Monday, December 21, 2015

Funeral Insurance 101

It just came to my realisation that certain countries do sell insurance to cover the cost of one's funeral expenses. This is usually a standalone insurance that offers a payout to tide the family through the funeral expenses which usually adds up to tens of thousands of dollars.

Some features of funeral insurance that I have seen includes:

  1. Flexible coverage amounts
  2. Fixed premiums with no increase in age
  3. Guaranteed coverage with no medical examination for people of a certain age range
  4. Fast payouts in 24 hours
  5. Payouts that are at least more than or equal to the premiums paid
  6. Professional grief counselling
  7. Discounts that are applicable if it is a family plan

Of course, the above stated features  are just a sample of what is available in the market. So one will have to conduct the necessary due diligence to find the best funeral insurance that suits one's purposes.

In countries like Singapore, such insurance is also almost non-existent though it will be interesting to see whether there is a market for such a product.

I think this insurance is really niche but still fills a necessary gap since it will provide loved ones with almost immediate spare cash for funeral expenses when the need arises.

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