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Funeral insurance appeals to older people who may not have many assets to leave to their family or to pay for their funeral. Consumers pay monthly or fortnightly premiums for certain amount of cover. This cover can be used for anything the beneficiary requires – such as travel or funeral expenses.
The sum insured can range from $3,000 up to $50,000, although an amount between $5,000 and $15,000 is most commonly chosen. This sum insured is paid to your beneficiary when you die.
Funeral insurance is attractive particularly to those on a small or fixed income who can’t afford a lump sum payment upfront but can afford smaller, regular premium payments. These usually cease when the desired cover is reached or when the person reaches the age of 90. However, the full benefit remains until death.