Funeral Insurance and Funeral Plans are two different approaches to covering funeral expenses. While Funeral Insurance offers a lump sum payout to your beneficiaries upon your passing, you pay a premium on a regular basis (fortnightly, monthly, or annually) and choose the benefit amount they will receive. On the other hand, Funeral Plans are a pre-payment option that requires you to plan and pay for your funeral ahead of time. This typically involves a non-refundable upfront deposit, followed by regular payment instalments.
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