What you need to know
- Policies usually pay out with a benefit ranging from $5,000 to $15,000.
- Most policies won't require you to undergo any medical examinations.
- Applications can be done over the phone or online with the minimum of fuss.
Funeral insurance for seniors
Over 60 and considering funeral insurance? Learn what to look for in a policy and easily compare your options with our filtered comparison tool.
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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 are the features of funeral insurance for seniors?
Some of the key benefits of funeral insurance for seniors 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 receive 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.
How much does a funeral actually cost?
There can be a a range of expenses associated with a funeral, depending on how big it is and how elaborate you want it to be, some of which 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.
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 seniors | How does this help me? |
|---|---|
| Policies will sometimes offer you a choice of levelled or stepped premiums. A levelled premium doesn't rise as you get older which can be useful as your income ceases with age. |
| Cover becomes free once your premiums paid match your insured amount or when you reach 90 years of age. |
| This ensures you are paid out the greater between your total premiums paid and your sum insured. |
| 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 features | How does this help me? |
| Your policy covers you 24/7 anywhere in the world. |
| 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:
| Provider | Age requirements |
|---|---|
| Apia Funeral Insurance | Between 45 and 80 |
| Real Funeral Expenses Cover | Between 18 and 79 |
| Suncorp Funeral Insurance | Between 45 and 80 |
The age of 80 or above is typically when you may have trouble taking out a policy. Most insurers will either:
- Require you to take a medical examination.
- Not provide cover.
Funeral insurance traps and how to beat them
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Compare seniors funeral insurance with help from an adviser
An adviser can help you find cover from trusted life insurance brands.
- Get competitive quotes from multiple brands
- Lower rate of declined claims (according to ASIC)
- Save time and effort
i have moved to new address and lost paperwork an cannot remember who i have my funeral policy with, can you help me
Hi Joy,
Thank you for your question.
Please note finder.com.au is a comparison and information service and not actually an insurer.
You might want to review you bank records as it should display your insurers name next to the debit for your premiums.
All the best,
Zubair