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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 | Insurer A | Insurer B | Insurer C |
|---|---|---|---|---|
| Accidental Death only period | 12 months | 12 months | 12 months | 12 months |
| Extra Cover for Accidental Death | Yes Triple benefit, Standard |
Yes Optional additional cover up to $50k | Yes Optional additional cover up to $50k | Yes Optional additional cover up to $50k |
| Premiums Cease | Yes From your 85th Birthday. Cover for Death and Terminal Illness still continues | No | No | No |
| Early payout on diagnosis of Terminal Illness | Yes | No | No | No |
| Bonus Cover | Yes25% extra at age 85, at no additional cost | Yes10% extra on 5th policy anniversary, at no additional cost | Yes10% extra on 5th policy anniversary, at no additional cost | Yes10% extra on 5th policy anniversary, at no additional cost |
| Cash Out Option from age 85 | Yes | Yes | Yes | Yes |
| Accidental Serious Injury Cover for defined significant life-changing events caused by an accident, up until the age of 75 | Yes at no additional cost | No | No | No |
This information is accurate as at 1 August 2024. 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.
Cover the people that matter most today.
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 may avoid this by purchasing a policy with an early-payout clause. Not all insurers offer an early cash out option though so it’s important to compare this benefit across all providers.
An early cash out 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, you have the choice to cancel your policy and receive 75% of your cover amount once you turn 85, which means you won’t have to worry about cancelling your policy and missing out on your payout should your financial situation change.
Did you know?
Seniors Funeral Insurance offers additional benefits from age 85, including no longer needing to pay premiums to stay covered, and an extra 25% Bonus Cover being added to your cover amount at no further cost to you.
Consider how long you will pay premiums for
With most funeral insurance policies, you can generally expect to pay premiums for as long as your cover is active. However, if you’re concerned about managing the ongoing monthly or annual cost of your premiums, you can search for a policy that provides ongoing cover at no expense after a certain age.
By taking out Seniors Funeral Insurance, you can be confident that once you turn 85, you will no longer need to pay any more premiums. This means you can keep your cover until you reach 100 years of age at no cost to you. Plus, you will also receive an extra 25% Bonus Cover when you turn 85, which can help you plan around rising funeral costs around Australia.
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.
Did you know?
Seniors Funeral Insurance protects your family from medical costs if you suffer a specified injury – this is provided at no extra cost.
Extra cover for accidental death
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.
Did you know?
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.
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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