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It’s important when considering the cost of funeral insurance that you first consider how you would like your family and friends to celebrate your life when the time comes. The structure of your funeral will have a large impact on what your funeral will cost, which in turn will influence the funeral insurance benefit you would like your family to receive.
No one enjoys talking about funerals, but it’s a conversation everyone needs to have to ensure that your family is insulated from the immediate costs they may be faced with when you pass away.
The average funeral in Australia costs from $4,000 to $15,0001, but few of us pre-plan our own funerals, so who’s going to foot the bill when we pass away?
Whether you opt for cremation or burial, a basic service or traditional ritual, the costs may be more than you think.
Depending on the way you wish to be remembered and your family’s particular needs, the factors that are likely to influence the cost of a funeral include:
The cost of funeral insurance will vary depending on the following factors:
With Australian Seniors, your premiums will not increase every year, helping you manage the cost of your funeral insurance policy as you get older.
When deciding how much funeral insurance you need – as this will influence the cost of your funeral insurance – you need to consider what elements you would like present in your funeral.
Organising a funeral could incur more costs for your family than you had originally planned for, depending on outside factors. Creating a final farewell to honour someone’s life can involve the following expenses:
| THE AVERAGE COSTS OF A FUNERAL1 | |
| Service Fee | $2,000+ |
| Removal of Body | $300 |
| Preservation | $210 |
| Clergy Fees | $275 |
| Organist | $275 |
| Advertising | $285 |
| Cost per Car | $330 |
| Casket | up to $10,000 |
| Chapel Fee | $180 |
| Grave Fees | $3,500+ |
| Flowers | $100 |
| TOTAL | $7,455 excl. casket |
Funeral insurance pays your loved ones a lump sum to use towards your final expenses, regardless of how much you’ve paid in premiums. They can use this pay out to cover your funeral costs and to settle some of your outstanding financial affairs, such as credit card debts, loans or bills. Read more about funeral insurance.
Seniors Funeral Insurance pays a lump sum benefit of $3,000 up to $15,000, depending on the amount of cover you have selected.
A pre-paid funeral plan is one where you plan and pay for your funeral upfront before you pass away, usually through a local funeral director. This requires careful planning to ensure all arrangements and suppliers for your funeral are finalised at the time of payment.
Learn more about the difference between funeral insurance and pre-paid funeral plans.
This involves putting money away regularly in a savings account to pay for your funeral expenses. It means your family will only have access to whatever amount you’ve managed to save in that time, and they may not be able to access the account immediately after your death.
As with funeral insurance, life insurance is given as a lump sum payment and as such it is at the discretion of the beneficiary as to what they use that payout for.
However, it’s important to note that life insurance can take longer to pay out than funeral insurance, in which case the payment may be received after the funeral has occurred.
If you choose to use life insurance as the way to cover your funeral expenses, you should advise your beneficiaries that the upfront cost of your funeral will need to be managed by them, with your life insurance then used to reimburse the costs incurred.
If you would prefer for your funeral costs to be covered upfront, with no out of pocket expenses required by your family when you pass, then funeral insurance is worth considering in addition to life insurance.
The responsibility for debts when you pass away will depend on the type of debt, and your personal circumstances. Generally, the following questions will be asked:
If when a person passes away there are outstanding debts, the executor is responsible for dividing up the estate and paying off the debts using cash if there is enough, or selling the estate assets for cash to pay off the creditors.
If there is not enough money in the estate to pay off the debts once the assets are sold, and if the debt is not:
then the debt may not need to be paid.2
When considering funeral insurance, you may want to make sure of the following:
When planning for your funeral, it’s important to remember that your next of kin are normally responsible for paying your funeral costs. From casket and flowers to funeral director and burial fees, these expenses can add up to a significant financial burden for your family at a time when they are already experiencing emotional distress.
These costs can average between $4,000 and $15,0001, so it’s worth thinking about who will be left with the bill.
Funeral Insurance can give you and your family complete peace of mind by helping to cover your funeral and other final expenses.
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.
Seniors Funeral Insurance pays a lump sum to your family from $3,000 up to $15,000 upon your death. Choose a payment frequency that works for you and your budget.
If you’re an Australian resident aged 40 to 79, you’re guaranteed acceptance. No medical screening, complicated paperwork or blood tests required.
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.
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.
From age 85, we’ll stop charging you for your cover so there will be no further premiums to pay.
Get 100% of your benefit paid if you are diagnosed with a terminal illness, helping you plan your final wishes without financial worries.
From the day your policy starts, your loved ones will receive triple your cover amount if your death is the result of an accident.
Once you turn 85, you can choose to end your policy and receive 75% of your cover amount paid to you.
Once you turn 85, you can choose to end your policy and receive 75% of your cover amount paid to you.
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.
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Estate PlanningFor total peace of mind for your entire family, get a quote from our friendly team today on 1300 078 596. You can also request a call-back at a time that suits you.
