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Don't you wish there was a simple way to fund your future funeral costs?
Pre-funding funeral costs - September 2010, a report by Rice Warner Actuaries looks at prepaid funerals and funeral insurance. This report has been extensively covered by some of Australia's most trusted sources of consumer advice and news.
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.
- You could pay up to $50,000 more than you need to because the longer you have a funeral insurance policy, the higher your premiums will be and the more you will have paid.
- You will lose the entire benefit of your funeral insurance policy if you miss a payment or can't afford to keep up with increases to your funeral insurance premiums.
- According to the Australian Bureau of Statistics, there is at least a 76% chance (men) and an 85% chance (women) that you will live until the cost of a funeral insurance policy will be more expensive than the cost of a prepaid funeral.
What should I do?
- Always get qualified, independent financial advice when considering your family's financial future.
- 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.
- Make a prepaid funeral enquiry online using this form or call Simplicity Funerals today on 1300 556 222 to arrange to speak to a Simplicity Funerals Prepaid Funeral Consultant.
- Tell your friends and family about the Rice Warner Actuaries report so that they can make an informed choice about funding future funeral costs.
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 purchase a Prepaid Funeral from Simplicity Funerals. Let's see how Sarah's decision impacts on her costs.
- 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.
- 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.
- Based on the black line: the impact of inflation on funeral costs is shown.
- 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.
- 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.
There are more case studies for you to read.