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Funeral Insurance New Zealand Advisory Service - Compare 10 Funeral Covers. Funeral Insurance NZ, Funeral Cover NZ, Funeral Insurance Comparison
Funeral Insurance - Compare 10+ funeral covers NZ
Funeral Insurance is designed to pay a lump sum to help your spouse or family pay for your funeral expenses.
You select the cover amount at the time your policy is taken out and at the same time you also nominate the person to the claim payout will be credited to.
There are numerous funeral insurers in New Zealand but it is important to note that not all funeral covers are the same and the premiums can vary significantly from insurer to insurer. It pays to compare at least funeral plans before making your decision on the best option for you.
Key points to Funeral Insurance in New Zealand
- Typically you need to be aged between 30 and 85 to buy funeral insurance
- Funeral Cover sum insureds range from $5000 to $30000
- Acceptance is guaranteed, there are no health questions asked at any time
- Funeral Cover premiums are fixed for life, no age related yearly increases
- You nominate your beneficiary at the time you take out the funeral plan
- Claims are paid within 48 hours of all proof of passing is received by the insurer
- You need to consider 'niche' insurers not just the traditional major players
- Some funeral covers have age cut of points where cover then continues for free
- You usually pay by direct debit but options exist to pay monthly by internet banking
- Some funeral plans have extras such as free additional accidental death cover
- You can cancel your funeral insurance at any time but there is no 'surrender' value
- Most insurers allow online applications or it is an easy one age application form
- You do need to live in NZ and be a citizen or resident to buy funeral insurance
- Most funeral covers NZ allow a discount of up to 20% for a joint application
Funeral Insurance in New Zealand is designed as a hassle free, fast, cash payout to your nominated beneficiary
Funeral
Insurance NZ (also known as funeral cover NZ, funeral plans NZ) is
not an insurance type as common, or as well understood as life insurance,
car insurance etc. But it is becoming more and more sought after as people
start to realise what a straightforward insurance it is and how necessary the
benefit is.
While we happily pay for our car insurance, house insurance and other types of
cover the reality is that you may never ever claim on those covers. For
example, this writer has not had a car, house or health claim in 30 years which
of course I am extremely grateful for but it has been a lot of premiums I will
never see again.
While not the best dinner table chat the reality is that my funeral
insurance is a little different in that sooner or (hopefully) later
a claim will be made and the benefit of the funeral
insurance will be there for the family.
Depending on your life span you may pay less premiums than you receive in a
claim (your sum insured) but if you have a very long life you may also pay a
little more in premiums than your cover amount, but this is a good thing from a
nice long life point of view.
We tend to recommend, where possible, funeral
insurance covers where there is some cut off age for premiums ie
there are options where you pay to age 85 and then cover continues for free
thereafter. These covers help to lessen the odds of paying too much more in
premiums than the sum insured.
People often do not realise that funeral
insurance in New Zealand is guaranteed acceptance with no pesky
health questions and that the premiums are also fixed at the time the policy
starts so you never have to worry about future premium increases.
From our experience, claims are also paid quickly and easily as the policy does
not have health declarations to verify as with the likes of life
insurance. Claims are typically paid to your nominated beneficiary
within 48 hours of all the required information being provided to the insurance
company (as the requirements are not onerous).