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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.
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 |
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An adviser can help you find cover from trusted life insurance brands.
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