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Seniors Funeral Insurance Review
Competitive cover levels and a hassle-free claims process are a couple of reasons to choose Seniors Funeral Insurance.
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$15,000
Maximum cover
79
Maximum entry age
$3,000
Minimum sum insured
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Details
| Product Name | Seniors Funeral Insurance |
|---|---|
| Maximum cover | $15,000 |
| Minimum sum insured | $3,000 |
| Premium discount offered | |
| Premiums capped at certain age | Yes |
| Premium won't increase with your age | |
| Terminal illness cover | |
| Cooling-off period | 30 days |
| Underwriter | Hannover Life Re of Australasia Ltd |
Seniors Funeral Insurance: Our verdict
- 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.
- With Australian Seniors, when you reach 100 years of age, they'll end your policy and pay you 125% of your cover amount to spend however you wish.
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Funeral insurance
Key points of Seniors Funeral Insurance
- Cover options: Choose cover from $3,000 to $15,000.
- Premium cease at age 85: You won't need to pay premiums after you turn 85.
- Level premiums. This means your premiums wont increase each year based on age.
- Guaranteed cash payout. When you reach 100 years old, Australian Seniors will end your policy and pay you 125% of your cover amount.
- Triple benefit for accidental death. Receive triple your cover amount if your death is the result of an accident.
- Early cash out option. You can choose to end your policy and receive 75% of your cover amount when you turn 85.
Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.
Eligibility
Applying for Seniors Funeral Insurance cover
- You need to be an Australian resident to apply.
- You have to be between 40 and 79 to apply but it's most suitable for 45 to 79 year olds.
- Seniors Funeral Insurance may be suitable for you if you expect to have end of life expenses when you die, become seriously ill or injured.
Seniors Funeral Insurance pros and cons
Still wondering if Australian Seniors is right for you? Here are the main pros and cons summarised:
Pros
- It's good for covering funeral expenses.
- Premiums are waived after you turn 85.
- It comes with lots of included benefits.
Cons
- It might be more cost-effective to get a life insurance policy.
- You need to be an Australian resident to apply.
How do I make a 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 days of the death or accidental injury occurring.
What are some of the key exclusions of Seniors Funeral Insurance?
By taking up 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 days-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).
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