What's the best funeral insurance for over 60s?

That's up to you to decide based on your circumstances. Each of the insurers compared on Finder offer maximum cover of up to $15,000. When shopping around for the best cover for you, it's a good idea to look at price, policy features and the underwriter.

Do I need to undergo any medical exams?

There is usually no medical underwriting involved with funeral insurance. However the exception is after a certain age (depending on the insurer), when a medical examination will be required before cover is offered. The only health question normally asked is whether you are a smoker. If you smoke, you will pay a higher premium.

Can I get funeral insurance if I'm over 80?

Unfortunately, most insurers set a maximum entry age of 79 or 80 for new funeral policies. That's the case for 8 brands we reviewed on Finder. You may wish to speak with a financial adviser to see what life cover options may be available to you. One option you may have is a pre-paid funeral plan .

Am I covered if I have been diagnosed with a terminal illness?

Funeral insurance will pay you out for a terminal illness after the policy's waiting period. This is usually a 12-month period, depending on the policy.

What if I become terminally ill during or before the waiting period?

During the first 12 months of your policy, most insurers will only pay a benefit if you die as the result of an accident. If you are diagnosed with a terminal illness during that 12-month period, most policies will offer a refund on your premium payments.

Should I get seniors life insurance or a funeral plan?

Both have their merits. An over-50s life insurance policy pays out a lump sum when you die, and this can be put towards funeral costs along with other future expenses for your family. However, if you take out an over-50s policy in your early 60s and don't die for another 20 years or so, you could end up paying quite a bit more than you'd get when you die. Funeral plans can be more straightforward products with faster payout times (typically, within a couple of days of a claim). You could also consider no-frills options like prepaid funeral plans , which are growing in popularity.