Australian Seniors Funeral Insurance Review
Competitive cover levels and a hassle-free claims process are a couple of reasons to choose Australian Seniors Funeral Insurance.
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- The most you can be insured for is $15,000, which should meet the needs of most Aussies including those who may be planning for larger services.
- Lump sum payouts are possible within one business day in some circumstances. There's also an early payout option, which isn't the case for every brand we looked at.
- Policies with the likes of Insuranceline and Apia have no expiry age (as long as premiums continue to be paid). Whereas Australian Seniors offers cover up until a policyholder's 100th birthday.
Review by our life insurance senior writer James Martin
About Australian Seniors Funeral Insurance
Australian Seniors Funeral Insurance is provided by Australian Seniors, a company founded in 1998 with the aim of providing insurance solutions specifically for Australian seniors. Since its inception, Australian Seniors has focused on providing a comprehensive suite of insurance products that cater for the needs of the mature Australian market, and has successfully introduced insurance based services for seniors including funeral insurance, plus life, pet, car, home and contents, landlords and travel insurance.
Get a quote for Australian Seniors Funeral Insurance
Find out more about Australian Seniors Funeral Insurance
- Australian Seniors Funeral Insurance benefits
- Who can apply for Australian Seniors Funeral Insurance Plan?
- Australian Seniors Insurance exclusions
- How much does an Australian Seniors Funeral Insurancy policy cost?
- Australian Seniors Insurance cover period
- Australian Seniors Funeral Insurance policy features
- Making an Australian Seniors Funeral Insurance claim
|Maximum sum insured||$3,000|
|Maximum sum insured||$15,000|
|Eligibility critera||Australian residents aged 18-79|
|How to apply||Online through Australian Seniors' website or by calling 1300 050 510|
This cover might be suitable if:
- You are after funeral insurance that includes cover for accidental deaths and/or accidental serious injury
- You are after funeral insurance that includes cover for terminal illness*
- You are 79 years of age or under
*Cover is for accidental serious injury and accidental death only in the first 12 months. Terminal illness with diagnosis of 12 months or less to live.
Reconsider your need for cover if:
- You already have enough savings for a funeral
- You already have an adequate funeral plan
- You already have life insurance in place with a funeral benefit
Information last checked on February 2021. Always consult the Product Disclosure Statement (PDS).
Australian Seniors Funeral Insurance benefits
No one wants to burden their family with funeral costs, which is why you may want to consider Australian Seniors Funeral Insurance.
- A quick payout.Your family could receive your full cover amount within 1 business day after the insurer receives all complete documents required.
- No premiums to pay after age 85. Your cover continues until you reach age 100.
- Level premiums. This means your premium won't increase every year. Also keep in mind that the total amount of premiums you pay over the life of the policy could exceed the cover amount.
- Triple accidental death benefit. In the event of accidental death, your chosen beneficiary receives a benefit amount of up to $45,000. This amount is meant to assist with funeral arrangements and settle other bills related to your funeral and burial. Death due to natural causes is covered for up to $15,000 after 12 months of holding your policy.
- Bonus Cover at age 85. Receive a bonus of 25% of your cover amount once you turn age 85.
- Accidental serious injury benefit. Cover for accidents that result in serious injuries such as blindness,
diplegia/hemiplegia/paraplegia/quadriplegia/tetraplegia, total and permanent loss of use of your limbs, and deafness.
- Early Cash Out Option. When you reach the age of 85, you can choose to end your policy and receive a payout worth 75% of your cover amount. Keep in mind that choosing this option cancels your policy and you'll no longer be able to make a claim.
- Guaranteed payout. Once you reach age 100, your policy will end and you'll receive 125% of your cover amount.
Who can apply for Australian Seniors Funeral Insurance?
Australian Seniors Funeral Insurance is open to all Australian residents aged between 18 and 79. Policyholders can opt to insure their own lives from accidental death or death from any other causes under the single plan or include their partner under a joint plan.
By taking up Australian Seniors Funeral Insurance, you are protecting your family and loved ones from the burden of your funeral cost and other funeral-related expenses.
- It is important to note that if your cover ends, no benefits are payable and you can't get a refund of any premiums made after the 30-day cooling-off period.
- For the first year of the policy, a benefit is only paid if your death is the result of an accident. After this period, a benefit will be paid regardless of the cause of your death.
- Accidental serious injury benefit covers you for defined accidental serious injuries, but no benefit will be paid for intentional self-inflicted injury, suicide attempts and injuries acquired while engaging in criminal activities or by taking drugs not prescribed by a medical practitioner. The accidental serious injury cover expires on the policy anniversary after your 75th birthday.
The full list of exclusions are listed in their Product Disclosure Statement (PDS).
How much does an Australian Seniors Funeral plan cost?
The premium will be based on your age at the time you apply and how much cover you want. This can be from $3,000 up to $15,000.
If you die from an accident, a benefit amount of three times your standard benefit amount will be paid, up to a limit of $45,000. Premium payments stop when you reach the age of 85, but your cover remains until you reach 100 years old.
Generally, premiums are designed to stay the same every year unless you apply to change your cover or your insurer changes the premium rate that applies to the policy. This only applies if the rate is changed for all (or the same group of) Seniors Funeral Insurance policy holders.
Australian Seniors Funeral Insurance cover period
Your Australian Seniors Funeral Insurance policy begins from the acceptance date - when the insurer has accepted your application and agreed to insure you. However, your first premium is deducted on the commencement date of your policy. As long as you continue to pay your premiums when due, your cover is renewed until you reach 100 years old.
When does the policy end?When you cancel a policy, turn 100 years old, a payment for the cover amount is made, if you take up the early cash out option after age 85 - whichever comes first.
Australian Seniors Funeral Insurance policy features
Your Australian Seniors funeral insurance policy has a 30 day money back guarantee period known as the ‘cooling off’ period. This period is for you to decide whether you are happy with the policy you have chosen. You are allowed to cancel your cover before the cooling off period ends if it does not suit your needs. However, you can only cancel your cover if you have not made any claim under the policy. Your cooling off period begins on the commencement date of your policy, and any premiums paid during this period are refunded should you decide to cancel your insurance cover (unless you've made a claim).
Changing your insurance
You can apply to decrease your insurance, however if you want to increase it, you'll need to either cancel your existing policy and apply for a new one with the new cover amount or apply for an additional policy to top up your cover to the maximum amount of $15,000. Keep in mind that an increase to your cover amount will increase your premium.
You can also apply to change your plan from a joint to a single plan, but you can't apply to go from a single plan to a joint plan. If you want to change from single to joint, you'll need to cancel your existing policy and apply for a new joint policy.
Making an Australian Seniors Funeral Insurance claim
You or your legal representative can make a claim by phone or through writing. A form will be sent to you to complete, sign and return to the insurer. Sometimes, a form will also be sent to your treating doctor or specialist for completion (depending on the claim).
Before a benefit is paid, the insurer will need to substantiate your claim. Tests, examinations and laboratory results, as well as supporting information from a medical practitioner may be required.
In addition, all claims should be made as soon as the event giving rise to the claim occurs. Preferably, claims should be made within 120 days of the death or accidental injury occurring.
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