Compare Funeral Insurance

There are relatively few insurers offering standalone funeral insurance in Australia. There are currently less than ten policies to choose from, so choice is quite limited. However, when comparing these funeral insurance policies, look at the following areas to compare the differences between them:  

• Benefit amount: Look at the lump-sum payment the policy pays to your beneficiary upon your passing. Different insurers offer a range of coverage amounts ranging from $3,000 up to $15,000, with some insurers offering even higher options. 
• Policy expiry age: Contrast policies that provide lifelong coverage or come with a high expiry age. Some providers extend coverage until the policyholder's 100th birthday, or offer other deals for seniors aged in their 80s or 90’s. 
• Guaranteed acceptance: Check the policy doesn't require a medical examination, and guarantees automatic approval if you meet their age criteria (which is usually between 40 and 80 years old). 
• Special discounts and offers: Explore different introductory deals, loyalty rewards, and early cash-out possibilities offered by the various insurance providers. 
• Premium choice: Decide between stepped premiums (which increase over time) or level premiums (which are a fixed amount). Tailor your decision based on your short- and long-term budget considerations. 
• Payout time: Make sure the provider you choose has a reputation for prompt payout times, usually within one day of receiving necessary claim information. Some insurers even promise payouts within 24 hours to ensure timely funeral arrangements can be made. 

Consider all these aspects of funeral insurance before deciding if a standalone funeral policy is the right choice to provide financial security for your family.