|Posted on 26 March, 2017 at 2:15|
In the course of our work we do speak with many people looking for funeral insurance. There are obviously many specific reasons people may be considering a funeral cover but largely the over-riding thing we hear all the time is that they want to make sure their spouse or children are not lumbered with the significant financial burden of paying for their funeral when the time comes.
Most older Kiwis are very sensible about their money matters as they have had to work hard for what they have, whether it be a little amount or a lot. We are also very family orientated and none of us want to see those left behind struggling to cope with the not inconsiderable costs of a funeral. This is especially important when you consider the grief the family are already under.
Unfortunately, many people are not in a position to have, say $10000, left aside sitting in the bank to cover funeral costs. Some people are also asset rich but cash poor so while they may own their house, any cash on hand may not be significant. And Mum cant sell the house to pay Dad’s funeral costs!
So it is very much an inbuilt need to protect those close to us that sees people looking to buy funeral cover. The number of times we have heard that people could not bear the thought of their spouse or children having to try and find lots of money in a short time is signficant.
Having the money ready within days, from a reputable insurer, so that the costs of a funeral can be met does seem to give a lot of older Kiwis a sense of peace of mind and they are prepared to make a monthly insurance commitment to get that financial protection.
Paul Woollams, Funeral Insurance NZ