People who commence pre-funding their funeral costs before the age of 56 can save literally thousands in funeral insurance premiums. The Table below compares the cost of funeral insurance between a well known life insurance company and Sureplan Friendly Society for applicants up to the age of 55.
Sureplan accepts applications to join Sureplan Family Fund on the basis that, at the time of joining, applicants are unaware of any medical condition that will shorten their normal life expectancy. This is because, as can be seen in the Table, the total cost to members in total premiums paid is significantly less than their funeral benefit e.g. a 40 year old pays total premiums of $2,918 for a benefit of $6,000. Therefore, applicants need to disclose all medical and health conditions at the time of application. For Sureplan Family Fund;
Therefore, as premiums are fixed and payable only until age 60, members know in advance exactly the total cost of their policy.
The funeral plan compared in the Table is typical of those offered by life insurance companies that are heavily advertised in the electronic media. People can apply up to the age of 80 and are automatically accepted however the companies mitigate this risk by removing cover for natural causes for either the first 12 or 24 months. With these policies;
This means someone commencing a policy at age 45, assuming they live until age 78, will pay a minimum of $7,840 in total premiums compared to the $3,155 for Sureplan Family Fund.
|For $6000 cover|
|Age at joining||Competitor||Sureplan||Saving on total premiums with Sureplan|
|Montly Premium||Total Premiums||Montly Premium||Total Premiums|
To learn more about Sureplan prepaid funerals, contact our Brisbane office on (07) 3851 7800.