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
Woolworths will cease offering new Life Insurance and Funeral Insurance policies from 1 July 2023. Existing policyholders will continue to be covered. Looking to switch? Compare more direct funeral insurance brands in Australia.
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.
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
Life insurance is designed to help cover any debts you may have at your death, which can include funeral costs. It's generally more cost-effective to increase your life insurance sum insured rather than take out a new funeral insurance policy.
However, this may not be the case if you are in poor health at the time of application or if your life insurance does not have a fast turnaround for funeral expenses to be paid out. You can read a full comparison between the two in our Life insurance vs funeral insurance guide.
No, the benefit paid under this policy is generally tax-free.
No, while funeral insurance is designed to help cover expenses relating to your death, once the benefit is paid, the beneficiaries can use the funds in any way they desire.
No, your total premium will never increase and Woolworths will reduce your premium by 5% after each continuous period of 5 years of insurance. Once you turn 90, the cover will continue but you will no longer have to make premium payments.
Compare more funeral insurance options in Australia
Cristal Dyer is a travel writer at Finder. She has been writing about travel for over five years and has visited over 40 countries around the world. Cristal currently travels full-time, writing about her favourite cities and food finds, and she is always on the lookout for amazing flight deals to share.
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