As our parents move into their golden years it’s good to start preparing for more difficult conversations. Discussing topics such as finances and end of life arrangements is never easy to do but it is important to ensure that the correct measures are in place for when the time comes.
Funeral insurance can help ease any additional financial burden to let you and your family concentrate on grieving without unnecessary stress.
You can take out a policy on their behalf to ensure they are covered. Even if your parent(s) don’t want to talk about a topic like funeral insurance, which is understandable, we can help you through the process of putting funeral cover in place for your parents.
Many Australians are unaware of how much a funeral and any associated final expenses actually cost - until they get the bill.
The average funeral cost in Australia can be anywhere from $4,000 for a basic cremation to $15,000 for a funeral with a more elaborate casket. Typical items to account for, depending on the funeral type, include:
Some examples of how funeral insurance can be used to help you provide the perfect final farewell that your parent would love are:
It’s always difficult to talk about death, especially when it involves your own parents who you love and probably can’t imagine living without. However, the earlier you initiate the conversation about funeral insurance costs and planning, the sooner you and your parents can make the right arrangements and rest easy.
Before you look at getting a funeral insurance policy, it makes sense to talk to your parents to find out what kind of resources they already have, and if they already have a plan in place. This can help you both feel more secure in the knowledge there’s a plan in place for when the time comes.
It’s also a good idea to find out what your parents want for their funeral.
These details could factor into the type and amount of funeral insurance they need.
Yes. You can generally take out funeral insurance for a relative. Some providers may only offer to cover you and your partner, but most will provide cover for any adult or relative you choose to nominate.
Just make sure you have the consent of the family member you want to insure in order to buy funeral insurance on their behalf. Your relative will be told that there is a policy taken out over their life.
If you’re buying funeral insurance for your parent you are the owner of the policy, despite not being the person insured. This means that you are automatically the beneficiary should you need to claim on the policy.