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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.
Tom Goodwin's tip
The average funeral in Australia starts at about $12,000. So make sure you keep track of how much you're spending over the course of the policy - you don't want to take it out too early and end up overpaying over the lifetime of the policy!
— Tom Goodwin, Finder crew member
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
You pay nothing. Finder is free to use. And you pay the same as going direct. No markups, no hidden fees.
You save time. We spend 100s of hours researching life insurance so you can sort the gold from the junk faster.
You can trust us. We say it like it is. We aren't owned by an insurer and our opinions are our own.
Frequently asked questions
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.
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To make sure you get accurate and helpful information, this guide has been edited by Joelle Grubb as part of our fact-checking process.
Gary Ross Hunter was 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, The Guardian and news.com.au. Gary holds a Kaplan Tier 2 General Advice General Insurance certification which meets the requirements of ASIC Regulatory Guide 146 (RG146). See full bio
Gary Ross's expertise
Gary Ross has written 725 Finder guides across topics including:
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