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Not All Funeral Insurance Plans Are Created Equal!

Not All Funeral Insurance Plans Are Created Equal!

Consumers choosing to insure the cost of their own funeral may be paying too much and for too long according to Insurance Broker Des Morgan

Online insurance broker Des Morgan of said

“Most insurance plans in New Zealand have level premiums based on your age when you purchase and similar terms and conditions. There can however be a significant difference in the long term cost of the different plans.

Many of the funeral insurance policies available in New Zealand continue to charge premiums to you die, so unless you die within a few years of taking out the policy, it is very likely you will end up paying more in premiums than what will be paid out for the funeral.”

Morgan cites an example of a non-smoking male taking out a $10,000 funeral insurance plan at age 55 will often have paid more in premiums than the sum insured by the time he reaches 75. By the time he reaches 85 and many will he could have paid $6,000 -$8,000 more in premiums than his estate will receive at claims time.

Morgan is championing a new funeral insurance plan just launched on the market by Greenwich Life which is reinsured with giant international reinsurer Hannover Re. This funeral plan caps the premiums paid to the sum assured potentially saving the consumer thousands of dollars. You’ll never pay more than you’re covered for –guaranteed.

With his website Morgan said consumers can go online and have immediate access to quotes and can also complete their application online with no medical questions asked.


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