Missing a payment with your funeral insurance plan can have dire consequences
With some funeral insurance plans the missing of a monthly payment, and then subsequently falling into arrears by 60 days, can result in the policy being cancelled. When a policy is cancelled, or lapsed as it is known, the policy holder normally receives no refund of the premiums paid up to that time. For many people this of course can be devastating as this can leave them with no funeral cover at all.
As a number of these funeral plans require premiums to be paid until age 90, it is not inconceivable that even the most diligent of payers will at some point simply overlook a payment. If they are away on holidays, or having a medical issue, the paying of a funeral insurance policy can easily be forgotten.
Therefore for people under the age of 56 it makes sense to apply to join Sureplan Family Fund, a funeral plan that has low, fixed premiums payable only until age 60. As the policy can be finalised up to 30 years earlier than some other funeral plans this can result in savings of thousands of dollars in total costs. Also, the younger someone commences a policy the less they will pay in total premiums. Therefore with Sureplan Family Fund it is a good idea to start as young as possible – to see how little a policy can cost check out our online calculator at www.sureplanfuneralinsurance.com.au.