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Funeral insurance made easy

Funeral insurance made easy

Funeral insurance is a lump sum of money paid to your family to cover your funeral costs and any other final expenses in the event of your death.* A funeral can be costly – $4,000 to $14,0001 – so funeral insurance offers peace of mind and assurance your family won’t be left with the financial burden.

How funeral insurance works

Funeral insurance works much the same way as other insurance policies – you pay a premium based on your level of cover and age. Most funeral insurance policies range between $3,000 and $15,000 cover.

Any Australian resident aged 18–79 can apply for funeral insurance, and you can choose between a single plan for yourself, or a joint plan to include your spouse or partner. You may also have the option to insure your children.

Australian Seniors Insurance Agency make it hassle-free to access funeral insurance with no medical exam or blood tests required. And with Australian Seniors, when you pass away, your family will have access to your payout as soon as the required claim documentation is received – usually within one business day.

What to look out for

Most funeral insurance policy premiums increase with age; however, Seniors Funeral Insurance Top Cover promises that not only will your premiums never increase, they’ll actually reduce by 5% for every five years you hold your policy, unless you choose to change your cover.

Seniors Funeral Insurance Top Cover also ensures you have choices! This means your family will receive your covered amount or all the premiums you’ve paid in for your cover – whichever is greater, or once you turn 85 you can choose to cancel your cover to receive an Early Cash Back Payment of 150% of your funeral insurance benefit .**

The benefit your family receives will never be less than the total premiums you’ve paid.

Why take out funeral insurance?

In most instances, your Next of Kin (spouse, child, parent, legal partner or sibling) is responsible for arranging and paying for your funeral, and the cost of a funeral will vary depending on selections made by the family.

Funeral directors usually ask for an up-front deposit, with the full fee due immediately after the funeral. This can cause pressure on the family. Funeral insurance takes this pressure off, protecting your family from financial stress

What are some of the funeral costs covered?

The good news with funeral insurance is that it offers a lump sum payment of whatever amount you choose, up to $15,000. What your family spends this money on is up to them, meaning your funeral can be arranged to suit your specific requirements.

According to the NSW State Library2, average funeral costs can be:

  • Service fee – $2,000
  • Removal of body – $300
  • Preservation (if needed) – $210
  • Casket – $1,000–$10,000
  • Grave fees – $3500+
  • Cremation – $1200
  • Headstone – $1500+
  • Clergy fees – $275
  • Flowers – $150
  • Extra car – $330
  • Organist – $275
  • Catering – $300+

What to consider when taking out funeral insurance

Could your loved ones afford the funeral they would want for you? By choosing the right type of insurance, you can help them meet their immediate financial needs, so paying for a funeral becomes one less thing to worry about.

When considering funeral insurance, talk to your family about what you would like from your funeral such as cremation or burial, casket choice, flowers and service. When you sign up for funeral insurance with Australian Seniors, we include a “My Wishes” pack that makes it easy to document these wants and discussions.

To find out more about how Australian Seniors Insurance Agency provides peace of mind for you and your loved ones, call our friendly, Australian-based customer service team on 1300 078 596 or request a quick quote now.


References

  1. Paying for your funeral – How much does a funeral cost?ASIC’s MoneySmart
  2. Funeral costsFind Legal Answers, State Library of New South Wales

Disclaimers

This general information only. Please review the relevant PDS available at www.seniors.com.au. Funeral Insurance Products are issued by Hannover Life Re of Australasia ABN 37 062 395 484.

* Cover is for accidental death only in the first 12 months of your policy. If your policy is cancelled and cover ends, no benefit amount is payable and there are no premium refunds after the cooling off period.

** If your policy is cancelled prior to age 85, no benefit amount is payable. There is no refund of premiums after the cooling off period. If you choose the Early Cash Back option, you will no longer be eligible to claim and you may receive less than the total premiums you’ve paid into your policy to date.