GIO Funeral Insurance

Information verified correct on October 25th, 2016

Receive up to $30,000 in cover and a 10% Cash Back every 3 years with GIO Funeral Insurance

Planning your own funeral can seem like a very morbid thing to do, however, planning for your funeral is one final way to show your family that you were always looking out for them. None of us can plan for when we are going to die, but we all know the day will come eventually. While this doesn’t mean we need to dwell on or become consumed by death, it does mean that it is responsible and reasonable to be prepared for the eventuality, with a funeral plan.

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GIO Funeral Insurance is designed to protect your loved ones from unexpected expenses when you pass away. It offers a lump sum payment of up to $30,000 upon your death, allowing your loved ones to cover your funeral costs and other final expenses.

The Early Payment Benefit ensures that a claim will be paid if you are diagnosed terminally ill, while most claims are paid within two days of being approved. GIO also guarantees that when your beneficiaries make a claim, they will receive either the sum insured or the amount you have paid in premiums over the life of the policy – whichever amount is greater.

GIO is a national insurance provider that was founded as the Government Insurance Office in 1927. Now part of the Suncorp Group, GIO offers a wide range of insurance products to millions of Australians. In addition to funeral insurance it offers life insurance, car insurance, home insurance, travel insurance and cover.

Features and benefits of the GIO Funeral Plan

Money can be the root of so much evil in times of emotional stress, and in dealing with the loss of a loved one and having to make hasty decisions about their funeral plan, your loved ones could find themselves causing more financial pressure in the future with short term cash solutions. Instead, make sure that your family doesn’t have to worry about how to pay for your funeral, with a GIO funeral plan, which includes ideal features for you and for them:

  • A 10% cash back every three years. Insurance is often a long term investment, since you hopefully take it out long before you need it. Therefore, GIO will reward that loyalty by giving you 10% cash back on your premiums every three years you hold your policy.
  • A lump sum benefit. The GIO funeral plan benefit is paid quickly to your family members, normally 24 hours after they make a claim, so that all funeral expenses and final medical bills can be settled on time.
  • No medical tests. You can apply for up to $30,000 of cover without needing to take any medical or blood tests. You can apply in just a few minutes over the phone or online if you are an Australian resident or citizen and you are 18 to 75 years old. Up to two people can apply for a funeral plan.
  • Accidental death cover. In the first 12 months of the policy you are covered for accidental death only. If you die as the result of illness or suicide in the first 12 months, your family will receive a full refund of all premiums paid.
  • Guaranteed cover until you are 120 years old. Once your application for funeral cover is approved, GIO will renew your policy each year, until you are 120 years old.
  • Premium discounts. If you apply for more than $20,000 of cover, you can be eligible for large sum insured discount on your premiums. If you insure multiple family members with a GIO funeral plan, you can also be eligible for a family discount.
  • Choose when to pay your premiums. You of course need to pay your funeral plan premiums regularly and on time, but you can choose whether you make your premium payment fortnightly, monthly or annually, to suit your budget.
  • Inflation increases. The costs of funerals increase each year, just like the costs of everything else, that is why GIO offers an inflation increase feature which increases your funeral benefit amount each year to keep up with the current costs. You can opt out of this feature if you’d prefer to keep your premiums at the same rate.
  • Pause your premiums. You can opt to pause your premiums for up to three months if you are having trouble with your financial commitments. While your premiums are on hold, your funeral plan only covers you for accidental death.
  • Reduced premiums as you get older. Once you are 85 years old, your premiums will be just $5 per month, to make sure you can maintain your cover in retirement.
  • Cooling off period. After you apply for a GIO funeral plan, you have a 30 day cooling off period to consider your cover. If you change your mind about your policy in that time, you can cancel your funeral plan and receive a full refund of any premiums you’ve paid, as long as you haven’t made a claim.
  • Choose your beneficiaries. When you take out a GIO funeral plan, you can nominate a family member or dependent as the beneficiary of the insurance amount. By making sure you nominate a beneficiary through the correct channels of your insurance policy, you avoid any delays in the payment of the benefit, so your loved ones have access to the funeral benefit when they need it.
  • Worldwide cover. Your GIO funeral plan goes with you wherever you go in the world, so you remain covered 24 hours a day, no matter where you are.

What won’t the GIO Funeral Insurance Policy Cover?

GIO Funeral Insurance will not pay a lump sum Funeral Benefit if you die during the first 12 months of your policy as a result of:

  • An accident that occurred prior to the policy commencement date
  • A sickness
  • An intentional self-inflicted act

In addition, no Early Payment Benefit will be paid during the first 12 months of your policy if you are diagnosed terminally ill. However, if you are terminally ill before this time, the cover provided by your policy will continue as long as you keep up with premium payments.

Who is eligible for the GIO Funeral Insurance Policy?

To apply for a single or joint GIO Funeral Insurance policy you must:

  • Be between 45 and 75 years of age (inclusive)
  • Be an Australian or New Zealand citizen or permanent resident and living in Australia at the time you apply for cover
  • Have received your GIO Funeral Insurance policy PDS in Australia

Once your application has been accepted and you have provided payment details to GIO, cover begins immediately and is effective 24 hours a day, seven days a week worldwide. GIO also guarantees to renew your policy every year.

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