Apia Funeral Insurance
Save your family from any financial stress with Apia Funeral Insurance
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A funeral costs in Australia can cost from $4,000 to $15,0001. These costs need to be paid upfront, which can put unnecessary financial stress on your family during emotionally trying times.
Apia Funeral Insurance can provide you with cover from $5,000 to $15,000, with payments made to your beneficiaries within 24 hours of an approved claim.
The costs of a funeral are stressful for the whole family, err on the side of caution and consider funeral insurance.
Get a quote from Apia Funeral insurance
Frequently asked questions when it comes to Apia Funeral Insurance cover
Apia Funeral Insurance is issued by Asteron Life & Superannuation Limited, which is part of TAL Life Limited. As Australia's largest life insurance specialist, TAL Life Limited has been providing cover for more than 140 years and insures more than 3.7 million Australians. Asteron and TAL are licensed to use the Apia brand and are not part of the Apia group of companies.
Apia Funeral Insurance covers the funeral costs of a policyholder.
- How much cover do I need? This policy covers funeral costs from $5,000 to $15,000 for level premiums and up to $30,000 for stepped premiums. Both the options provide adequate cover for any type of funeral services.
- How quickly will my family receive a benefit payment? The funeral costs need to be paid up front. This policy completes the payment usually within 24 hours of any approved claim so the family members get the financial assistance when it is required the most.
- Will the policy increase my sum insured? Yes, your sum insured increases each year with inflation to a maximum of 10%, unless you decline.
- Does the policy offer automatic acceptance? If an applicant is between 45 and 75 years of age, the application will be automatically accepted.
- Will the policy cover me if I die overseas? This policy provides cover 24/7, 365 days a year and anywhere in the world. This is especially useful if you are travelling abroad.
- Is there a family discount? In the case where the partner of a policyholder also applies for this cover there will be a 20% discount.
- Can I get a cash back option? If no claim is made for three years, 10% of the premium paid will be returned as cash back. This is done every three years. This clause reduces the premium expense and makes the policy great value.
- Is there a cooling off period? There is a 30 day cooling off period within which the policy can be cancelled if you are not satisfied with the service or the final terms without any penalties.
- Is there a premium stoppage? No premium needs to be paid after the age of 85. The policy will continue to cover without any additional costs.
Case study: How APIA Funeral Insurance keeps up with the increasing cost of funerals
The cost of living (and dying) keeps on increasing. So what does APIA Funeral Insurance do to make sure your cover amount is enough?
APIA Funeral Insurance includes what's known as an 'Automatic Indexation Benefit'. This means you're sum insured is increased each year to keep up with inflation, up to a maximum of 10%.
Note: You can decline to have this feature when you apply.
Who can apply for Apia Funeral Insurance?
Generally, applicants can apply for APIA Funeral Insurance if they meet the following requirements:
- Age. The applicant must be between 18 and 75 years of age.
- Citizen. The applicant must be an Australian citizen or be a permanent resident of Australia.
- Number. Up to two people can take this policy jointly.
If this policy is suitable for your needs you can apply by calling Apia Funeral Insurance and speaking to a customer service representative or completing an online application.
What are the risks associated with the policy?
Any insurance policy comes with risk. It is always better to carefully examine all the terms and conditions of the policy or to consult a financial adviser before taking the policy. Some risks include
- Is this policy right for me? For those people who don't have adequate financial assets to cover any sudden financial costs, then funeral insurance might be beneficial.
- 12 month period. This policy covers any eventuality that occurs after the first 12 months of taking the policy. During the first 12 months claims for only accidental deaths will be processed. The claims will be refused during the first twelve months if death is caused as a result of:
- Prior accident. If a policyholder dies due to an accident which happened before the commencement of the policy.
- Sickness. Death due to any sickness is not covered.
- Self-inflicted act. Death due to intentional self-inflicted act will not be considered in the first twelve months.
How to make a claim with Apia Funeral Insurance?
The surviving policyholder or legal personal representative or nominated beneficiary needs to contact Apia Funeral Insurance after an insurable event occurs.
- Apia Funeral Insurance will send a claim pack, which would mention the information required for processing the claim
- Once the claim is approved the payments are usually made within 24 hours
Ready to apply for cover?
If you want to help save your family from having to worry about finances during an emotionally trying period, Apia Funeral Insurance might provide the cover you need. Compare Apia Funeral Insurance to other policies on the market and find the cover that is right for you.
Sources
- https://www.moneysmart.gov.au/life-events-and-you/over-55s/paying-for-your-funeral
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