You pay the same price as buying directly from the life insurer.
We're not owned by an insurer (unlike other comparison sites).
We've done 100+ hours of policy research to help you understand what you're comparing.
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.
Some of the key benefits of seniors funeral insurance can include:
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:
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.
​​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.
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 level or stepped premiums. A level premium doesn't rise as you get older which can be useful as your income increases 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. |
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 40 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:
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.
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.
| The trap | How to avoid it |
|---|---|
|
|
|
|
|
|
|
|
An adviser can help you find cover from trusted life insurance brands.
If you're looking for a standing desk for the home office, the Omnidesk Ascent is our #1 choice for 2023.
It's time to sort out your NBN plan for the new year.
Invest in an index fund instead of actively trading stocks and you not only save on time and fees, you could be earning more in returns too.
SPONSORED: Upgrade your internet before the end of 2023 and get ahead on your life admin! We take a look at some of the benefits of a faster internet connection.
Young Australians cite overspending as the main reason for not reaching their financial goals.
What you need to know about investing in Shein from Australia.
Your guide to currency exchange in Brisbane, including how to get the best exchange rate.
Addressing speculation that interest rates might fall in late-2024, ANZ CEO Shayne Elliott said he thought it was too optimistic.
