By Diaspora Insurance News
IF YOU are an African Diasporan based in Australia, a policy with Diaspora Insurance has become a must-have as burial costs spiral at a time people are already going through some of the hardest times of their lives.
A funeral will be the final major expense of one’s life – but the cost for Australians is climbing.
According to recent research conducted by CoreData and commissioned by Australian Seniors, the estimated cost of burials for over-50s rose from $9055 to $11,039 between 2019 and 2023.
The cost will be even higher for diasporans preferring repatriation to be laid to rest in countries of origin back in Africa.
Similarly, the estimated cost of cremations rose from $6334 to $8045 over the same period.
More than half of people surveyed had to dip into their savings to finance a funeral.
The rising cost is placing a heavier burden on Australians already struggling with tough cost of living conditions.
When Sara Poole, now 38, lost her partner Nick in a motorbike accident, death was not something the couple – who by that time had a young daughter – had thought about.
“When they told me Nick had died in a motorbike accident, time stood still but went so fast,” Sara told Sezen Bakan in a report for thenewdaily.com.
As they all dealt with their shock and grief, Nick’s family covered the cost of the funeral and Sara paid for the wake.
She told TND that, until that point, she had no idea how pricey a funeral was.
“Also, I went from two incomes to none as I couldn’t work either, and covering both my loan and his plus all the normal bills,” Sara said.
“I’m pretty sure Nick’s sister put [the funeral] on her credit card, then his mum and dad and other sister shared the cost.”
Research from end-of-life provider Bare found more than a quarter of Australians experienced some form of financial hardship after paying for a funeral, and two-thirds believed funerals in Australia were overpriced.
Another cost-of-living victim
Jessica, manager at Kingston Funerals Melbourne, said funeral and cremation costs had risen alongside other cost-of-living pressures such as energy, petrol and food.
Because funerals are generally an “at-need”, unexpected expense and a “taboo” subject, Jessica said people typically don’t put money aside in advance.
Most people plan to leave funds for their funeral, but only 43% save enough, in the latter case leaving families to face the financial stress of making up the shortfall.
Having a funeral policy like the Diaspora Insurance Funeral Cash Plan helps reduce emotional stress for family and friends in times of bereavements.
The bespoke cash plan offers unrivalled benefits with some of the key features including:
- Guaranteed acceptance with no medicals at all
- Immediate US$/£/€ cash pay-out on proof of death
- Worldwide cover, it’s a protection without borders
- Up to US$/£/€20, 000 cover per life
- Body repatriation not mandatory
Meanwhile, David, 85, said: ‘We wouldn’t want our children to have to deal with [organising a funeral].
“If they’re pretty shocked, the last thing I want them to have to do is deal with this under stress, when they could just … call someone and get on with it without any great fuss.
Richard Williams was told he had a very short time left to live due to a terminal illness diagnosis. The 77-year-old said: “I have tried to do everything needed to make life as uncomplicated for my wife and daughters after my death.
“I don’t want to be a burden and my wife feels the same. When we die we don’t want someone else to find the money to bury us, it’s organised and that’s it. Basically all our children have to do is arrive there.”
