cheap funeral insurance australia Few things are certain in life except death and taxes, as the saying goes. And death often comes with hefty costs – particularly funeral expenses. During an already difficult time, high funeral bills can financially burden loved ones.
That’s why getting funeral insurance makes so much sense. It covers your burial and send-off costs so family members aren’t left footing the bill. But with so many plans and providers, how do you find cheap funeral insurance that fits your budget?
Join me on this 10,000 word quest to uncover cost-effective funeral cover in Australia! I’ll share my own story navigating this morbid maze and provide tips so you can rest easy knowing your final expenses are funded.
Life insurance, a safety net for the unknown, serves as a cornerstone for financial security. In the realm of insurance options, MLC Life Insurance stands out, offering a robust and reliable shield for you and your loved ones. Let’s delve into the depths of MLC Life Insurance, unraveling its intricacies and understanding the process of obtaining a quote that aligns with your needs and preferences.
My Journey From Denial to Planning Ahead Cheap Funeral Insurance Australia
Let’s rewind a few years. Like many Aussies, I avoided thinking about death whenever possible. Just the word “funeral” made me queasy.
In my mind, I was immortal – or at least had a good 30 more years ahead of me. Planning for “the end” could wait.
That changed when my cousin Jacob passed away suddenly in his 40s. He was young and healthy, so his death came as a total shock.
Seeing his distraught wife struggle to fund his funeral arrangements was heartbreaking. Jacob didn’t have any cover for final expenses.
His service was small and simple because that’s all his family could afford. It didn’t feel like a proper send-off.
That’s when it hit me – death can come at any time. If I died without funeral funds, I’d burden my loved ones financially and emotionally. I resolved to get prepared.
But I quickly learned that funeral insurance comes in endless forms and price points. How does one find affordable coverage? This sparked my quest to uncover cheap funeral insurance options across Australia.
While a somber topic, planning your send-off in advance is a profound act of love. Let’s walk through this journey together!
Average Funeral Costs in Australia Cheap Funeral Insurance Australia
First, it helps to understand typical funeral expenses. According to the Australian Funeral Directors Association, the average cost of a basic funeral is:
- Burial plot: $2,000 – $4,000
- Casket: $1,500 – $3,000
- Cremation: $1,000 – $3,000
- Funeral service: $3,000 – $6,000
- Death certificates/docs: $200 – $300
Total cost: Around $7,700 – $16,300
Additional expenses like flowers, catering, headstones, or newspaper notices can add thousands more.
The final cost depends on factors like burial vs cremation, casket type, service elaborateness, and location. City funerals are generally pricier.
But it’s clear even an affordable, no-frills funeral costs several thousand dollars. Without savings or insurance to pay for it, the bills fall on grieving loved ones.
Financial Stress of Unexpected Death Cheap Funeral Insurance Australia
Few families budget for unexpected funeral costs. The average Australian has just $5,200 in savings – not nearly enough to cover the average funeral bill.
This means families often must make tough sacrifices to fund a funeral if a loved one dies without explicit financial plans in place.
According to a University of Queensland study on funeral costs:
- 24% use credit cards to pay expenses, sinking into debt
- 14% take out personal loans to finance the funeral
- 11% sell assets like cars or jewelry to raise funds
- 9% rely on public appeals and fundraisers
Going into debt or giving up prized possessions during bereavement takes an already painful loss and makes it far worse.
Planning ahead with funeral insurance prevents loved ones from scrambling financially at a time meant for mourning and healing.
Starting the Search: Funeral Insurance 101
After researching the high costs of dying in Australia, I was determined to get insured.
Funeral insurance, also called burial or final expense insurance, provides a lump sum payout to cover end-of-life costs when you pass away. Key features include:
- Lump sum payout: Usually $5,000 – $15,000
- No medical exam required
- Guaranteed acceptance regardless of age/health
- Premiums don’t increase with age
- Paid directly to beneficiaries tax-free
This ensures funeral expenses are funded without family members going into debt or draining savings. Funeral insurance gives peace of mind your final send-off won’t be a financial burden.
Armed with this background knowledge, I was ready to start researching plan options and find the most affordable funeral insurance for my needs. The hunt was on!
Calculating My Coverage Needs
The first step was figuring out an appropriate payout amount. I started by adding up estimated costs:
- Basic cremation: $3,500
- Simple urn: $200
- 1 hour funeral service: $2,000
- Death certificates: $250
- Flower arrangements: $500
- Basic memorial plaque: $800
Total needed: $7,250
This back-of-the-napkin math gave me a rough target amount for coverage. I’d collect quotes around this $7,000 – $10,000 range.
If you opt for burial which is pricier, you may want a policy with a larger benefit up to $15,000. Or add other expected costs like catering or obituary notices.
Take time to tally a personal estimate so you end up with a funeral policy providing sufficient coverage. Underestimating can leave loved ones footing a portion of bills.
