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.
Maximum entry age
Minimum sum insured
|Product Name||Woolworths Funeral Insurance|
|Minimum sum insured||$3,000|
|Premium discount offered|
|Premiums capped at certain age||90|
|Premium won't increase with your age||No|
|Terminal illness cover|
|Cooling-off period||30 days|
|Underwriter||Swiss 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:
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.
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:
- Premiums are waived after you turn 90.
- No health questions asked during application.
- Everyday Rewards members get 10% off.
- 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
- Travelling on an aircraft (except as a passenger on a properly licensed aircraft)