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Consumer Funeral Insurance Advice
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 Family Fund
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;
- Premiums are fixed (guaranteed never to increase)
- Premiums are payable only until age 60 even though cover is for life
- Members are immediately covered for death by accident and natural causes
- Claims are paid without fuss and within 24 hours.
Therefore, as premiums are fixed and payable only until age 60, members know in advance exactly the total cost of their policy.
Life Company Competitors
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;
- Premiums increase regularly (even so-called “level premium options” can increase)
- Premiums are payable until age 90.
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.
Comparison of Single Adult Cover
| For $6000 cover | |||||
|---|---|---|---|---|---|
| Age at joining | Competitor | Sureplan | Saving on total premiums with Sureplan | ||
| Montly Premium | Total Premiums | Montly Premium | Total Premiums | ||
| 20 | $19.80 | $13,780 | $4.29 | $2,059 | $11,721 |
| 25 | $19.80 | $12,592 | $5.37 | $2,255 | $10,337 |
| 30 | $19.80 | $11,404 | $6.8 | $2,448 | $8,956 |
| 35 | $19.80 | $10,216 | $8.95 | $2,685 | $7,531 |
| 40 | $19.80 | $9,028 | $12.16 | $2,918 | $6,110 |
| 45 | $19.80 | $7,840 | $17.53 | $3,155 | $4,685 |
| 50 | $20.84 | $7,002 | $28.25 | $3,390 | $3,612 |
| 55 | $27.30 | $7,534 | $59.71 | $3,583 | $3,951 |
Notes
- Sureplan premiums are fixed and payable until age 60 (cover is provided for life)
- The Competitor’s “level premium option” has been utilised and premium rates have been fixed (see Note 2 below)
- The Competitor’s premium rate can increase even for the “level premium option”
- Even though premiums for the Competitors product are payable until age 90 the average life expectancy figure of 78 has been used to calculate the “total premiums payable”
To learn more about Sureplan prepaid funerals, contact our Brisbane office on (07) 3851 7800.
The Alex Gow Super Puzzle Book
Our puzzle books are produced quarterly and each book is broken down into 3 separate months, so you can do as many puzzles as you want and the answers & solutions will always be available here for you to check just how clever you are.
Alex Gow all-female funeral team
If you’d prefer an all-female funeral team, Alex Gow can do that too.
We always offer you a choice of all female funeral directors. Allowing your family to feel comfortable if they find it easier to discuss funeral arrangements with a woman. Our professional, caring female team are there to offer a funeral service that is truly fitting.
Online pre-arrangement
Pre-arrange your funeral online.
You may like to pre-arrange your funeral online.
Click here to start filling out your online pre-arrangement form.
You will also be able to print out your completed form for your own records.
Funeral planning
A helpful guide to funeral planning
For more information about the Alex Gow Funeral Planning Guide or to order your FREE copy, simply click here.
Alternatively you can chose to read the digital version here.
Consumer Funeral Insurance Advice
Want to know more about funeral insurance?
People who commence pre-funding their funeral costs before the age of 56 can save literally thousands of dollars in funeral insurance premiums. Read more...
