Comparing funeral insurance quotes is incredibly important in your search for the best insurance and it is important to know what will impact on the price of your cover.
What will affect my Funeral Insurance premiums?
The Sum Insured
The amount of cover you take out will affect your premium – the higher your sum insured, the higher your premium.
The older you are when you apply for a policy, the more expensive your premiums will be due to the fact that as you get older, your chances of dying increase.
Compare Funeral Insurance Quotes from Leading Insurers
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- Stepped and Level Premiums
- 45 Day Cooling Off Period
- Medical Free Cover
General built-in features
Built-in features add great value to your insurance and you should always check what features come with your policy:
Funeral Insurance pays a lump sum benefit of up to $30,000, depending on your insurer, to your nominated beneficiaries.
This benefit is often paid quickly once the claim is made to help pay for the funerals and other associated costs.
To make sure your level of cover keeps up with inflation, insurers will often apply ‘Inflation Protection’, also known as Benefit Indexation, where your level of cover will be increased in line with rises in the Consumer Price Index.
The increase in your cover will also mean an increase in your premiums. You should always check when comparing quotes if Inflation Protection is being applied to your policy.
A cooling off period is the period in which you can cancel your policy without financial penalty. The period can be up to 45 days but may differ between insurers.
If you choose to cancel your policy during the cooling off period, you will receive a refund on your paid premiums.
Some of our insurers will pay you a ‘triple benefit’ if your death is a result of an accident after the first 12 months of your cover.
In some cases, you may only be covered for deaths caused by accident in the first 12 months.
You should make sure to read the relevant PDS to see what you are covered for.
The insurers we use do not offer options for premium types for funeral insurance and generally only offer one type of premium.
Some insurers may also offer the following:
- No premiums payable after your premiums paid exceed your sum insured amount
A number of payment options may be available to you:
These can generally be paid via direct debit from a bank account or credit card.