Funeral Insurance: How much does 'Peace of Mind' really cost?
Consumer - New Zelands trusted watch dog has just released a new article on 'Funeral Insurance' and looks at how much it is likely to cost the consumer for this product to bring 'peace of mind'. In their article, Consumer leads by explaining "Funeral insurance is sold as peace of mind your nearest and dearest won’t have to pick up the tab for your final farewell. Ads claim acceptance is “guaranteed”. You can sign up on the spot, no medical checks required.
But the ease of signing on belies the financial pitfalls of funeral insurance policies. You can ultimately end up paying thousands more than the insurance cover is worth. If you cancel because premiums are too high, your money’s gone and you’ll be back to square one..."