How easy is it to buy Funeral Insurance in New Zealand?

29 Dec by Administrator

How easy is it to buy Funeral Insurance in New Zealand?

Funeral Insurance is almost certainly the easiest of all insurances to obtain. It is pretty much if you want it you can get it. The only criteria that might prevent you from getting cover is if you fall outside the age entry criteria, but given it is available for ages 17-85 that is uncommon.

The reason it is so easy is because it is what is known in the indusry as a non underwrittten insurance type. That means there are no questions asked of you that need to be assessed by the insurance company prior to acceptance. Funeral Insurance applications do not require you to disclose any information about your current or previous health either at the time of application or any time after that.

Cover is guaranteed acceptance, mainly for the reason your health is not being assessed. So, nothing can prevent acceptance once you are happy with the premiums and cover offered. The benefit of funeral cover being guaranteed acceptance is also seen at claim time. Because there is really nothing to check, once the necessary proof of death has been submitted the claim can be paid. This is a big difference to life insurance where at claim time there is invariably a full assessment needed to make sure there were no non disclosures of health related issues at the time policy was applied for. So, funeral cover claims are typically paid immediately and without any fuss whatsoever.

Because of the no health declaration aspect to this cover it also makes the actual application process easier too. Virtually all insurers allow online applications that are quick and simple. Traditional life insurance applications often still require paperwork as insurers find it easier for customes to disclose information (exceptions exist where some life covers can be applied for online).

So, if you are thinking of buying funeral insurance it is very simple once you have decided the insurer and plan for you.