words of wisdom to live by.

Not to derail my own thread ... but my favourite explosion video. https://www.youtube.com/watch?v=V---YOh9Hzk

[F5 Dave]

Seen the whale, but that guy was funny. And stooopid.

[Honest Andy]

Not to derail my own thread ... but my favourite explosion video. https://www.youtube.com/watch?v=V---YOh9Hzk

Garn, derail it. I think we've done this funeral thing to death anyway
Besides, that vid was hilarious :killingme

[Oakie]

Besides, that vid was hilarious :killingme Yeah. I used it for a Health and Safety presentation once just to lighten the mood at the start.

[neels]

Interestingly, when we processed my deceased mother-in-law in February it turned out that the paper casket was not the cheapest option. The paper option was $1300 but a plain casket made out of MDF was only $600.
I was more thinking an old fridge box or something, don't need to kill any more trees to package something that's already dead.

Maybe slap on a few stickers to personalise it a bit then burn it all.....

[GazzaH]

How about a bag? https://www.mortuarysuppliesusa.com/collections/body-bags

[oldiebutagoody]

Burials and cremations. Far simpler to organize than many think.

Funerals not so much, although I have organized four for family. Not many realize there is no legal requirement to use a Funeral Director in NZ. Cremation with your local Council (which is legally required to make provision for burial/or cremation if they have the facility) can be arranged directly by family sidestepping a Funeral Director......which is really where the huge markup happens.

Cremation often happens with a body in a 5mm MDF "liner" which comes out of the coffin used at a chapel. (Family is always informed)

There is legal documentation to be completed, but get onto it immediately and there will be no dramas. Cremation can happen in uncomplicated cases of death next day if family wish and required medical certificates and permissions are signed off. The cheapest quickest option is quite often taken by those with intelligence, and after the WINZ funeral grant of $2000 even an $ amount left over.

First port of call, phone you local council and discuss their procedures, record your wishes and what your executor needs to do to complete the required documents. Hand it to your Lawyer to be inserted in your Will if you don't have anyone you trust or can rely on to be around when you go.

"Funerals" are not for the dead, they are for the ones left behind to make them feel better/achieve closure/say goodbye. There is an industry parasitic in nature surrounding and taking advantage of the fuzzy headedness that occurs at the time if death of someone close. The best gift you can give them left behind is a prearranged "burial or cremation" but bugger the funeral.......leave them the cash instead.

(caution: these views may not reflect those of my employer)

[russd7]

Burials and cremations. Far simpler to organize than many think.

Funerals not so much, although I have organized four for family. Not many realize there is no legal requirement to use a Funeral Director in NZ. Cremation with your local Council (which is legally required to make provision for burial/or cremation if they have the facility) can be arranged directly by family sidestepping a Funeral Director......which is really where the huge markup happens.

Cremation often happens with a body in a 5mm MDF "liner" which comes out of the coffin used at a chapel. (Family is always informed)

There is legal documentation to be completed, but get onto it immediately and there will be no dramas. Cremation can happen in uncomplicated cases of death next day if family wish and required medical certificates and permissions are signed off. The cheapest quickest option is quite often taken by those with intelligence, and after the WINZ funeral grant of $2000 even an $ amount left over.

First port of call, phone you local council and discuss their procedures, record your wishes and what your executor needs to do to complete the required documents. Hand it to your Lawyer to be inserted in your Will if you don't have anyone you trust or can rely on to be around when you go.

"Funerals" are not for the dead, they are for the ones left behind to make them feel better/achieve closure/say goodbye. There is an industry parasitic in nature surrounding and taking advantage of the fuzzy headedness that occurs at the time if death of someone close. The best gift you can give them left behind is a prearranged "burial or cremation" but bugger the funeral.......leave them the cash instead.

(caution: these views may not reflect those of my employer)

seem to remember a few year ago that a couple of brothers got taken to growled for cremating dad on a bonfire on the farm, turns out the only thing they did wrong was not get the appropriate permit to do so, everything else they did was legal

here it is
http://www.stuff.co.nz/national/6689531/Family-holds-home-cremation

[awayatc]

I suppose a permit is required to be put through the old Kent?

