When it comes to protecting your future, there will be a number of options for you to choose from, particularly when it comes to funeral insurance vs life insurance. Both policies have their advantages and disadvantages and it is important that you understand both policies before making any decision.
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Funeral Insurance and Life Insurance Compared
Life Insurance pays a lump sum benefit upon your death or diagnosis of a terminal illness and is designed to provide financial support to your family or beneficiaries when you pass away.
Funeral Insurance pays a smaller lump sum benefit upon your death to help cover the cost of your funeral and other associated costs.
Please see below for our comparison of Life Insurance and Funeral Insurance. There are generally a wider range of benefits available with a life insurance policy compared to a funeral insurance policy.
|Policy Information||Life Insurance||Funeral Insurance|
|Max Sum Insured||Generally no limit||$30,000|
|Death Cover||All deaths, excluding suicide in first 13 months||All deaths covered except only Accidental Death covered in first 12 months|
|Built-in features available||Indexation, Future Insurability, Terminal Illness, Interim Cover, Financial Planning Reimbursement, Premium Freeze (Select Companies), Suspending Cover (Select Companies)||Triple Benefit for Accidental Death Indexation|
|Additional policy options||Accidental Death, Business Future Insurability, Combined/Linked Policies Available||N/A|
|Premium Options||Level, Stepped, Hybrid||Stepped, Level|
|Number of companies we compare||12||2|
Cost of insurance policies:
|Policy Details||Life Insurance||Funeral Insurance|
|Level of Cover||$1,000,000||$30,000|
|Monthly Premium Amount||$49.78||$56.04|
Please note this is an example only and is not indicative of actual premiums or cover available.