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Estate PlanningDifference Between Funeral Insurance, Plans and Bonds
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When you compare funeral insurance with a pre-paid funeral plan and funeral bonds, you may find that funeral insurance offers more benefits and greater peace of mind.
What is funeral insurance?
Funeral insurance gives your loved ones an immediate lump sum benefit when you pass away. You can choose the amount they receive and, rather than having to make a large upfront financial investment, you can simply pay a fortnightly or monthly premium over time.
Read more about funeral insurance.
What is a pre-paid funeral plan?
A pre-paid funeral plan requires you to plan and pay for your funeral upfront before you pass away. Even if your funeral director allows you to pay in instalments, there is likely to be a large, non-refundable deposit required upfront.
A pre-paid funeral plan gives you full control over the details of your funeral service, and the funeral costs are likely to be fixed at current prices, which won’t rise with inflation or market fluctuations.
Did you know?
62% of Australian Seniors plan to be cremated instead of buried when they pass away.1
To determine what your funeral costs might be at the current market rate, try our funeral cost calculator
What is a funeral bond?
Funeral bonds are an investment product that allow you to put money aside for your funeral. In a way these bonds are an enforced savings account, as the funds from the bonds can only be withdrawn once you have passed and are to be used to pay for your funeral.2
Why choose funeral insurance over a pre-paid funeral plan?
Full cover, whatever you’ve paid
With Seniors Funeral Insurance, you’re immediately covered for your chosen benefit, from $3,000 up to $15,000, no matter how much or how little you’ve paid in premiums. This is in contrast to a pre-paid plan, where you may be required to pay upfront and in full.
With the average cost of a funeral in Australia being $4,000 to $15,0002, this can be a welcome relief for your family at a time when they need financial support most.
No decisions to make
Apart from selecting your cover amount and nominating your beneficiaries, there are no major decisions to make when you take out funeral cover. You can leave all the details of your funeral service in your will, without having to finalise arrangements and pay suppliers upfront.
Flexible payout
A funeral insurance payout can be used by your family for whatever is needed at the time. This could include putting your financial affairs in order and settling your outstanding bills or personal debts.
This flexibility is not possible with a pre-paid funeral plan, which locks your money away until you die and cannot be used for any other purpose than your funeral.
Easy application
Organising a pre-paid funeral plan can be complex and time consuming. It requires you to make a number of decisions regarding your funeral service, and to commit to suppliers upfront.
With Seniors Funeral Insurance, on the other hand, the process is easy. Just pick up the phone and you’ll be covered in minutes, if you’re an Australian resident between the ages of 40 and 79, you’re guaranteed acceptance with no medical or blood tests required.
Get more from your policy
With Australian Seniors, you can choose between $3,000 and $15,000 of cover for your family. Plus, when you turn 85, you’ll receive an extra 25% Bonus Cover and you’ll no longer need to pay to stay covered!
Read more about the benefits of funeral insurance over other forms of funeral cover.
How Australian Seniors can help
Seniors Funeral Insurance will pay a lump sum to your loved ones (up to $15,000) when the times comes, to be spent as needed to cover immediate expenses.
Benefits of choosing Seniors Funeral Insurance
Choose a level of cover that suits you
Seniors Funeral Insurance pays a lump sum to your family from $3,000 up to $15,000 upon your death.
Guaranteed acceptance
If you’re an Australian resident aged 40 to 79, you’re guaranteed acceptance. No medical screening, complicated paperwork or blood tests required.
A quick payout to your family
Claims are usually paid within 1 business day of all completed documentation being received, so you can be sure your family has the financial help they need with little fuss.
Bonus Cover at age 85
Once you turn 85, you’ll receive an extra 25% Bonus Cover on top of your cover amount, so you can enjoy even more peace of mind for the years ahead.
No more premiums after your 85th birthday
From age 85, we’ll stop charging you for your cover so there will be no further premiums to pay.
Cover for terminal illness
Get 100% of your benefit paid if you are diagnosed with a terminal illness, helping you plan your final wishes without financial worries.
Triple benefit for accidental death
From the day your policy starts, your loved ones will receive triple your cover amount if your death is the result of an accident.
More control over your policy
Choose a payment frequency that works for you and your budget and list up to 5 different beneficiaries.
Early Cash Out Option
Once you turn 85, you can choose to end your policy and receive 75% of your cover amount paid to you.
Guaranteed cash payout
When you reach 100 years of age, we’ll end your policy and pay you 125% of your cover amount to spend however you wish.
Things you should know
- Cover is for accidental serious injury and accidental death only in the first 12 months.
- Terminal illness with diagnosis of 12 months or less to live.
- There is no refund of premiums after the cooling off period. The total amount of premiums payable over the life of the policy has the potential to exceed the cover amount.
- If you choose the Early Cash Out Option, you’ll no longer be eligible to claim as this option will cancel your policy.
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Health- The Australian Seniors Series: The Circle of Life Survey – Australian Seniors
- Paying for your funeral – Australian Securities and Investment Commission
Cover the people that matter most today
For total peace of mind for your entire family, call our friendly team now. We’re here between 8am and 8pm Monday to Friday on 1300 078 596. You can also request a call-back at a time that suits you.