The Rice Warner Actuaries Report, Pre-funding funeral costs - September 2010, illustrates four case studies. 

1. Case study 1 - Female at 60 years of age.
2. Case study 2 - Male at 65 years of age.
3. Case study 3 - Female at 70 years of age.
4. Case study 4 - Male at 75 years of age.

Each case study presents a graph that shows not only the costs involved in owning

1. a prepaid funeral like the one offered by Simplicity Funerals
2. a funeral insurance policy offered by a major provider of funeral insurance products

but each graph also shows the point in time when owning a Prepaid Funeral from Simplicity Funerals becomes the more affordable choice for you and your family.
 

Case Study 1 - Female At 60 Years Of Age

 

Sarah wants to make sure her family doesn't need to find money at short notice to pay for her funeral - this is a wonderful thing. Sarah has worked out the kind of funeral she wants and it comes to around $6000.00. To cover this future cost Sarah could choose a funeral insurance policy or she could purchace a Prepaid Funeral from Simplicity Funerals. Let's see how Sarah's decision impacts on her costs.

 

1. Based on the blue line: Sarah's prepaid funeral never rises in price and, once paid in full, Sarah and her family need never worry about funeral costs again.
2. Based on the red line: Sarah's funeral insurance costs will continue to increase as she ages. Sarah will have to devote increasing amounts of income to keep her family protected from funding the cost of her funeral.
3. Based on the black line: the impact of inflation on funeral costs is shown. 
4. At around age 74, where the red and the black line intersect, Sarah would be better off investing in a Prepaid Funeral from Simplicity Funerals.  
5. There is an 89% chance for a 60 year old woman and an 81 % chance for a 60 year old man that they will live to age 74 and beyond.

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Case Study 2 - Male At 65 Years Of Age

  

Peter wants to make sure his family doesn't need to find money at short notice to pay for his funeral - this is a wonderful thing. Peter has worked out the kind of funeral he wants and it comes to around $6000.00. To cover this future cost Peter could choose a funeral insurance policy or he could purchace a Prepaid Funeral from Simplicity Funerals. Let's see how Peter's decision impacts on his costs.

 

1. Based on the blue line: Peter's prepaid funeral never rises in price and, once paid in full, Peter and her family need never worry about funeral costs again.
2. Based on the red line: Peter's funeral insurance costs will continue to increase as he ages. Peter will have to devote increasing amounts of income to keep his family protected from funding the cost of his funeral.
3. Based on the black line: the impact of inflation on funeral costs is shown. 
4. At around age 76, where the red and the black line intersect, Peter would be better off investing in a Prepaid Funeral from Simplicity Funerals.  
5. There is an 80% chance for a 65 year old man and an 88 % chance for a 65 year old woman that they will live to age 76 and beyond. 

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Case Study 3 - Female At 70 Years Of Age

Jill wants to make sure her family doesn't need to find money at short notice to pay for her funeral - this is a wonderful thing. Jill has worked out the kind of funeral she wants and it comes to around $6000.00. To cover this future cost Jill could choose a funeral insurance policy or she could purchace a Prepaid Funeral from Simplicity Funerals. Let's see how Jill's decision impacts on her costs.

 

1. Based on the blue line: Jill's prepaid funeral never rises in price and, once paid in full, Jill and her family need never worry about funeral costs again.
2. Based on the red line: Jill's funeral insurance costs will continue to increase as she ages. Jill will have to devote increasing amounts of income to keep her family protected from funding the cost of her funeral.
3. Based on the black line: the impact of inflation on funeral costs is shown. 
4. At around age 78, where the red and the black line intersect, Jill would be better off investing in a Prepaid Funeral from Simplicity Funerals.  
5. There is an 87% chance for a 70 year old woman and a 79 % chance for a 70 year old man that they will live to age 78 and beyond.

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Case Study 4 - Male At 75 Years Of Age

Ken wants to make sure his family doesn't need to find money at short notice to pay for his funeral - this is a wonderful thing. Ken has worked out the kind of funeral he wants and it comes to around $6000.00. To cover this future cost Ken could choose a funeral insurance policy or he could purchace a Prepaid Funeral from Simplicity Funerals. Let's see how Ken's decision impacts on his costs.

 

1. Based on the blue line: Ken's prepaid funeral never rises in price and, once paid in full, Ken and his family need never worry about funeral costs again.
2. Based on the red line: Ken's funeral insurance costs will continue to increase as he ages. Ken will have to devote increasing amounts of income to keep his family protected from funding the cost of his funeral.
3. Based on the black line: the impact of inflation on funeral costs is shown. 
4. At around age 81, where the red and the black line intersect, Ken would be better off investing in a Prepaid Funeral from Simplicity Funerals.  
5. There is an 76% chance for a 75 year old woman and an 85 % chance for a 75 year old woman that they will live to age 81 and beyond.

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What Should I Do?

1. Always get qualified, independent financial advice when consideing your family's financial future.
2. If you would like to know more about the differences between a prepaid funeral and funeral insurance, download and read the Rice Warner Actuaries report.
3. Make an online prepaid funeral enquiry using this form.
4. Call Simplicity Funerals today on 1800 PRE PLAN (1800 772 752) to arrange to speak to a Simplicity Funerals Prepaid Funeral Consultant.
5. Tell your friends and family about the Rice Warner Actuaries report so that they can make an informed choice about funding future funeral costs.   

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