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Estate PlanningWho Should Consider Funeral Insurance?
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What does it do?
Seniors Funeral Insurance is a way to provide peace of mind for your family during a difficult time, by providing a lump sum payment to help them pay for your funeral and any final expenses you leave behind.
A lump sum payment when you pass away makes it easy for your loved ones to pay for:
- your funeral (i.e. burial or cremation, service, death certificates, flowers, clergy fees, etc)
- any unpaid bills or expenses you leave behind
- any financial pressures facing your family at the time (i.e. mortgage, school fees, car loan, etc).
Who can take out funeral insurance?
Anyone can apply for funeral cover, as long as they meet the provider’s eligibility criteria. Australian residents between the ages of 40 and 79 are guaranteed acceptance of Seniors Funeral Insurance, with no medical exams or blood tests required.
Whatever kind of funeral you have in mind, whether it’s a simple cremation or an elaborate service, funeral insurance will help to make it happen by providing your loved ones with the immediate finances needed to honour your wishes.
Who is funeral cover most suitable for?
- Funeral insurance is a good choice for those who don’t want to spend a lot of money upfront. Unlike pre-paid funeral plans, where you have to make a large upfront payment, with funeral insurance you can simply pay a fortnightly or monthly premium for your policy and your loved ones will still get the full benefit amount if you die, regardless of how much you’ve paid in.
Read more about the difference between funeral insurance and pre-paid funeral insurance plans. - Funeral insurance is a great option for those who don’t want to have to plan their funeral service right away. Rather than having to lock in the details upfront with a funeral director, you can simply include your funeral wishes in your will, knowing that your loved ones will be able to fulfil them using the lump sum pay out from your funeral insurance policy.
- Funeral insurance is ideal for those who value convenience. You can take out a policy over the phone in just minutes, with no medical exams or blood tests required. And it’s just as convenient for your loved ones when the time comes, as the benefit they receive can be spent on your funeral along with anything else they need at the time, such as covering any outstanding bills or expenses.
What to keep in mind when researching a policy
It’s important to consider the unique benefits and features of each policy so you can find the best value for you and your family. When comparing your options, keep in mind that Seniors Funeral Insurance offers some great benefits:
- Once you turn 85, you will no longer need to pay any premiums, and you’ll also receive an extra 25% Bonus Cover for greater peace of mind.
- Seniors Funeral Insurance also comes with added cover for terminal illness, which can help you plan your final wishes with loved ones.
- Your premiums will not increase every year.
In addition to the above, you should also consider how much your funeral is actually going to cost. If you’re not sure, our handy funeral cost calculator can help.
Peace of mind for you and your loved ones
Funeral insurance gives everyone peace of mind.
- It protects your family from financial hardship during a difficult time by helping to pay your funeral costs and other final expenses.
- It’s easy to secure a policy over the phone, with no medical exams required and you can choose a benefit amount up to $15,000.
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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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.