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/808...sumer-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/808...sumer-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/808...sumer-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...

or you might be the one who needs funeral cover

[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.