Bundling refers to obtaining more than one policy from the same insurer to get a price reduction. Now, you can combine different types of policies together, but here we will mainly discuss the importance of bundling life and funeral insurance.
Whether you are trying to get life insurance, funeral insurance or both of them together, you can consider getting them from freedominsurance.com.au.
Apart from seeing a combination of insurance policies, you might have already observed bundling in other sectors as well such as credit cards or broadband. So, it is not a new concept, but has been used for several years.
When we talk about combining life insurance policy, we can notice that it provides more coverage and simplifies your premiums. Let’s take a look at the other advantages of bundling different types of insurance together in a single package.
Benefits of Bundling Life and Funeral Insurance Together
The first and foremost advantage is reduction in price of bundled packages of different insurance policies from the same insurer. The huge discounts are quite lucrative whenever somebody considers packaging life and funeral insurance policies.
Since Australians are paying a lot on life insurance only, it is better to get a bundle to reduce the costs. When you opt for multiple coverage plans, the insurers normally reduce the rates. That is why getting a package of life and funeral insurance is a better choice than going for separate insurance policies.
On the other hand, you should be aware that you might not always get the best deal by receiving a bundled insurance from a single provider. It is recommended to compare the prices before selecting a package.
Less Confusing and Complicated
Many people are not aware about the coverage of their funeral insurance or life insurance. When a family member dies, only then does the family comes to know about the coverage of funeral insurance which was bought by the deceased person.
To better understand this concept, we will take an example. Let’s suppose you approach two different insurance providers. So, two different kinds of people will underwrite the insurance policy.
In case you want to make a claim, you have to meet two different insurers and require more time (also more costly to travel, make arrangements, or place phone calls).
On the contrary, if you bought a bundled insurance policy, you only need a single call or one place of meeting to resolve the issue.
Keeping track of multiple insurance providers is hectic, time consuming and requires more effort. Moreover, you also have to maintain good relationship with every insurer and might need to meet them on time to avoid trouble.
However, you can save your time and effort by bundling together a package of life and funeral insurance policies. Also, you can clearly review all the terms as you would have to read only one policy.