Common misconceptions about Funeral Insurance
Published on Wed Aug 28 2024 in Money
Funeral insurance can be difficult to understand, its complexity shrouded in myths and misunderstandings. Let’s help dispel some of the most common misconceptions and throw some light on the truth and facts about this unique insurance offering.
Myth 1: Funeral Insurance is Only for the Elderly
While it's true that funeral insurance is often associated with older individuals, it's a valuable tool for people of all ages. Momentum Life offers funeral cover for NZ residents between the ages of 40 and 75. The inevitable can happen at any time, and having funeral insurance can provide peace of mind for you and your loved ones.
Myth 2: Funeral Insurance is Expensive
The cost of funeral insurance can vary depending on factors such as your gender, age, smoker status, and the amount of coverage you choose. However, at Momentum Life, acceptance is guaranteed, and while your cover may differ, all NZ residents can get funeral insurance. We can cater to your budget and find a cover amount that works best for your needs.
Myth 3: Funeral Insurance Will Cover All Funeral Costs
While funeral insurance can help offset the cost of funeral expenses, it may not cover all costs. How much your funeral costs depends on cultural and religious considerations, and family decisions among others. It's important to review your policy carefully to understand how much cover you can get.
Myth 4: Funeral Insurance is a Replacement for Life Insurance
Funeral insurance and life insurance serve different purposes. Funeral insurance is specifically designed to cover funeral expenses, while life insurance can provide financial support for your loved ones in the event of your death.
Myth 5: Funeral Insurance is a Scam
Funeral insurance is a legitimate financial product offered by reputable insurance companies such as Momentum Life.
Conclusion
By understanding the truth about funeral insurance, you can decide whether it's the right choice for you and your family. Don't let misconceptions hold you back from protecting your loved ones during a difficult time.
It is important to note that Funeral Insurance is not a savings or investment plan and depending on how long you hold your policy, the total premiums you pay over time could exceed your level of cover.
If you're interested in learning more about funeral insurance or getting an obligation-free quote, please call us on 0800 111 679 or give us your contact details via this page and we’ll get in touch.
The content provided in this article is for information purposes only. The information is of a general nature and does not constitute financial advice or other professional advice. To the extent that any of the content constitutes financial advice, it is limited to Momentum Life products only and does not consider your specific financial needs or goals. You should consider whether the information is appropriate for you and seek independent professional advice, if required.
All product information is correct at the time this article was published. For current product information, please visit the Momentum Life website.