Woolworths Funeral Insurance Review

Receive up to $15,000 in cover when you need it the most for as little as $2.87 per week.

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$15,000

Maximum cover

79

Maximum entry age

$3,000

Minimum sum insured

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Details

Product NameWoolworths Funeral Insurance
Maximum cover$15,000
Minimum sum insured$3,000
Premium discount offered
Premiums capped at certain age90
Premium won't increase with your ageNo
Terminal illness cover
Cooling-off period30 days
UnderwriterSwiss Re Life & Health Australia Limited

Woolworths funeral insurance: Our verdict

  • A maximum cover limit of $15,000 is comparable with 4 other leading providers and should meet the needs of most Aussies.
  • Woolworth's doesn't have a maximum expiry age limit, so your policy won't end as long as you keep up with your premium payment. This isn't the case with Real Funeral Cover or Seniors Funeral Insurance.
  • Moneysmart figures show that Swiss Re (the company that underwrites Woolworths' funeral policies) had a policy cancellation rate of 12.8%, which is significantly higher than the industry average of 6%.

Review by our insurance senior writer Cristal Dyer

A quick Woolworths funeral insurance review:

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Key points of Woolworths funeral insurance

  • Funeral insurance benefit. This is a lump-sum amount your nominated beneficiaries will receive when you die. Woolworths will insure you for between $3,000 and $15,000.
  • Accidental death benefit. If you have an accident and die within 90 days, there may be unexpected funeral costs and end-of-life expenses. You're covered for 3 times the funeral benefit amount you select.
  • Accidental serious injury benefit. You are automatically covered for a lump sum equal to 3 times your funeral benefit amount for a range of serious accidental injuries.
  • Terminal illness benefit. If you become terminally ill, 100% of your benefit is paid to you.
  • Premium reduction. Your premiums will be reduced by 5% after every continuous 5 years of insurance.

Note: Be sure to check the product disclosure statement (PDS) for full terms and conditions.

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Applying for Woolworths funeral insurance cover

This cover might be suitable if

  • You're looking for fast cover with no medical assessment or health questions.
  • You have the financial capacity to pay premiums during the cover period.
  • You want a joint plan that can include your de facto partner or spouse.

Don't get this cover if

  • You're a non-Australian resident and if you are not between 45 and 79 years of age.
  • You want to stop paying for premiums once the amount you've paid reaches your funeral insurance benefit amount.

Woolworths funeral insurance pros and cons

Still wondering if Woolworths is right for you? Here are the main pros and cons:

Pros

  • Premiums are waived after you turn 90.
  • No health questions asked during application.
  • Everyday Rewards members get 10% off.

Cons

  • No online quote option.
  • No early payout option available.
  • Not available to non-Australian residents or those under 45 years of age.

How do I make a Woolworths funeral insurance claim?

You can make a Woolworths funeral insurance claim in one of the following ways:

  • Phone. Call 1300 10 1234 (available Monday to Friday, between 8:00am and 8:00pm AEST)
  • Write. You can write to them at Claims Services, Woolworths Funeral Insurance, Reply Paid 6728, Baulkham Hills NSW 2153

What won't Woolworths funeral insurance cover?

Your claim will not be paid if it is made during the first 12 months of the policy for any cause of death other than an accident. In addition, no accidental serious injury benefit will be paid if it's the result of the following:

  • An intentional self-inflicted injury
  • Engaging in criminal or illegal acts
  • Suicide or attempted suicide
  • The consumption of drugs (unless under the direction of a medical practitioner)
  • Driving while over the prescribed blood-alcohol limit
  • Engaging in any professional sport or motorsports
  • War
  • Travelling on an aircraft (except as a passenger on a properly licensed aircraft)

Frequently asked questions about Woolworths funeral insurance

Compare more funeral insurance options in Australia

1 - 4 of 8
Name Product Maximum cover Maximum entry age Average claims acceptance rate Average claim time Sum Insured Expiry age
Real Funeral Cover
$15,000
79
98.80%
0.7 months
$1,903 million
100th birthday
Receive 10% of premiums you’ve paid in the first 12 months with The Real Reward program.
Seniors Funeral Insurance
$15,000
79
98.80%
0.7 months
$1,903 million
100th birthday
Get up to $15,000 in funeral cover, including an extra 25% bonus cover when you turn 85.
Medibank Funeral Insurance
$15,000
79
100.00%
0.8 months
$324 million
No expiry age as long as premiums are paid
Medibank health members save 10% every year. T&Cs apply.
Insuranceline Funeral Insurance
$15,000
80
99.50%
0.6 months
$3,509 million
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 September 2022.
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