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What you need to know
We found $3,000 funeral insurance policies from $3.10 per week.
When looking for a cheap funeral insurance policy, make sure your premiums do not go up over time.
We have also put together a list of partner funeral insurers who offer discounts.
With all types of funeral insurance, you need to make sure you're not likely to pay more in premiums over time than the funeral itself would cost you.
Compare funeral insurance quotes with these direct brands
Why compare life insurance with Finder?
You pay the same price as buying directly from the life insurer.
We're not owned by an insurer (unlike other comparison sites).
We've done 100+ hours of policy research to help you understand what you're comparing.
Tips to find a cheap funeral insurance policy
Look out for policy discounts. You can get policy discounts up to 20% off (for example, for a joint policy with your partner).
Choose a policy that is affordable in the long term. Policies can offer fixed premiums that ensure that the cost never goes up.
Find a policy that offers value guarantees. Value guarantees ensure that you don't pay more in premiums than the sum you've insured.
Compare policies online. Read reviews of policies and compare cover with an adviser on Finder.
Should I just look for the cheapest policy?
No. You should never use price as your sole selection criteria when you’re comparing policies for the following reasons:
Lower cost policies may not include the benefits you need
Just because a policy is cheap doesn’t mean it contains all the benefits you need such as continuation of cover, global coverage, guaranteed renewability and refund of premiums if you die within the first year.
Cheaper premiums can become expensive
A cheap premium won't always stay cheap. Cheaper premiums are usually stepped, which means it will rise as you age and what seems like a bargain now could turn out to be unaffordable in a few years time. Remember if you don’t keep up your payments or cancel your policy, all the money you have paid towards your funeral insurance policy is forfeited.
Consider long term affordability
Rather than just price, it's a good idea to consider long-term affordability. Look for a policy that offers fixed premium payments so you can factor them into your budget over the long term.
Fixed premiums are commonly known as levelled premiums, where your premiums remain fixed for the life of the policy. This is opposed to a stepped premium plan, where premiums increase with age.
These figures are made for illustrative purposes only. The actual cost of your premium will depend on your policy and other factors including your age and sex.
Are there any cheaper alternatives to funeral insurance?
If you don’t want funeral insurance, there are other options available. These include:
Pre-paying your funeral in a lump sum or making regular payments to a funeral company.
Depositing the money in a high-interest savings account.
Investing in funeral bonds with a friendly society or insurance company so the investment gains keep pace with inflation.
Taking out life insurance, either as a standalone policy or through your super, which normally has a funeral benefit included.
Why you can trust Finder's life insurance experts
We're free
You pay the same as buying directly from the life insurer. Better still, we regularly run exclusive deals that you won't find on any other site – plus, our tables make it easy to compare policies.
We're experts
Our team of life insurance experts have researched and rated dozens of policies as part of our Finder Awards and published 250+ guides to make it easier for you to compare.
We're independent
Unlike other comparison sites, we're not owned by an insurer. That means our opinions are our own and we work with lots of life insurance brands, making it easier for you to find a good deal.
We're here to help
Since 2016, we've helped 270,000+ people find life insurance by explaining your cover options, simply and clearly. We'll never ask for your number or email. We're here to help you make a decision.
It depends. Prepaid funeral plans can be cheaper than funeral bonds or funeral insurance and they let you choose and pay for your funeral in advance or in instalments. The downside of these plans is that ​​you may not get any of your money back if you change your mind and if you move interstate, it might be difficult to transfer your funeral plan.
The cost of a funeral is generally somewhere in the region of $4,000 for a basic cremation and up to $15,000 for an elaborate burial.
The cheapest and simplest way to pay for your funeral could be to simply save for it using a savings account or term deposit. Life insurance is another option to consider. If you already have some form of life insurance, it may include a funeral advance payment as part of the policy which means you might not need to pay for a separate funeral insurance policy.
Funeral insurance can usually be paid monthly and pre-paid funeral plans can often be paid as a lump sum or in instalments.
Gary Ross Hunter is an editor at Finder, specialising in insurance. He’s been writing about life, travel, home, car, pet and health insurance for over 6 years and regularly appears as an insurance expert in publications including The Sydney Morning Herald, news.com.au, The Telegraph, Explore Travel and Escape. Gary holds a Kaplan Tier 1 General Insurance (General Advice) certification and a Kaplan Tier 1 Generic Knowledge certification which meets the requirements of ASIC Regulatory Guide 146 (RG146).
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