Best Funeral Insurance

You already know that by taking out funeral cover you can rest assured that your loved ones will be able to pay for your final expenses. Now it’s time to choose the best value funeral insurance that will suit your needs and those of your family.

Published September 12, 2017

The best funeral insurance is offered by companies that have your best interest at heart and provides burial products that give you value for money. The best funeral insurance policy is one that remains affordable in the long-term, enables you to have the funeral you want and spares your loved ones unnecessary financial stress.

We’ve compiled a checklist to help you cut through the clutter and find the right funeral plan for you.

Funeral insurance reviews

Use funeral insurance reviews to distinguish between good and bad products. Have a look at who is buying from the company and what their customers are saying about them. Burial insurance varies when it comes to premiums, benefits and cover, so it’s important that you shop around and review the various cover types.

What to look for when choosing the right insurance:

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

What is the best funeral insurance in Australia?

When choosing the best funeral insurance in Australia look for policies that tick all the right boxes. At the time you pass away, you don’t want your family wondering how they will be able to afford the cost of your funeral. Give them peace of mind by choosing a funeral policy with the following attributes:

1. 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.

2. Capped premiums

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

3. Guaranteed acceptance

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

4. 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.

5. 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.

6. 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.

7. 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.

8. 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.

9. 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.

List of funeral insurance companies in Australia

As you can see above there are many funeral insurance companies and products to choose from. However, it’s important that you carefully consider your family’s need before selecting a policy, especially regarding the amount of money you want to leave behind.

The below table of insurance companies, offering funeral cover, shows the policy comparisons to help you make your decision. We looked at their entry and expiry age, as well as the maximum amount of cover available for you to purchase.

CompanyProductMax sum insuredMin entry ageMax entry age
1300 InsuranceEzicover Funeral Advantage$15,0003575
AIAMaxLife Final Expenses $15,0001870
APIAFuneral Insurance$30,000 for stepped premiums and $15,000 for level premiums4575
American Express Ezicover Funeral Advantage $15,0003575
ANZ50 Plus Life Cover Capped $15,0005070
Australian Seniors Insurance Agency Funeral Insurance Plus $15,0001879
GIO Funeral Insurance$30,000 for stepped premiums and $15,000 for level premiums4575
HBF Financial Services Ezicover Funeral Advantage $15,0003575
Insuranceline Funeral Insurance $15,0002185
Let’s Insure Funeral cover fixed$16,000 for stepped premiums and $15,000 for level premiums1870
Medibank Funeral Insurance $15,0001879
nib Health Funds Funeral Plan $15,0001880
Real Insurance Guaranteed funeral insurance $15,0001879
Suncorp Direct Funeral Insurance$30,000 for stepped premiums and $15,000 for level premiums4575
Zurich Ezicover Funeral Advantage $15,0003575

Most of  the above policies include a 12 month waiting period, however, if death occurred at this time and was not due to an accident all premiums paid thus far will be refunded.

After you have considered the list of funeral insurance companies, compile a shorter list of possibilities based on your needs and circumstances and then look at their reviews.

Because death is inevitable, it makes sense to plan and read reviews. Compare funeral policies now and ensure your final expenses will not be an unnecessary burden on your family.

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