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Compare the cheapest Funeral Insurance: Pre-paid, Bonds & Insurance
 
 
 
Choice did a survey & found funeral prepaid expenses & bonds were more cost effective than insurance doe to rise in costs of having a funeral over time.
 
 
Funeral Insurance can work out costs alot of money especially if you die old (a good thing) but you keep on paying for it each month until then!
 
 
Cost of $6000 funeral with funeral insurance
Age at Death Premiums paidDifference
81 $20,317-$7843 
86 $40976-$25056 
91$64879 -$45528 
 
Source: Choice Report case study
 
 
Options include a:
  1. Prepay funeral so you can stipulate type of funeral you want. (you shouldn't end out paying more than today's price for it.)
  2. Funeral Bond- investing in investments that pay for your funeral fund.
  3. Funeral Insurance is the least cost effective.

 

You may already by covered by your life insurance or superannuation.

 

The simplest & safest option is usually a High Interest Savings Account to save for a funeral. Also make in joint names for that the other person can access the funds when you die rather than having to wait for will & probate/ death certificate.