We picked these policies because of their quality features and good value compared to direct policies available from 7 other providers in Australia as of March 2022.
Medibank funeral insurance: Medibank offered the cheapest premium at $3.10* per week. It edged out Insuranceline, Apia and Suncorp in our research. Over the course of 52 weeks, Medibank's premium works out at $161.21, meaning a saving of almost $35 compared to Apia and Suncorp. This makes it a great option for those who are seeking affordable cover that doesn't skimp on its benefits, including a competitive maximum payout of $15,000.
*We sourced quotes based on $3,000 of cover for the minimum entry age stated by each brand.
Apia funeral insurance: Apia lets you increase your funeral payout limit up to $25,000 after you get your policy. This is $10,000 more than most providers we looked at. You can also get 2 loyalty discounts, including 10% more cover after 5 years. Plus, 120% of your benefit as a cash sum after your 85th birthday. Also, you'll score a month off your premium if you can afford to pay for a year upfront. A key reason we chose Apia, ahead of Suncorp, as our standout pick is it lets you add on terminal illness cover. This means you'll get paid out if you're diagnosed with an illness you aren't expected to recover from.
Guardian funeral insurance: Guardian offers strong flexibility for those who choose cover later in life. On your 85th birthday, you'll be able to cash out 75% of your benefit amount or get a 25% cover bonus if you carry on with your plan. With Guardian, cover's guaranteed until you turn 100. Your insurance then ends and Guardian pays a further 25% in bonus cover, offering you more peace of mind.
Insuranceline funeral insurance: Insuranceline is backed by TAL, a brand trusted by 4.5 million Australians. TAL boasts high-performing policy stats – the latest Moneysmart data shows it had a 100% claims acceptance rate in the 12 months to 30 June 2021. Asteron (96.4%), Swiss Re (98.2%) and Hannover Re (99%) all scored lower. Insuranceline's underwriter also impressed with an average claim time that – at 6 months – was the best of any direct insurer. TAL's policy cancellation rate was just 4.4% versus the industry average of 6%.