Getting bits to fit might be a bit messy.....

[pritch]

"I want a simple funeral when I die - with my name in fireworks in the sky."

I think that was the gist. I only ever heard the song once while waiting in Wanganui to be rescued, my two stroke having dropped a valve.

[granstar]

I suppose a permit is required to be put through the old Kent?

Getting bits to fit might be a bit messy.....

No one would know at mine, i'm a butcher and live next to a crem, (have to close windows at night as sets the fire alarms off). Dirty deeds done dirt cheap :facepalm:

[Oakie]

No one would know at mine, i'm a butcher and live next to a crem, (have to close windows at night as sets the fire alarms off). Dirty deeds done dirt cheap :facepalm:

You got a big mincer then???

Edit: that is NOT a euphamism! I really mean a mincing machine.

[russd7]

No one would know at mine, i'm a butcher and live next to a crem, (have to close windows at night as sets the fire alarms off). Dirty deeds done dirt cheap :facepalm:

and if all else fails there could also be a fire in ye ole well :yes:

[granstar]

and if all else fails there could also be a fire in 'Ye Ole Well' :yes:

So our street sign says, 'NICE AVENUE' ...of course would need attendance of a keen volunteer fireman to keep up the good spirits (mines Talisker) and copious amounts of liquids (second hand usually best practise unless its DB, you can use that straight) to dowse any errant flames and rattlesnakes.

[granstar]

You got a big mincer then???

Edit: that is NOT a euphamism! I really mean a mincing machine.

Hell yeah … https://i.pinimg.com/originals/35/14/9b/35149b25916d97eeb7b9f733255ff7d5.jpg

[pete376403]

Got a quote from Momentum Life for funeral and accident cover today (they advertised on Facebook, I entered a few details and got a call back within minutes). Sounded good over the phone but I requested a written quote. it really is a rip - I'm 65, the quote was for $6K funeral, $18K accidental death or $12k serious injury. Weekly premium is $13.81. No premiums payable after age 85. The gotchas - I have to pay 20 years at $13.81 /week ($14362) to get a $6k funeral, the accident insurance ceases at age 70, there is no payout for the first 2 years other than what i've paid in - leaves a pretty narrow window of 3 years where they will pay the accident component.

I was pretty sure this as how it was going to play, but getting a quote was necessary to get real figures.

Bottom line, as others have said, put the same money into a savings account AND get a bit of interest as well. Of put it into Lotto tickets, you probably won't win it back, but you just might.

[Oakie]

Of put it into Lotto tickets, you probably won't win it back, but you just might. Bonus Bonds are still a thing if you want a chance to win big and still keep your money.

[jasonu]

Got a quote from Momentum Life for funeral and accident cover today (they advertised on Facebook, I entered a few details and got a call back within minutes). Sounded good over the phone but I requested a written quote. it really is a rip - I'm 65, the quote was for $6K funeral, $18K accidental death or $12k serious injury. Weekly premium is $13.81. No premiums payable after age 85. The gotchas - I have to pay 20 years at $13.81 /week ($14362) to get a $6k funeral, the accident insurance ceases at age 70, there is no payout for the first 2 years other than what i've paid in - leaves a pretty narrow window of 3 years where they will pay the accident component.

I was pretty sure this as how it was going to play, but getting a quote was necessary to get real figures.

Bottom line, as others have said, put the same money into a savings account AND get a bit of interest as well. Of put it into Lotto tickets, you probably won't win it back, but you just might.

$6k is a no frills funeral.

[pete376403]

$6k is a no frills funeral.

For the principal actor involved - why would that person want anything grander - it's not like he/she is going to appreciate the spectacle. Bonfire in the backyard would achieve the same result.

[F5 Dave]

Being that HDC for example is quite the principal actor . I think knowing that there are going to be wailing maidens and virgins(*) throwing themselves on the funeral fire would give him quite a kick even or especially while forking out the money in advance.
Now I guess that is really like buying lottery tickets. You are buying the dream rather than the actual experience.

(*) accountants and IT geeks.