Insuranceline funeral insurance: Our Verdict
- Insuranceline's owner TAL has a policy cancellation rate of just 4.9%, which is lower than the industry average of 6.7%, according to recent Moneysmart figures.
- Insuranceline doesn't set a maximum expiry age limit and so your policy won't end as long as you keep up with your payment plan. This isn't the case with Medibank or Real Funeral Cover.
- You can't add a terminal illness option to your plan. Terminal illness cover pays a benefit if you're diagnosed with an illness you won't recover from.
Review by our insurance senior writer James Martin
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There can be numerous costs involved when you pass away. From the cemetery fees, medical costs and the funeral service; you don't want to leave your family struggling to pay for these when you're gone. Instead, consider a funeral insurance policy from Insuranceline.
Insuranceline Funeral Insurance: A quick summary
|Maximum sum insured||$15,000|
|Age of entry||40 to 80|
|How do I apply?||Online with Insuranceline|
Note: The following is based on the life insurer TAL Direct Pty Limited. TAL Direct Pty Limited is the actual insurer behind brands like Insuranceline Funeral insurance and a few others.
|Claims data||TAL||Industry Average|
|Claims acceptance rate||100%||99.3%|
|Average claim time (months)||0.6||0.7|
|Disputes per 100k lives||7.2||7.1|
We looked at Moneysmart data for claims over 1 January 2020 to 31 December 2020. The statistics above reflect funeral insurance claims for direct policies.
Insuranceline offers up to $15,000 in cover to help your family take care of these expenses and use the money how they like. Some of the highlights include a fast payout and a 10% loyalty bonus in cover. Click the dropdown below to find out more:
- Fast funeral payout: The benefit from your Insuranceline Funeral Insurance plan will generally be paid to your beneficiaries within 24 hours of a valid claim being completed.
- 10% loyalty bonus cover. After holding a policy for five years, adults will receive an extra 10% of the average Funeral Insurance Cover held during the previous five years. This is at no extra cost.
- 100% Value Promise: You'll be paid the Funeral Insurance cover amount, plus any bonus cover, or 100% of the premiums paid toward your Funeral Insurance cover – whichever is greater.
- 70%Value Promise: You'll be paid the greater of the Funeral Insurance cover amount, plus any bonus cover, or 2. 70% of the premiums paid toward your Funeral Insurance cover.
- Choice of payment frequency: You can choose to pay your funeral insurance premiums fortnightly, monthly or annually, according to your cash flow needs.
Note: Be sure to check the Product Disclosure Statement (PDS) for terms and conditions.
Insuranceline also offers you the option to add extra protection to your funeral insurance cover, with the choice of:
- Extra accidental death cover: You can increase the benefit amount for accidental death to $50,000 if you die suddenly as the result of an accident.
Some of the key eligibility requirements for this type of cover include:
- You are aged between 40 and 80 years.
- You can apply over the online and, depending on your circumstances, you could be eligible for guaranteed acceptance.
- Eligible to Australian citizens, permanent residents, or New Zealand citizens residing in Australia. There are no medical tests to undergo or health questions to answer. Accidental Death Cover begins as soon as you have purchased your policy.
Always read the Product Disclosure Statement (PDS) so that you're fully aware of what you'll be covered for, along with any exclusions or restrictions.
For the first 12 months of your policy, cover is provided for accidental death only, so death by any other cause during this period will not be covered.
In addition, if you choose to add Extra Accidental Death Cover to your policy, no cover is available in the following circumstances:
- Actual or attempted self-inflicted injury or suicide
- Participation in illegal or criminal activity
- Being under the influence of alcohol or any drug not prescribed by a medical practitioner
- War, hostilities or war-like operations, whether it's declared or not, outside of Australia or New Zealand. Note: This does not include terrorism.
- Working in a dangerous occupation, e.g. in an underground mine or as a window cleaner above 20 metres
- Participating in dangerous activities e.g. professional sports, hang gliding, motor sports, diving to depths of more than 30 metres underwater
- Flying in an aircraft (except as a fare paying passenger or aircrew on a licensed commercial aircraft)