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Seniors funeral insurance

If you're nearing your 60's or over 60, here's the main features to compare when considering a seniors funeral insurance policy.

1 - 5 of 5
Name Product Maximum cover Maximum entry age Average claims acceptance rate Average claim time Sum Insured Expiry age
Suncorp Funeral Insurance
0.6 months
$3,298 million
No expiry age as long as premiums are paid
Get a 5% discount when you add another adult to the same policy + get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Real Funeral Cover
0.8 months
$1,926 million
100th birthday
Get back 10% of premiums you've paid after your 12-month policy anniversary – as part of The Real Reward programme.
Apia Funeral Insurance
0.6 months
$3,366 million
No expiry age as long as premiums are paid
Take out a new Apia Funeral Insurance policy and get $100 eGift card after your first 4 months of cover. T&Cs apply. Ends June 30, 2024.
Seniors Funeral Insurance
0.8 months
$1,926 million
100th birthday
Get up to $15,000 in funeral cover, including an extra 25% bonus cover when you turn 85.
Insuranceline Funeral Insurance
0.6 months
$3,366 million
No expiry age as long as premiums are paid
Protect your family with an Insuranceline policy and you can go into the draw for a chance to win a $1,000 gift card. New Customers only, T&Cs apply. Competition entries close on 31 July 2024.

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A funeral insurance policy can help cover your existing expenses when you die and relieve your family of an unnecessary financial burden during an already difficult time.

What you need to know

  • Policies usually pay out with a benefit ranging from $5,000 to $15,000.
  • To get peace of mind when looking for funeral insurance, opt for a policy with a value guarantee.
  • Applications can be completed over the phone; some providers let you apply online.

More about seniors funeral insurance

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Features of seniors funeral insurance

Some of the key benefits of seniors funeral insurance can include:

  • Easy to apply. You can get a quote and take out a policy quickly and easily over the phone or online.
  • Guaranteed acceptance. Some policies will guarantee acceptance for people even up to 80 years of age.
  • No medical examinations. Funeral insurance generally won't require you to submit a medical history or undergo a medical assessment for pre-existing conditions. However, there are exceptions, which can be found below.
  • Fast payout when you die. Your benefit is generally paid out to your dependents within 2 business days of your death.
  • Lump sum payment. A cash payment is issued to your beneficiary to cover your final expenses. Many policies we compare let you choose a benefit amount from $5,000 to $15,000 in intervals of $1,000.
  • Accidental death cover. You will receive payment of the full benefit if you die due to an accident in the first year of holding your policy.
  • Terminal illness. If you are diagnosed with a terminal illness after the first year of holding your policy you will get a payout.
  • Never pay more in premiums than your sum insured. You may want to look for policies offering a "value guarantee", where the amount you pay in premiums doesn't exceed how much you're insured for.

flower bouquet

How much does a funeral actually cost?

There can be a range of expenses for a funeral. These costs vary depending on how big it is and how elaborate you want it to be. Main costs include:

  • A cemetery plot, coffin, gravestone, hearse and funeral director, if you plan to be buried (estimated cost range: $4,000-$15,000).
  • A service, celebrant, urn and flowers if you plan to be cremated (estimated cost range: $2,000-$8,000).
  • Venue hire and catering, if there is to be a wake (estimated cost: $1,000).
  • Newspaper notices, obituaries and a death certificate (costs vary).
  • The added costs of cultural and religious requirements (costs vary).

When considering funeral insurance, you might need a cover amount of at least $4,000 for a basic service. We compare funeral plans with cover limits up to $15,000.

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How much is seniors funeral insurance?

​​If the idea of your loved ones having to fork out between $4,000 and $15,000 at the time of your passing sounds dreary, then funeral insurance could be an ideal solution.

  • The cost of a cheap funeral insurance policy can be as low as $3 per week.
  • Seniors funeral insurance in Australia is usually higher and can cost from $16 per week for a 60-year-old looking for $8,000 worth of cover up to $29 for a 70-year-old.
  • Factors that influence the cost of funeral insurance include your age when you take out the policy, the type of premium you choose and whether you smoke or not.

Are there any must-have policy features for seniors?

Keep an eye out for these policy features being offered when you are comparing funeral insurance. While some are beneficial no matter what your age others are of particular use if you are a senior.

Key features for seniorsHow does this help me?
  • Premium choice
Policies will sometimes offer you a choice of level or stepped premiums. A level premium doesn't rise as you get older which can be useful as your income increases with age.
  • Capped premiums
Cover becomes free once your premiums paid match your insured amount or when you reach 90 years of age.
  • Payout guarantees
This ensures you are paid out the greater between your total premiums paid and your sum insured.
  • Grace periods
If you cannot make premium payments, some policies offer a grace period (usually 3 months) to reinstate your policy. During this period your accidental death cover remains in place.
Other useful featuresHow does this help me?
  • Global coverage
Your policy covers you 24/7 anywhere in the world.
  • Free will kits
Some policies will also provide you with a free will kit to help with your estate planning.

What is the maximum age for funeral insurance eligibility?

Age restrictions usually apply when it comes to funeral insurance. The normal age range for eligibility is 45 to 70, but the maximum age varies between insurers and plans do exist that cater for older seniors, although medical assessment may be required.

Here are the age requirements for 3 funeral insurance brands:

ProviderAge requirements
Apia Funeral InsuranceBetween 45 and 80
Real Funeral Expenses CoverBetween 40 and 79
Suncorp Funeral InsuranceBetween 45 and 80

The age of 80 or above is typically when you may have trouble taking out a policy. Most insurers will either:

Are funeral plans safe?

Yes, funeral plans are safe but that doesn't mean that each policy doesn't come with its own unique pros and cons. One of the biggest risks with any funeral insurance policy is not fully understanding what benefits you're up for and how your premiums work.

  • Premiums aren't usually locked-in, meaning they can increase over time.
  • You may end up paying more in premiums than the benefit your family will receive.
  • If you can't keep up with the premium payments in the future and you cancel your policy, you won't be able to get a refund on any premiums paid.
  • Look out for: Policies with a "value guarantee" or "payout guarantee"; grace periods for when you can't pay; and capped premiums.
  • Consider other options. A prepaid plan, funeral bonds and life insurance are other ways to pay for your funeral and avoid the risks of overpaying.

If you buy a funeral insurance policy but change your mind after having more time to think about it, all is not lost.

Under Australian Consumer Law, you are entitled to a 10-day cooling-off period from the day you purchase your policy. During this timeframe, you can cancel your policy and get a full refund provided that you have not made a claim.

Funeral insurance traps and how to beat them

The trapHow to avoid it
  • Paying more in premiums than the cost of your funeral.
  • Look for a policy that offers premium caps.
  • Not being able to make payments and forfeiting the money you have paid.
  • Look for a policy with a grace period or a premium pause option.
  • Not being able to afford your premium when it rises in a few years.
  • Choose a policy with a level premium, which won't increase with age.
  • Buying a bad policy from an untrustworhty advert or a cold call.
  • Attempt to get a refund within the cooling off period.

Need more help choosing funeral insurance? Speak to an expert today

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Frequently asked questions on funeral insurance for seniors

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