Funeral Insurance Pitfalls

This week I read an article on news.com.au which highlights the recent report from the Australian Securities and Investments Commission (ASIC) regarding Funeral Insurance. The report states that “in 2014, the number of funeral insurance policies cancelled was 80 per cent of the number of policies sold, with cost the main reason for cancelling…” Mitchell Watson from the research group Canstar says “If you’re under the age of sixty there are probably far more cost-effective ways to fund your funeral” and ASIC recommends prepaid funerals and funeral bonds as a better alternative.

We at Tobin Brothers Funerals see time and time again, the benefits to families when their loved one has pre-arranged a funeral with a Fixed Price Funeral Plan. We also too often care for increasing numbers of clients who have paid monies into Funeral Insurance funds in good faith, only to find that due to missed payments when they have been ill or in hospital, they are not eligible for any reimbursement. This sets them back to square one with their funeral arrangement and costs that sometimes involve a loss of thousands of dollars.

With a pre-paid Fixed Price Funeral Plan with Tobin Brothers Funerals, the cost is set; once it is paid it is paid, and you will avoid this all too common pitfall associated with Funeral Insurance offered by other companies.

To read more of the article on news.com.au and make up your own mind, click here.

James MacLeod – Managing Director, Tobin Brothers Funerals