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How much does funeral insurance cost?

Our research showed that funeral insurance costs between around $10 a week for $8,000 worth of cover – but prices differ depending on personal factors.

What you need to know

  • The cost of funeral insurance changes based on a lot of circumstances, such as age, cover amount and smoking status.
  • To give you an idea of the general cost, we ran quotes with some of well-known Australian brands.
  • We also looked at what makes the biggest impact on costs so you can find ways to save.

How much does funeral insurance cost?

We sourced online quotes from 3 of Australia's most well-known insurance brands. We found that for a 50-year-old looking to get $8,000 worth of cover, funeral insurance costs are on average under $11 a week.

AgeWeekly costMonthly cost
50$10.80$43.20
60$14.97$59.88
70$26.79$107.16

Prices shown are the initial premium in the first year, based on a sum insured of $8,000. Premiums may increase as you get older and be impacted by personal circumstances.

Get a funeral insurance quote to see how much you could pay

Name Product Maximum cover Maximum entry age Average claims acceptance rate Average claim time Sum Insured Expiry age
Suncorp Funeral Insurance
$15,000
80
99.70%
0.6 months
$3,298 million
No expiry age as long as premiums are paid
Get a 5% discount when you add another adult to the same policy + get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Funeral Cover
$15,000
79
99.30%
0.8 months
$1,926 million
100th birthday
Get back 10% of premiums you've paid after your 12-month policy anniversary – as part of The Real Reward programme.
Apia Funeral Insurance
$15,000
80
99.70%
0.6 months
$3,366 million
No expiry age as long as premiums are paid
Take out a new Apia Funeral Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Seniors Funeral Insurance
$15,000
79
99.30%
0.8 months
$1,926 million
100th birthday
Get up to $15,000 in funeral cover, including an extra 25% bonus cover when you turn 85.
Insuranceline Funeral Insurance
$15,000
80
99.70%
0.6 months
$3,366 million
No expiry age as long as premiums are paid
Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply. Competition entries close on 31 July 2024.
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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.

What influences the cost of funeral insurance?

The main factors that will determine the cost of your funeral insurance are:

  • Where you live. It’s more expensive to be buried in somewhere like Sydney than in Hobart or Brisbane, for instance.
  • How old you are. The cost of premiums go up the older you are when you apply for funeral insurance.
  • Whether you choose level or stepped premiums. Level premiums remain the same, while stepped premiums go up over time.
  • Whether you smoke. Smokers can pay up to twice as much for funeral insurance as non-smokers
  • Whether you are male or female. Men statistically die younger than women so pay slightly more for funeral insurance.
warning
Watch out for stepped premiums
These increase as you age e.g. every year at the "policy anniversary" your premium is re-calculated. This could mean you end up paying more in premiums than the funeral itself. To avoid this, opt for level premiums.

Is funeral insurance worth it?

Whether funeral insurance is worth having depends on the cost of your premiums vs the expected cost of your funeral. While premium costs vary according to factors such as entry age, gender and smoking status, the average cost of funeral insurance to age 80 for a 52-year-old is around $15,000, while the average cost of a funeral is around $7,000. If you can afford it, life insurance may be a better value alternative.

How to ensure your insurance is less than the funeral

    • Capped premiums. The insured amount is set at a particular limit (eg, $10,000) or age (eg, 90) and you continue paying for your policy until you reach that limit. After that, your cover will continue for the rest of your life but you won’t have to pay any more premiums.
    • Payout guarantee. Your dependants are guaranteed to receive either the total premiums paid or the original sum insured, whichever is the higher amount.
    • Level premiums. Level premiums stay the same over time – stepped premiums go up ever year which can end up making the insurance cost more than the funeral itself.
piggy-bank
Can you afford to pay for your funeral?
A 2022 Finder survey revealed that 53% of Australians – equivalent to over 10 million people – intend to pay for their funeral while they're still alive.

Funeral insurance costs: smoker vs non-smoker?

We compared two quotes using the same details and changing the smoker status. These were the results.

StatusMonthly cost
Smoker$48.71
Non-smoker$30.56

Although you won't be excluded from cover in most cases, you will face a significantly higher premium. Note: The figures above are an estimate based on one brand and are not indicative of the entire market.

Get a quote for funeral insurance

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