Best Funeral Insurance

What to look for when choosing the right insurance:

• Acceptance age: Generally any Australian aged between 18 and 74 years can purchase funeral insurance. However the older you are, the more expensive cover becomes.
• Your level of cover: In Australia funerals cost anywhere between $4,000 and $15,000. Make sure the cover amount you choose is suitable to your needs and that it will cover the full cost of your funeral.
• Waiting period: Upon your policy commencing you will usually only receive accidental death cover for the first 12 to 24 months. Review your policy documents and product disclosure statement (PDS) carefully to ensure your waiting period is as short as possible.
• Premium cost: When reviewing a policy, make sure you know whether it’s a stepped or level premium structure and whether you’ll be able to afford the premiums in the long run.
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  • Stepped premiums start more affordable, but rates increase every year due to an increase in your age.
  • Level premiums are more expensive at the start, but rates do not increase every year because of your age.
• How fast claims are paid: Make sure you know how easy it will be for your beneficiaries to lodge a claim and gain access to the cover amount.

No one policy is best for all people. The insurer and product you choose should be based on your specific needs and circumstances.

Level premiums

Choose a policy that offers you the choice to fix premiums so that it doesn’t increase as you age. This will allow premiums to be more affordable for the long-term.

Capped premiums

Never pay more for your insurance than what the funeral will actually cost you.

Guaranteed acceptance

No underwriting or medical tests required at application stage, this is also why funeral cover is usually so expensive.

Discounts for multi-lives

Look for a funeral insurer that will give you discounts on your premiums when your spouse takes out a policy with the same insurer.

Discounts for yearly payments

You might also want to consider insurers’ that offer discounts when you pay a yearly premium instead of monthly or fortnightly.

Short waiting periods

Funeral policies usually have a 12-month accident-only period, meaning you will not receive cover unless your death is due to an accident. However, some insurers have longer waiting periods, up to 3 years.

Money back if you die from natural causes

Try to find funeral cover that will refund all paid premiums if you were to die of natural causes during the accident-only waiting period.

Worldwide cover, 24/7

Choose a policy that will provide cover when you travel. Not all policies will pay the cover amount if death occurs overseas.

Straightforward claims process

Read your policy documents and PDS to ensure the sum insured will be paid to your beneficiaries upon receiving a valid death certificate or a certificate from a medical practitioner.