Compare Funeral Insurance Products

Receiving an early payout if your financial situation changes

As you get older, you may find it harder to keep up with your funeral insurance premiums. This means that you could be forced to cancel your policy and forfeit your benefit amount as well as all the premiums you’ve paid. However, you can avoid this by purchasing a policy with an early-payout clause. Not all insurers offer an early payout option though so it’s important to compare this benefit across all providers.

An early payout option is a great way to ensure you’ll still benefit from a policy even if your financial situation changes and you can no longer afford your premiums. It also lets you use the money yourself instead of relying on beneficiaries to carry out your wishes. With Seniors Funeral Insurance Top Cover, you have the choice to cancel your policy and receive 150% of your benefit amount once you turn 85², which means you won’t have to worry about cancelling your policy and missing out on your payout should your financial situation change.

Premium-back guarantees

Another important aspect to consider when comparing funeral insurance policies is whether your premiums could end up exceeding your agreed benefit amount. Many people try to avoid this by reducing their cover in order to lower their premiums, but this means your family may not have enough funds to carry out your final wishes or cover other expenses should you pass away.

That’s why it’s important to choose a policy with a premium-back guarantee. This feature ensures your loved ones will receive either your benefit amount OR the sum total of all premiums paid under your policy - whichever is greater³. For example, if your benefit amount is $6,000 but you’ve paid $10,000 in premiums by the time a claim is made, your family’s payout will be the higher amount. This ensures your policy will never cost more than your family receives.

Notice that the monthly premiums for Insurer A remain stable as you get older, however the accrued discounts are much lower. That’s why it’s important to consider the long-term value of a policy. If you are no longer working by age 75 or your financial situation changes, you may find it harder to keep up with your monthly premiums, so it’s better to choose a policy that offers more savings.

Based on the above data, if you take out Seniors Funeral Insurance Top Cover at age 64 and live beyond 75, you will get more value than you would from Insurer A. This is due to the 5% discount you receive every 5 years on top of the already levelled premiums, so you will be paying less when you are older and potentially saving for retirement.

With Insurer B, the cost of funeral cover would be much higher after 15 years as the stepped premiums increase with the age of the policyholder. Although these plans can seem appealing at first, they will often cost you more as you get older. The above data shows that your starting premiums would more than double by the time you are 75, which means you may no longer be able to afford your policy when you need it most.

Here’s a closer breakdown of how both Insurer A and Insurer B compare with Seniors Funeral Insurance Top Cover.

With Insurer A, there is only a marginal decrease in the monthly cost after 20 years. While both policies reduce over time, you would save a total of $3,652 in total premiums with Seniors Funeral Insurance Top Cover by the time you are 84.

With Insurer B, the monthly premium after 15 years would rise to $78.21, while the monthly premium for Seniors Funeral Insurance Top Cover would reduce to $34.46. This is a 78% price difference for the same level of cover and equates to a saving of over $3,000 in total premiums.

Payouts for serious injuries

If you take out Seniors Funeral Insurance, you’ll automatically be covered for accidental serious injuries at no extra cost. This means you and your family will be covered for more than just funeral expenses, and your policy will remain more affordable over time.

Remember that accidental serious injury cover is usually offered as an optional extra with other providers. If you decide to add this to your policy, it could result in higher premiums so it’s important to consider your personal circumstances. Alternatively, you can choose a policy that offers serious injury and illness cover as a standard feature.