Funeral Insurance is a product that many of you will have heard of, but may not necessarily have taken out.
It is worth bearing in mind that funerals are particularly costly events that can cause financial strain for your family.
Taking out funeral insurance can help deal with this cost, giving everyone peace of mind should the worst ever happen.
How much does funeral insurance cost?
It is possible to pay for funeral insurance for just a matter of dollars a month, making it a minimal financial commitment.
Sacrificing a cup of coffee a week would give you enough cash to pay into a policy, so you don't need to worry about your outgoings taking a major hit.
One benefit is that many insurers offer you the chance to pay your premiums on a fortnightly or monthly basis and on the day of your choice, giving yet more flexibility.
Is it worth saving up for my funeral?
The cost of funerals these days can run into thousands of dollars, but as with anything, it depends on the choices you make.
It is not uncommon for funerals to cost in excess of $5,000, making them a massive financial commitment for your family once you have gone.
One of the main problems they will face is that they will want to create the best send-off possible for you, but are worried about the financial restrictions of being able to achieve this.
How quickly can my family access the money?
In the majority of cases, funeral insurance policies will pay out quickly and give your family the money they need in no time at all.
Such policies are designed to make this already stressful time as easy to cope with as possible, so be rest assured that your policy can be accessed with minimal hassle.
When should I think about taking out funeral insurance?
Applying for a funeral insurance policy is something you might not think about until later in life, but there is no reason why you shouldn't consider it earlier.
It is usually possible to sign up for funeral insurance as young as 18, while premiums tend to stop around the age of 90.
In some cases, people think about funeral insurance after they have suffered a loss themselves, meaning they use the event to get their own financial affairs in order.
Whenever you decide to take out a policy, make sure you fully understand it before signing any paperwork.