Funeral Insurance

This topic contains 7 replies, has 7 voices, and was last updated by Abbey NSW Abbey NSW 2 weeks, 2 days ago. This post has been viewed 133 times

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  • #83826
    bettyh Vic
    bettyh Vic
    Participant

    I notice lately many  ads for  life  and funeral insurance , apart from the usual funeral homes  insurance deals there is now the Seniors funeral insurance and several others. All the people talking on these ads seem far too young to be worried about when they might pop off, and if their children will be able to  pay for the funeral   etc.

    Are these company’s taking note of the latest news in the papers that  the Australian population is ageing so therefor that’s why we are being inundated with these ads for life insurance and funeral insurance.

    #83834

    Salina
    Participant

    bettyh,  marketing executives cottoned on to seniors as a group a few years ago.

    I’ve been hearing funeral ads for a long time on  Melbourne radio.   Of course, as you say, larger population and extended aging health wise, they’ve got a lucrative, captive market.

    I switch off when I hear the start of one of the ads, despite the cheery younger voice chirping at me about celebrating my, or anyones’ life.

    • This reply was modified 2 weeks, 6 days ago by  Salina.
    #83839

    CHARLEE
    Participant

    Looked into this concept years ago, but could not see the sense in paying $50,000 for a $5000 funeral. At that time it was how much I would have had to pay to reach the ripe old age that I now am.  LOL

     

    I  also switch off at the weird ads that are trying to convince senior citizens that they need ??????

     

    It is as if the young have realised that they can make money from selling rubbish to seniors.  The increase in adverts is annoying.

    But I guess that is the price to pay for growing old. HA HA.

     

     

    #83840
    Jen
    Jen
    Participant

    At least one sector of the funeral insurance industry will be looked at this week.

    Banking royal commission to look at funeral insurance that ‘targets vulnerable people’

    http://www.abc.net.au/news/2018-07-01/banking-royal-commission-funeral-insurance-vulnerable-people/9910496

    This week the banking royal commission heads to Darwin, where ACBF will feature as part of a broader look at financial services and how they interact with Aboriginal and Torres Strait Islander communities.

    Aboriginal Community Benefit Fund is a Gold Coast-based private business that sells funeral insurance almost exclusively to Indigenous Australians. In 2015 it was revealed thousands of Aboriginal children and babies were being signed up to insurance schemes through the fund that could cost up to $100,000 over a lifetime for a funeral.

    Just disgusting IMO … the whole industry that is.

    #83851
    malmather
    malmather
    Participant

    Big Money,  both banks and insurance companies want huge profits,  regardless of any lies they tell or how much debt they get people in, they will do absolutely anything to get that money,  integrity and honesty are things of the past in financial dealing today.

    There is a saying that what people worship results in the size and splendour of the buildings,   at one time the biggest buildings were cathedrals and a local church in small villages,  now the biggest buildings are owned by banks and insurance companies.

    #83852

    williamthebold
    Participant

    Very topical and thought provoking words.
    Thank you Mal.

    #83854

    williamthebold
    Participant

    I have been ‘cogitating’.
    Why do we have insurance?
    Is it for the certainties in life?
    I think not.
    It is for unexpected events, to give financial assistance at those times when there could be significant expense.
    So funeral insurance is really there for when someone dies before time.
    Usually earlier in life, from accident or disease.
    The family of the deceased will at least not have financial stress to add to their grief.
    As with all insurance, each person must decide for himself whether or not it is justified for their circumstances.
    If premiums paid over a lifetime amount to many times the likely payout, one must consider seriously if there are better alternatives.
    I have an idea that some funeral insurance is really more like a life insurance policy.
    It has a payout in certain circumstances, not always death.
    A person could theoretically receive back more than was paid in?
    Someone please correct me if I am wrong about this.
    The change in the value of our currency is also relevant.
    The payout today is in money of less value than the money used to pay for premiums over the years.
    Inflation is at work.
    This needs to be allowed for too.
    All very complicated.

    #83874
    Abbey NSW
    Abbey NSW
    Participant

    I think it is much better to, instead of paying an insurance company, bank it into an investment account in your own name, with your bank, the same amount say, and see how it accumulates over time.  Banks allow the withdrawal of funds for a funeral on production of the necessary paperwork.

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