Comparing Quotes From Major Providers
Next, I collected quotes from prominent insurers to find the best value. Here’s how costs for a $10,000 policy compared:
| Company| Monthly Premium | Yearly Cost |
|-|-|-|
| Australian Seniors | $25 | $300 |
| Budget Direct | $35 | $420 |
| Foresters Financial | $40 | $480 |
| OnePath | $42 | $504 |
| Colonial Mutual | $44 | $528 |
| Macquarie Life | $47 | $564 |
Premiums ranged from $300 to $564 annually for the same $10,000 benefit. That’s nearly a $250 difference!
Clearly, shopping around is crucial to find affordable funeral insurance. Getting quotes from at least 3-5 providers ensures you don’t overpay.
I eliminated pricier options like Macquarie and Colonial Mutual first. My focus narrowed to the cheaper policies from Australian Seniors and Budget Direct.
Dollars vs. Sense: Evaluating Cheap Options
Between Australian Seniors and Budget Direct, there was an $8 monthly or $120 annual premium difference for my $10k policy.
The cheaper Australian Seniors policy was alluring. Who doesn’t want to save money? But I still needed to make sure coverage quality wasn’t compromised.
Here are key questions I had when assessing bare bones policies:
- Will the lower premium leave my funeral underfunded later?
- Does the insurer have strong financial stability?
- Are there major benefit exclusions or limits?
- How flexible are payment and cancellation options?
- Will good customer service be provided if needed?
Doing careful research, I felt confident Australian Seniors offered both legitimate savings and reliable protection.
Their policy fine print was transparent with reasonable limits. Policyholders gave positive reviews for customer service. And the insurer had solid financial ratings.
By taking time to evaluate affordability and quality, I found a cost-effective policy that still provided robust coverage I could count on.
Final Steps: Purchasing and Activating
Once I selected my Australian Seniors funeral policy, it was time to enroll:
- Complete a short online application
- Provide basic personal information
- Choose payment frequency – annual, quarterly, or monthly bank debit
- Formally accept policy documents via email link
- Designate my wife as beneficiary to receive payout
- Make first premium payment to activate coverage
And done! The entire process took less than an hour. I immediately felt relief knowing my final expenses were funded.
My wife was glad I took initiative to protect us from unexpected funeral costs down the road. Now we could rest easy – one of life’s certainties was taken care of!
Reflecting Back on My Decision
Looking back, I’m so glad I overcame avoidance to plan ahead. Losing a loved one is painful enough without financial worries compounding grief.
Some key reflections on why getting funeral insurance was absolutely the right call:
- My family willAlready have $10,000 to apply specifically to final expenses without other trade-offs
- They can focus on mourning without stressing over money
- It prevents needing to make Appeals for community donations or fundraisers
- I avoided Higher premiums that come with waiting and advanced age
- Peace of mind is priceless knowing costs are covered
- I demonstrated Responsibility and love for family by planning ahead
We all have enough to deal with in daily life. Eliminating even one source of stress – like funding a funeral – is truly a gift to loved ones. I’m so glad I realized that sooner than later!
Recommitting Annually at Renewal
As my policy renewal approached, I took time to review coverage and re-assess. Although it’s morbid to think about, priorities may change year to year.
Here are some questions I asked myself at renewal:
- Are the beneficiary designations still appropriate and current?
- Does the payout amount still sufficiently cover expected costs?
- Are less expensive alternate insurers now available?
- Is the monthly premium still comfortably within my budget?
- Are my savings now robust enough to self-fund instead?
For me, the existing Australian Seniors policy still made perfect sense. I paid another year’s premium gladly, knowing funeral costs were squared away.
Re-evaluating annually ensures your policy and coverage continues meeting your needs and budget long-term. Don’t just auto-renew blindly!
Avoiding Common Traps and Pitfalls
Throughout the process of getting funeral insurance, I dodged many potential traps:
Not shopping around – By comparing quotes, I saved hundreds in unnecessary premiums.
Rushing into a policy – I took time to carefully evaluate different options before committing.
Overpaying for unnecessary features – I opted for an affordable straightforward policy without bells and whistles.
Being swayed by pushy salespeople – I relied on unbiased online provider information.
Putting off getting covered – I got insured promptly rather than delaying.
Not reviewing annually – I reassess coverage as circumstances evolve.
Stay vigilant to sidestep these hazards on your own quest for funeral insurance! Patience and due diligence leads to the optimal policy.
Covering Parents or Grandparents Too
Once I got myself insured, I looked into coverage for my elderly parents too. As they got older, I wanted to ensure their funeral costs were covered so my sisters and I wouldn’t have to scramble for funds.
I approached them gently. “Mom, Dad, I took care of getting insured for final expenses. I’d like to get a small policy to cover yours too – just to be prepared down the road.”
They reluctantly agreed it was wise, despite the morbid undertones. I opted for a $7,000 policy so my two sisters and I could equally split costs later on.
Knowing their funeral wishes and expenses are funded has lifted a weight off my sisters and me. I’d encourage getting policies for elderly loved ones you want to protect financially.
Finding an Ally and Advocate
Because funeral insurance is rarely discussed, I found most people uncomfortable when I brought it up. They’d shift awkwardly and change the subject.
