Philippa Heir is Managing Lawyer at Consumer Action, she is an expert in all things insurance. She says, in short, that funeral insurance is a crap product and makes no sense.
“There are a number of problems with funeral insurance, as a person ages the premiums increase every year and can become unaffordable,” Philippa says.
“People can end up not being able to pay and losing everything but if you keep paying you can end up putting in alot more than your family actually receives.
“It’s much better to put money aside in a separate account and call it ‘funeral insurance'” she says.
This podcast was recorded on the land of the Wurundjeri people of the Kulin Nations. A full transcript is available on request, contact email@example.com