Over the years, the surge of Funeral Insurance has been prolific on television and mainstream advertising. But what is it? So many people think that this is a cost effective way of getting personal protection, when in fact you get robbed with funeral insurance.
A Current Affair have run a great story here, where I am part of the story explaining the alternatives that must be explored before believing the morning television programs.
Funeral Insurance may make it ‘easy’ to arrange, but there are many pitfalls to taking out this type of insurance.
There are various types of cover within the industry, so we will just cover the main parts to a funeral policy:
- The first 12 months is accident only;
- Excludes pre-existing conditions;
- Premiums are far above normal life insurance rates (as described in the video)
- You can pay many times more than actual value of cover
If you have a Funeral Cover policy with any insurer, let me know the details and I will be more than happy to give you a comparison to show you the difference.