Funeral Insurance options are now available that have premiums ceasing at age 85 with cover free after that
12 July 2016 11:51pm
Unlike most insurance types where you may not not ever end up claiming there is an inevitability about funeral covers. Sooner or later (hopefully later) a claim will be paid so at least you know your premiums are going to a good cause.
Ideally, we all hope that the total we pay in premiums will not significantly exceed the amount of cover if we live a very long healthy life.
One of the insurers we have access to ceases premiums at age 85 and the cover continues for free until claim time. At least this gives you some peace of mind that there is a fixed cost you will pay over the period of insurance and it is not never ending!
This policy is available to those currently aged 30 to 75 so when you enquire about funeral cover with us we will always mention this option along with any others that may be suitable for you.
Arranging funeral insurance for your parents or other close family members is now easy for those times when they are not capable (or willing) to sign
12 July 2016 11:35pm
Generally an insurance policy, such as for funeral cover, requires the signature of the person to be insured. Most insurers follow this rule.
We do however have access to an insurer who will allow a close family member to be shown as the policy owner and therefore can sign the application without any involvement of the person to be insured. That person can also be shown as the beneficiary and make the premium payments if they wish.
This option will overcome the problem you may have when a loved one has health issues preventing them from understanding the insurance and therefore signing or even the situations where you just do not want them to know for whatever reason.
We get a lot of these situations so are pleased we can now help you. If you want to know more just add a comment about your requirements when you complete the general enquiry form on the funeral insurance page of our website. We will let you know how it all works by email.
Only 5% of NZ'ers currently have pre-paid or pre-insured their funeral expenses according to the Funeral Directors Association
31 July 2015 6:35pm
5% is a very small share of people who have taken the responsibility to plan for how their funeral expenses will be met. According to the Funeral Director's Association this figure is much lower than in countries such as Australia and USA.
Kiwis tend to be relaxed in their preparation for their own funeral, there appears to be a general feeling that everything will be alright at the time. Sadly, we suspect this is not always the case as your dependents may simply not be able to raise a large lump sum at short notice other than an unsecured personal loan at high interest rates. This should not be legacy.
We also see, each week, someone trying to obtain funeral insurance when it is already too late, their health is already in such a stage that getting cover now will not help them.
There is really only one barrier to buying a funeral insurance and that is cost. Obviously, as with all insurances there is a cost and the older you are the higher the cost. Other than cost, there should be nothing to hold you back as funeral plans typically are guaranteed acceptance, some can be applied for online in minutes or at worst it is an extremely simply application process.
Thinking about how to pay for some funeral insurance should be a priority, in fact as you age it is probably something that should be given more priority than many other expenses.
About a third of all funeral plans we arrange are paid for by other family members, son or daughter are the common ones, so maybe this is something that can be raised as a family too. Especially if it is known that they will likely be the ones to have to pay regardless. They may prefer to help with reasonable monthly premiums than any other last minute alternative when already in grieving period.
Increasing the percentage of people who have planned for their funeral expenses from 5% should be important to everyone.
Premiums for funeral insurance are determined by your age (mainly), sex and smoker status. Like many forms of insurance the younger you are the lower the premiums.
Funeral cover premiums are usually fixed for life (avoid the ones that are not) so as the premiums are set at the time you insure it makes a lot of sense to purchase at a younger age. Then the premiums start lower and stay the same lower amount.
However, the reality is that the majority of people seeking this type of cover are in the 60's (or older). At age 60 plus many people are sensibly thinking about their futures in terms of their finances. Those without the means to easily pay a significant cost, such as for a funeral, use this time of their life to consider how best to handle such things.
Age 60 (or a little older) is a good time to buy funeral cover as premiums are still reasonable and people realise they are not getting any younger.
Short answer though is that regardless of your age if you have any concerns about how to pay for your funeral then that is the time to buy for peace of mind.
A number of insurers provide funeral cover but there is a wide range of age entry points. For example with some insurer's you need to be 50 or 55 etc. Insurers also have maximum entry ages. But standard funeral cover is available out there for those up to 85. If you are aged 30 to 85 we can guide you on ideal covers.23 March 2014 11:22am
One of the funeral cover options available to Insurance Helpline has premiums ceasing at age 85 which means your cover remains free after that. This is ideal for those who do not wish to have premiums that continue indefinitely.
This even applies to those people who are aged up to 75 right now. In that example a 75 year old would only pay their premiums for a maximum of 10 years. Complete the enquiry form on the Insurance Helpline funeral insurance page for more information and premiums.
Now, if you take any funeral cover plan with Pinnacle Life, with the assistance of Insurance Helpline, you will automatically receive $5000 death by accident cover free. This cover applies if you die (by accident) while travelling abroad.
This free benefit is ideal for those who travel occasionally as the $5000 extra cover would be invaluable to help with the costs of bringing a body back to New Zealand if some accidental event occurred when overseas.
To the best of our knowledge this benefit does not apply through any other insurer.
Health Insurance company nib has recently launched some new policies available only thorugh Insurance Brokers
7 February 2014 5:44pm
Two new products - Ultimate Health and Ultimate Health Max have been introduced by health insurance provider nib. They will allow customers to mix and match a range of private health insurance products in order to create the ideal cover for each person.
The new policies will provide cover for Pharmac and non-Pharmac / Medsafe approved drugs as well as a pro-active health option. The pro-active health cover, in particular, may be of interest to many as it will cover a range of health checks and health and well-being programmes without the need for approvals.
There will be cover for health screening for prostate, bowel and heart screening, mole mapping and eye, hearing and bone density test. Other well-being tests and vaccinations will be covered.
800 more New Zealanders had health insurance in the December 2013 quarter than in the previous quarter. The Health Funds Association suggests this is a good sign that we have seen a return to positive growth largely on the back of an improving economy.
There were 1.336 million lives covered by health insurance as at December 2013. This is also the first quarterly increase recorded since June 2009.
At the time you arrange your life insurance you can also determine who the sum insured is to be paid to. The person the money is paid out to is usually known as the 'policy owner' in insurance terminology. Typically there are two options deciding on the beneficiary.
Option 1 - You nominate yourself as the policy owner. In the case the sum insured will be paid to you (in effect your estate). The money is then distributed as per your will. This is often a good option where you wish to leave money to different individuals as per your specific wishes. But, it is important you then have a current will of course (and maintained ongoing).
Option 2 - You nominate another person, usually a spouse. In this case the sum insured will be paid directly to that person which bypasses your will and is a common option for married couples to avoid getting tied up other issues while an estate is being settled.
However, in the event of a marriage separation this can sometimes cause issues when you come to alter the policy owner subsequent to the separation as the current policy owner has to sign over the ownership to someone else and this has not always been straightforward.
At any time after commencing the insurance, the policy owner can be changed but it does need the signed consent of both the current owner and the new owner.