Posted on 8 August, 2017 at 6:50

We do get a lot of funeral insurance enquiries from those aged 70 and over. It probably makes some sense that people of these ages are very likely to be mindful of what may come about in the next chapter of their lives and to start preparing to make sure that things like their funeral costs are going to be looked after. Many such people are also on a tight budget sadly.

While the cost of Funeral Cover NZ is a big consideration regardless of your age it is fair to say that after age 70 it is even more important. As with all insurances there is a cost and with funeral plans the biggest factor in determining the premium is age. Premiums are largely dictated to by average life expectancy, so a 50 year old will pay a ot less than a 70 or 75 year old.

If you are aged 70 plus, unfortunately there is no getting around the fact that premiums will be quite high. For that reason we do tend to recommend the lower sum insured levels of maybe up to $7500. This at least keeps the cost to the lowest it can be. The good news with funeral plans is that the premiums are fixed so at least you know what you are going to pay longterm, it is not going to creep up every year as you age.

Also, very importantly for our age 70 plus customers we strongly recommend only purchasing a funeral cover that has premiums that stop being paid at a certain age (say 85?) but where the cover then continues for free thereafter. If you are aged, say 70 to 75, and know that you will only pay to age 85 and then it is free then that is an enormous benefit to you in the long term. We have access to such insurer options and when you enquire we will definitely provide options that include this premium cut off. With some big funeral insurance providers you just pay until claim time, so you could still be paying at 90 plus etc which is ridiculous.

If you are aged 70 or more please let us help you to find a funeral plan that is the best available, it may still be unaffordable for some but we will do our best to come up with something for you to consider.

Paul Woollams, Funeral Insurance NZ