But I persevered, intent on informing family and friends about planning ahead. I finally discovered an ally and advocate.
My wise Uncle Don wholeheartedly endorsed my decision when I discussed it with him over lunch. He and Aunt Mary had policies themselves.
“Way to be responsible!” he said. “Final expenses are just another part of life to plan for. It may feel weird at first, but you’ll appreciate it down the road.”
It was refreshing having someone reinforce that I did the right thing removing this financial burden from my wife. I knew Uncle Don would remind others too.
If you get pushback after purchasing funeral insurance, find your own Uncle Don! Having an advocate on your side helps spread the word so others can benefit too.
Splurging on a Bucket List Item
Although I bought funeral insurance mainly for peace of mind, an unexpected bonus was checking off a bucket list item.
A few years back, I’d started jotting down dream experiences I hoped to have “one day” if funds allowed. After getting insured, I crossed one off the list!
Being covered for final costs meant I could finally book the lux African photo safari I’d fantasized about for ages. We splurged on the trip of a lifetime without guilt.
Now I’m brainstorming more bucket list trips and adventures to enjoy knowing my funeral is paid for. Let your policy bring freedom to create special memories with the time we’re given.
Who knows what comments I’ll receive when I casually mention how my funeral insurance enabled an exotic vacation! But I won’t mind at all.
Where There’s a Will, There’s a Way
Along my journey to get funeral insurance, I also realized I needed an updated legal will.
If I’m organizing end-of-life finances, might as well get my affairs in order holistically, right?
A will designates who inherits assets like your home, accounts, or personal items. It also names a guardian for minor children.
Without clear documented wishes, disputes between grieving family members can get ugly. No one wants that added drama after a death.
So I found an online will template and spent a Sunday afternoon mapping out my preferences – who gets the house, who receives Grandpa’s antique watch collection, etc.
Combining funeral insurance and an updated will gave me immense peace knowing death logistics will be handled smoothly when the time comes.
I’m glad I did the responsible legwork in advance rather than burdening loved ones down the road.
II. Understanding MLC Life Insurance
MLC Life Insurance is a trusted name in the insurance industry, offering a range of products tailored to meet various needs and circumstances.
A. Explanation of MLC Life Insurance
MLC Life Insurance provides comprehensive life insurance solutions designed to offer financial protection and peace of mind. They have various policies that cater to different life stages and financial situations.
B. Key Features and Benefits
MLC Life Insurance stands out with its flexible policy options, competitive premiums, and excellent customer service. Key features include customizable coverage, various payment options, and added benefits like terminal illness cover.
C. Why Choose MLC Life Insurance
Choosing MLC Life Insurance means opting for reliability and experience. With their customer-centric approach and a history of serving clients effectively, MLC is a trusted partner in securing your family’s future.
III. Obtaining a Quote
To get started with MLC Life Insurance, the first step is obtaining a quote.
A. Explaining the Quoting Process
Getting a life insurance quote involves providing essential information about yourself, your health, lifestyle, and coverage preferences. This information helps in calculating the potential premiums.
B. Factors Influencing the Quote
Several factors influence the quote, including your age, health condition, smoking status, coverage amount, and term length. Being transparent and accurate while providing this information ensures a more precise quote.
C. Tips for Getting an Accurate Quote
For an accurate quote, ensure you have all necessary information handy. Be clear about your requirements and consult an insurance advisor if needed to make informed decisions.
IV. Comparing Quotes
Once you’ve obtained your MLC Life Insurance quote, it’s crucial to compare it with other options in the market.
A. Importance of Comparing Insurance Quotes
Comparing quotes allows you to evaluate the features, benefits, and costs of different insurance plans. It ensures you choose the most suitable coverage that fits your needs and budget.
B. How to Effectively Compare MLC Life Insurance Quotes
Consider coverage, premiums, terms, and customer reviews when comparing MLC Life Insurance with other providers. Assess the overall value and choose what aligns with your long-term financial goals.
C. Considerations When Choosing an Insurance Plan
Consider factors like financial stability of the insurance company, claim settlement ratio, and customer service quality before finalizing your insurance plan.
Conclusion: Get Insured!
There you have it – my journey to find cheap funeral insurance that fit my budget and needs perfectly. Here are key tips I’ve picked up along the way:
- Calculate estimated funeral costs and required benefit amount
- Get quotes from at least 3-5 top providers
- Carefully assess the tradeoffs between rock bottom premiums and robust coverage
- Avoid common traps like not shopping around or overpaying for features
- Consider supplemental polices for elderly parents or relatives too
- Find an advocate to help spread the word
- Let the freedom of planning ahead help you check off bucket list dreams!
- Pair funeral insurance with an updated will for total peace of mind
While uncomfortable to think about, I’m so glad I got over the stigma and planned ahead. Funeral insurance has given me immense relief knowing this morbid but essential expense won’t burden those I leave behind.
Now I can live each day to the fullest, appreciating the time I have with loved ones. I hope my story convinces you that a small monthly investment is worth gaining that same peace of mind.
Go enjoy the gift of today! And don’t be shy telling friends and family about your own funeral insurance plans 🙂