Don’t Pay $20,000 for a $6,000 payout, Funeral Insurance, Death Cover, Funeral Cover,

That is why Sureplan normally cautions against funeral insurance for people over the age of 55. In most cases you will be far better off starting a savings program with a funeral bond like Sureplan Gold.

Why not funeral insurance then?

The answer is simple. If you live until an average life expectancy of say 80 you can end up, with some other funeral insurance plans, paying total premiums of over 3 times your final funeral benefit. In other words you could pay $20,000 for $6,000 of funeral cover. This is because;

• Premiums are payable until age 90
• Premiums will increase as you get older e.g. with one funeral insurer, for a $6,000 policy, the weekly premium at age 65 is $9.48 but by age 85 it will have increased to $38.38 – for many people this will be totally unaffordable.

And if you stop paying your premiums your policy will lapse and you will therefore end up with no funeral benefit at all.

Sureplan can help with an alternative – Sureplan Gold is a secure and flexible funeral bond that is a perfect vehicle with which to put aside funds towards the cost of a funeral. Contributions to Sureplan Gold can be either made as a lump sum or with regular deposits from as little as $20 per month and there are pension and taxation benefits. Importantly, the amount you accumulate in Sureplan Gold will always be there when needed - and paid within 24 hours.