If you’re looking to take out a funeral benefit, there are a number of things that you need to consider. Most importantly, you want to be paying the minimum amount for a maximum benefit. You also need to consider the process that your loved ones need to go through to receive your benefit after your passing.
The amount of your funeral benefit
As with all things in life, you want to be paying less for more. The same applies to your funeral fund. It is important that you know how much cover you would like so that you aren’t paying for cover you don’t need. More often than not, you are going to get the best deal, the earlier you sign up. Make sure you look into the fees payable; whether they increase and how long you have to pay them. Also, look for any rewards or other benefits that may apply. To learn how much cover you will receive with APS, click here.
APS Benefits is a profit for members co-operative meaning that our annual surplus is used to reward and benefit our members. Other than keeping our fees low, we reward our members by using our annual surplus to increase their funeral benefit. For example, if your funeral benefit is $15,000 and an annual bonus of 2% is declared; the value of your benefit will increase to $15,300. Annual bonuses carry over into future years, so if in the following year, another annual bonus of 2% is declared, the value of your benefit will increase from $15,300 to $15,606.
A positive experience for your loved ones
It is also important to consider what happens after you pass. Some providers can take weeks or even months to distribute the funds to your loved ones. This can cause added stress and may force your beneficiary to find an alternate way to pay for your funeral.
At APS Benefits, your funeral benefit is transferred to your beneficiary generally within 24-hours of being notified of your passing. The team at APS Benefits understands that it is a stressful time for your loved ones, so we make the process as seamless as possible. When choosing a funeral benefit provider, be sure that you feel confident that your loved ones are in safe hands.