nib Funeral Insurance Review

nib Funeral Insurance came with a lump sum payment of up to $15,000.

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It's impossible to predict the future, but nib Funeral Insurance is designed to protect your family financially against uncertainty. It can help your loved ones cover your funeral costs and other immediate expenses that may arise when you pass away. Read on to learn the key points of nib Funeral Insurance, which was issued by TAL Life Limited.

nib is no longer offering this product. If you would like to compare funeral insurance from brands on our panel you can do so here.

Can I cover my funeral costs?

Today, funeral costs can range anywhere between $4,000 up to $15,000. The cost of a coffin alone can be $5,000 or more. On top of that, there are also other expenses that you may need to consider, such as Funeral Director’s fees, burial or cremation service, burial plot, or flowers. All these expenses combined can result in a significant final cost for the deceased’s family.

With the nib Funeral Plan, you are preparing the funds that can be used to help your family manage these expenses. At a time in which your family will be grieving and mourning your passing, you don’t want them to also stress on how they can pay for all the possible costs of your funeral.

What is offered by the nib funeral plan?

nib Funeral Plan offers many features and benefits, to ensure a comprehensive level of cover is provided:

  • Death Benefit: A lump sum benefit will be payable in the event of death due to an accident (during and outside of the Accidental Death Period) or natural causes. You can select the amount of cover of up to $15,000 for each life insured on the policy.
  • Accidental Death Period Feature: If you die within the first 12 or 24 months of the policy (depending on your preference), you will only be covered for accidental death. Outside of the Accidental Death Period, you will be covered for death as a result of an accident or due to natural causes. You will pay a lower premium for the 24 month period.
  • Double Cover for Accidental Deaths: If the policyholder dies as a result of an accident, your funeral benefit amount will be doubled.
  • Choice on the type of cover; Single or Family Plan: With the nib Funeral Plan, you have the option to choose a Family Plan, which will include all members of your family or if you are looking for a cover on yourself, you can opt for a Single Plan. With a Family Plan, coverage will be provided for you, your partner along and all your children under the age of 18. You will also be able to obtain a 10% discount on your premiums for any additional people under 80 years old.
  • Inflation Protection Benefit: The cover amount of your nib Funeral insurance will be increased each year to keep it in line with any changes in the national Consumer Price Index (CPI) or no more than 5%. This ensures premiums keep pace with inflation rates.
  • Premium Protection Benefit (Exclusive to nib customers): With nib Funeral Insurance, you will be eligible for a waiver on your policy premiums and reimbursement of your nib health cover if you are unable to perform at least 2 of the daily living activities such as bathing, toileting, dressing, feeding and mobility. Premiums can be waived up to a period 6 months (to a maximum of $750).
  • Guaranteed renewable: Your cover will be renewed every year, regardless of the changes in your health or personal circumstances.
  • 24/7 worldwide cover: Your nib funeral insurance will protect you 24 hours, 7 days a week, even if you are overseas.
  • 30 day cooling off period: The cooling off period will take into effect from the commencement date of your policy, in which you can cancel your Funeral Plan if you change your mind or the policy no longer suits your requirements.

What won’t the nib Funeral Insurance Policy Cover?

Under an nib Funeral Insurance policy, you get the option of choosing either a 12- or 24-month Accidental Death Period. This period begins when you take out cover and during this time cover is only available for accidental death - if you die as a result of other causes during this time then no claim will be paid. However, a payment equal to the amount of premiums you have paid up to that point will be issued by the insurer.

Am I eligible for nib Funeral Protection?

To successfully obtain nib Funeral Insurance, you would have had to satisfy the following criteria:

  • You are between 17 and 80 years of age
  • An Australian resident

However, as previously mentioned nib no longer offers cover for funerals.

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