Our funeral insurance comparison service has been designed to assist you in choosing the most affordable funeral and end-of-life expenses, the money can be used however your nominated beneficiary sees fit – to pay for travel expenses or legal fees, for example.
Has the cost of funerals changed over time?
The price of funerals and changes comes back to the basics of inflation.
Like most goods and services, the cost of a funeral has increased, with even the most simple funerals costing families $6,000, based on research conducted by the University of Sydney.
When you think back to when you were growing up and how much your family would pay for the basics like milk and bread, chances are they were significantly different prices to what you are paying now. Sure, income has gone up too but in some industries not at the same rate as household necessities. House prices are one thing that have massively increased in price at a much faster rate than inflation and wages. That makes it hard to predict what prices we’ll be paying in ten, twenty, thirty years’ time for goods and services- it’s anyone’s guess.
Who should have funeral insurance?
We know what you’re probably thinking – that all we want is to tell everyone they should have it so that we make more money. Yes, you can buy funeral insurance on Compare and Choose. But like with any purchase, we believe that you should be informed and do your research before you buy anything. That’s why we don’t just sell one product. We provide the options and the choice to make your own decision.
Insurance isn’t for everyone. Some people prefer to not have insurance and pay for things when they pop up. Think about what type of person you are. Do you have insurance for your car, for example? Do you just have compulsory third party insurance? Are you more the “comprehensive” kind because you’d rather know upfront what you’re going to be paying each year rather than waiting for that (touch wood) accident or breakdown to happen and then having to pay out a couple of thousand on the spot? It’s no different with funeral insurance. If you’re not the type of person to have home and contents insurance, car insurance or phone insurance, then maybe funeral insurance isn’t for you. The main difference with funeral insurance is though, given the nature of funerals, you won’t be around to pay for it. That’s a big factor people consider when deciding because most of us don’t want to burden our family and friends. So be clear you check our funeral insurance comparison section of our website to ensure you know what your going to save, we have no hidden costs and every funeral policy is tailored to suit around your requirements.
Can I afford funeral insurance?
Signing up for funeral insurance should be a decision you make after you consider your financial position and what insurance plans match your current ability to pay the premiums as well as future premiums. It’s best to be sure that you can make your repayments comfortably a couple of years from now, for example. If you don’t expect your financial situation to change drastically then you should be pretty confident knowing you’ll be able to afford your premiums. You can compare prices first and see what amount you’re happy paying as there’s plenty of options. Most premiums cost around the price of a coffee per week or less. Whatever the premiums are that you choose, consider how that might affect your weekly lifestyle.
The best part about purchasing funeral insurance (or any other type of insurance) through Compare and Choose is that you get time to do the research and compare different policies and fine prints. If you speak to a salesperson, for instance, you’re normally under a bit of time pressure because you don’t have unlimited hours with them and it can be easier to make a haste decision. We recommend having a look through all the products we have to choose from and picking the one that’s right for you. A good tip is to look out for funeral insurance plans with a ‘cooling-off’ period. That means that if you change your mind within a certain period of time after sign-up, you can get your money back. That way if your circumstances change or whatever the case may be, you’ve got peace of mind that you can walk away if needed.
Top 4 tips when signing up for funeral insurance:
1. Shop around
Don’t necessarily sign up to the first policy or company you look at. Compare different plans and policies to see what suits your lifestyle best.
2. Look at your budget
Most funeral insurance policies cost just a few dollars a week but it’s good to look at your weekly budget overall and be confident that you’ll be able to make the repayments.
3. Know the basics
Knowing how much funerals cost can help you make a clear decision about how much your family will need when the time comes. Call funeral homes and enquire about their costs. As a guide, funerals on average are between $6,000-$20,000.
4. Avoid scams
Unfortunately, unethical businesses do exist and there have been cases where people have been taken advantage of by salespeople selling funeral plans or other types of insurance. Go through a trusted provider and reputable companies to avoid the risks of falling into sales traps. Try our funeral insurance comparison section of our website today and find out how much you can save!
Looking for a life insurance quote or to protect your income? No problem, we cover a whole range of insurance policies.