Funeral Insurance is an expense covering protection offered by various insurance companies. The policy will usually cover all costs associated with the funeral service, as well as unexpected costs arising as a result of the passing. The insurance is generally for a fixed amount varying between $5,000 and $20,000, depending on the level of cover taken out.
Funeral Insurance eliminates the need to either have, or borrow, the costs of a funeral up-front. A monthly premium is charged over the lifetime, with the payout occurring after death. The process for making a funeral insurance claim can be found here.
Why Funeral Insurance?
$Funeral Insurance is a budget friendly option, as it requires little initial outlay.
What is provided?
Funeral Insurance, or ‘Final Expenses Insurance’ provides a cash benefit to cover the cost of the funeral and any associated expenses. Some insurance companies have restrictions on what this cash benefit can be spent on, while others issue the benefit without question.
How to apply
Applying for funeral insurance is generally quite simple, with cover available the day the policy is taken out. Applications can be made over the phone or through the insurance companies website.