Ins and outs of funeral insurance

Ins and outs of funeral insurance

Before purchasing funeral insurance, it is essential to check whether it is the right choice for you. Specifically, if it will be worth the expense, you will pay in premiums.

Take a look at these considerations.

Benefits

Can help you save
It is a handy way to make sure you save enough funds to cover your funeral expenses.

Instantly covered (with exclusions)
You can be covered immediately.

Disadvantages

Exclusions apply
Only accidental death is covered for the first two years in most policies. Should you die from another cause, you may find that you are not covered.

Rising premiums
More than likely your premiums will increase over time. A policy that may seem initially like the best cost-effective solution could, in reality, be expensive in the long run.

Premiums can exceed the cost of your funeral
As Australians continue to live longer, you could end up paying more in premiums than the cost of your funeral.

Your beneficiaries must wait for payouts
Your family members may have to wait to receive an insurance payout to cover your funeral costs.

Non-refundable premiums
Should you cancel your policy or find you can no longer afford to pay the premiums, you generally can not receive a refund on the premiums you have already paid.

It is always important to check the terms and conditions of a policy before making your final decision.

What Are The Key Roles of a Chartered Accountant?

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A chartered accountant plays a major role in offering financial advices, auditing accounts and maintaining authentic information about financial records.  From bookkeeping and finding cost cutting techniques to providing financial guidance, the accountants will provide a vertical spectrum of services and help maintaining the financial health of your business.

Key Roles of a Chartered Accountant:

Managing Expenses:

The chartered accountants conduct in-depth analysis of your company’s financial statements and expenses to ensure that the fund is being spent as efficiently as possible. Apart from auditing your accounts, these professionals also devise strategies that can help improving the economic condition of your business.

Bookkeeping:

The accounting professionals help maintaining the records of financial transactions of your business. They will regularly update purchase book, sales book, receipt books and payment book, and prepare the income statements with ultimate transparency.

Cost Cutting:

The chartered accountants will come up with realistic budgets and analyze the performance of your business on that budget. They will also visit us figure out the expense, introduce cost control methods and assist you with balancing the fixed and variable costs.

Taxation:

The tax accountant can disclose all the possible ways to save on tax bills. In addition, they will help you filing tax returns, represent assesses before the income-tax authorities and advise you on different types of taxes that you are liable to pay.

Financial Advice:

With any accounting firm, you will have access to a financial advisor who gives ultimate advice on investments, tax laws and insurance decisions. They will summarize your current financial situation and structure the most effective financial plans that best work for you. The professionals will constantly review your progress and growth of your business to avoid pitfalls in the future.

At Glance Consultants, we have a team of chartered accountants, tax agents, financial advisors and SMSF consultants who can provide sound advice and expert assistance on making financial decisions. Having our expert at your service will give you peace of mind knowing that you will receive the most practical solutions for all the complicated financial issues. With our professional experience, we work for you and endeavor to meet your business objectives.

Do you need financial advice? Not sure what to invest on? Just give us a call on (03) 9885 9793.

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