Looking for funeral insurance but not sure where to start? Key tips to compare reviews and find suitable cover for your needs

While the funeral insurance industry has made large strides in recent years to provide better value to customers and reduce scams, it can still be understandably daunting when confronted with the vast array of products and reviews you find online.

This article aims to arm you with the knowledge required to delve into funeral insurance reviews with confidence by giving advice on how to:

Compare funeral insurance directly with the following brand

Name Product Maximum cover Maximum Entry Age Minimum Sum Insured Guaranteed Future Insurability Expiry Age Short Description
No expiry age as long as premiums are paid
Take out an InsuranceLine Funeral Insurance policy and you could receive a bonus $100 gift card. T&Cs apply. Ends 30 June 2019.
No expiry age as long as premiums are paid
Receive up to $15,000 in funeral cover. Premiums reduce by 5% every 5 years you hold your Policy.
No expiry age as long as premiums are paid
Get up to $15,000 in funeral cover with Guardian Funeral Insurance.
No expiry age as long as premiums are paid
Get up to $15,000 in funeral cover with Australian Seniors Funeral Insurance.

Compare up to 4 providers

How much cover do I need?

Many Australians get a nasty shock when they discover just how much it can cost to pay for a funeral. According to MoneySmart, overall expenses range from $4,000 for a basic cremation right through to $15,000 for more elaborate services.

Of course, the total cost will vary depending on your own requests and the wishes of your loved ones, but some of the costs you’ll need to consider include:

What are some key policy features to look for?

It is also important to ensure that you won’t end up paying more for funeral insurance over the life of your policy than your funeral will actually end up costing. With this in mind, look for a policy that offers the following features:

What funeral insurance mistakes do people commonly make?

Most of the time people fall into traps due to not fully understanding funeral insurance terminology or failing to insure themselves adequately. Some common mistakes you can easily avoid when shopping for funeral insurance are:

Is there anything else I should consider when reviewing a policy?

Yes, as well as looking at the key features of the policy, studying the fine print and avoiding the common mistakes mentioned previously, you should also take these factors into account:

Where can I find online reviews of funeral insurance products?

You can find funeral insurance reviews from the following internet-based sources:

  • The level of cover available
  • How quickly benefits will be paid
  • What payment options you have
  • If there are any value guarantees
  • Whether automatic acceptance is guaranteed
  • Where and when you are covered
  • Eligibility requirements for policy applicants
  • How you can make a claim

Red flags to look out for when it comes to reviews

Reading funeral insurance reviews can give you a better understanding of the product and insight into the customer service of the provider. However, it is very important to not simply base your decision off one review and to look out for the following:

Are there any alternatives to funeral insurance?

You can also fund the cost of you funeral through these means:

As with funeral insurance, each of these options have their own pros and cons, so remember to think carefully about your own requirements when considering them. However there is nothing wrong at all about exploring alternatives, and you may find one of these options meets your needs better than funeral insurance.

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