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While it’s nice to have peace of mind knowing your loved ones will be helped when you’re gone, not all funeral insurance policies are the same. The provider and plan you choose will have a large impact on the value your family receives, which can also affect their ability to cope during such an emotional time. That’s why we’ve prepared a helpful market comparison to help you make the right choice.
The table below highlights the common benefits and features you’ll need to consider when comparing funeral insurance policies.
| Benefits | Seniors Funeral Insurance Top Cover | Insurer A | Insurer B | Insurer C |
|---|---|---|---|---|
| Accidental Death only period | 12 months | 12 months | 12 months | 12 months |
| Extra Cover for Accidental Death | YesTriple benefit | YesDouble benefit included with option to increase | No | No |
| When the time comes, your family will receive the Benefit Amount or premiums you’ve paid for your cover, whichever is greater | Yes | Yes | Yes | Yes |
| At age 85, choose an Early Cash Back payment of 150% of the Benefit Amount | Yes | Yes | No | No |
| Premium reduction as you get older | YesReduce 5% every 5 years | No | No | No |
| Levelled Premiums1 | YesStandard | YesStandard | YesOptional | YesOptional |
| Accidental Serious Injury CoverCover for defined significant life-changing events caused by an accident, up until the age of 75 | YesAt no extra cost | YesAt no extra cost | No | No |
| Early payout on diagnosis of Terminal Illness | No | No | Yes | Yes |
This information is accurate as at 7 December 2018. This table compares a sample of policy features, but does not compare all aspects of each policy. There are also other policies available that have not been compared. Each insurer charges different prices for their cover, however, you should also consider the premium structure that is available. Policies which have a lower premium in the first year of cover may not always be cheaper over the long term.
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.
Seniors Funeral Insurance Top Cover lets you access an early payout once you turn 85, with 150% of your agreed benefit amount paid.
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.
Seniors Funeral Insurance Top Cover includes a premium-back guarantee as a standard inclusion, so you can be assured your family will get the best possible value from your policy.
Many insurers will increase their premiums as you get older to offset the added risk of your age. This is known as a stepped premium. By contrast, a policy with level premiums won’t increase due to your age. You’ll need to check which of these a provider charges as it will affect the value you or your loved ones receive.
With Seniors Funeral Insurance, your premiums are level PLUS you receive 5% discount every 5 years your policy is held. This means, you not only avoid paying more as you get older but your premiums will actually reduce over time, as long as your policy is active without any changes to cover.
Here’s a visual comparison of how monthly premiums for funeral insurance can change over time depending on how they are calculated and which provider you choose.
4 The table compares Seniors Funeral Insurance Top Cover vs. Insurer A level Cover.
5 The table compares Seniors Funeral Insurance Top Cover vs. Insurer B Stepped Cover for a 60 year old male and $10,000 sum insured (with the Standard Accident injury plan rider add-on).
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.
The cost of Seniors Funeral Insurance does not increase as you get older. In fact, your premiums actually reduce by 5% every 5 years you hold your policy, which can lead to significant long-term savings compared to other insurers.
Here’s a closer breakdown of how both Insurer A and Insurer B compare with Seniors Funeral Insurance Top Cover.
| Funeral Insurance Product | Seniors Funeral Insurance Top Cover | Insurer A |
|---|---|---|
| Sum Insured | $10,000 | $10,000 |
| Starting Premium 64yr | $40.19 | $49.62 |
| Projected Premium 85yr | $36.77 | $47.14 |
| Total Premium Paid | $22,731 | $26,383 |
| Claim Sum Payout | $22,731 | $20,104 |
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.
| Funeral Insurance Product | Seniors Funeral Insurance Top Cover | Insurer B |
|---|---|---|
| Sum Insured | $10,000 | $10,000 |
| Starting Premium 60yr | $40.19 | $34.74 |
| Projected Premium 75yr | $34.46 | $78.21 |
| Total Premium Paid | $14,903 | $18,076 |
| Claim Sum Payout | $14,904 | $18,076 |
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.
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.
Seniors Funeral Insurance protects your family from medical costs if you suffer a specified injury – this is provided at no extra cost.
Some funeral insurance policies will increase your family’s payout in the event of an accidental death. This is to provide your loved ones with extra funds for any additional expenses left behind. It could also allow them to take time off work due to the emotional stress of your passing.
Accidental death is included as standard cover in many policies, but your benefit amount won’t always be increased. This is where choosing the right plan can make a big difference to your family’s finances. With Seniors Funeral Insurance, your payout will be tripled in the event of an accidental death – up to a maximum of $45,000.
Other policies usually offer only a standard or doubled payout for accidental death. This may not be enough to pay for the additional expenses that can arise, like legal fees, estate distribution, or outstanding debts. You may be able to add a higher payout option with these providers, but this will also increase your premiums.
With Seniors Funeral Insurance, your benefit amount is tripled in the event of an accidental death. This is a standard inclusion in your policy, so it will not incur a higher premium.
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Costs & PlanningCover for Accidental Death only in the first 12 months, any cause of death thereafter.
For ultimate peace of mind for you and your family, talk to our friendly team today. We’re here 8am to 8pm Monday to Friday and 9am to 2pm Saturdays on 1300 078 596. You can also request a call-back at a time that suits you.