Thinking about your own death, especially while in the prime of life, may seem morbid, but it is actually the perfect time to put your affairs in order. One way to ensure your wishes today are carried out tomorrow is with a funeral insurance policy. The subject may seem intimidating but it's preferable to the possibility of leaving your family members alone and vulnerable should you die without making plans. Review these questions and answers for a good idea of how to start:
• Why is funeral insurance important?
• Your loss will change your family's financial situation; funeral insurance, which is also called burial insurance or death insurance, will help get them through the urgency of a funeral without undue financial burden.
• Do healthy people really need death insurance?
• Healthy Australians die unexpectedly every day. A sudden and unexpected death is shocking enough, without the added expense an unplanned funeral will generate.
• What's the value of a death insurance policy?
• Plans vary, with benefits peaking at $15,000. When death is accidental, the benefit amount paid to beneficiaries triples.
• Does inflation affect coverage?
• Yes, and you'll be notified each year at policy renewal time. Expect an increase of 5% each year but you may choose to decline the increase in writing if you'd rather not opt in to it.
• Who's eligible?
• Every Australian between 18 and 79 years of age is eligible, regardless of health status. No one is denied and no pre-enrollment medical examinations are required.
• Any exceptions?
• The only exception is when death happens during the first year the plan is in effect. During this first year, death cover applies to accidents only. After that, death from any cause is covered.
• What happens if a policyholder goes overseas?
• Overseas travellers need not fear gaps in coverage. Every policyholder is covered 24/7, no matter where in the world death occurs.
• What about family cover?
• Your family can be covered, too, if that's what you choose. Death insurance is available to the individual; the individual and a partner; and the individual, partner, and every child in the family until he or she reaches the age of 21.
• Will rates to go up over time?
• Premium rates are adjusted every year to reflect the age of the oldest family member covered. Premiums must be paid until this policyholder turns 90 but, after that, no more premiums are required no matter how long the policyholder lives.
• Will coverage ever expire?
• No, coverage will not expire or be dropped as long as premiums are paid. Renewal is guaranteed every year.
• Who gets the benefits when the policyholder dies?
• Every policyholder can nominate as many as five beneficiaries per policy. If no beneficiaries are named, benefits will be distributed in accordance with the Life Insurance Act of 1995.
Making your own final plans means that loved ones are well protected from financial loss that can be as painful as a broken heart.
• Why is funeral insurance important?
• Your loss will change your family's financial situation; funeral insurance, which is also called burial insurance or death insurance, will help get them through the urgency of a funeral without undue financial burden.
• Do healthy people really need death insurance?
• Healthy Australians die unexpectedly every day. A sudden and unexpected death is shocking enough, without the added expense an unplanned funeral will generate.
• What's the value of a death insurance policy?
• Plans vary, with benefits peaking at $15,000. When death is accidental, the benefit amount paid to beneficiaries triples.
• Does inflation affect coverage?
• Yes, and you'll be notified each year at policy renewal time. Expect an increase of 5% each year but you may choose to decline the increase in writing if you'd rather not opt in to it.
• Who's eligible?
• Every Australian between 18 and 79 years of age is eligible, regardless of health status. No one is denied and no pre-enrollment medical examinations are required.
• Any exceptions?
• The only exception is when death happens during the first year the plan is in effect. During this first year, death cover applies to accidents only. After that, death from any cause is covered.
• What happens if a policyholder goes overseas?
• Overseas travellers need not fear gaps in coverage. Every policyholder is covered 24/7, no matter where in the world death occurs.
• What about family cover?
• Your family can be covered, too, if that's what you choose. Death insurance is available to the individual; the individual and a partner; and the individual, partner, and every child in the family until he or she reaches the age of 21.
• Will rates to go up over time?
• Premium rates are adjusted every year to reflect the age of the oldest family member covered. Premiums must be paid until this policyholder turns 90 but, after that, no more premiums are required no matter how long the policyholder lives.
• Will coverage ever expire?
• No, coverage will not expire or be dropped as long as premiums are paid. Renewal is guaranteed every year.
• Who gets the benefits when the policyholder dies?
• Every policyholder can nominate as many as five beneficiaries per policy. If no beneficiaries are named, benefits will be distributed in accordance with the Life Insurance Act of 1995.
Making your own final plans means that loved ones are well protected from financial loss that can be as painful as a broken heart.
George Pettit is a journalist and financial specialist from Australia. He writes for several magazines about topics such as real estate, investments, death insurance, currency trading and much other which attract attention of many readers.
Article Source: http://EzineArticles.com/?expert=George_Pettit 
No comments:
Post a Comment