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LifestyleWhy Funeral Insurance?
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Your loved ones deserve peace of mind
For many of us, friends and family are the most important thing in life. You can always rely on them during hard times so it’s nice to ensure they’re looked after when it matters most. That’s where funeral insurance can help.
Funeral insurance gives your loved ones a lump-sum payout when you pass away, helping to cover your funeral or other expenses left behind. This makes a difficult time much easier for those closest to you, letting them honour your last wishes without the added stress or expense.
Here are some common reasons to consider funeral insurance for you and your loved ones:
Leaving your family with one less worry
The last thing your family needs when you’re gone is to worry about finances. Unfortunately, the average cost of a funeral alone is over $7,000. That can be very difficult for loved ones to pay on such short notice.
With funeral insurance, you can choose a benefit amount of up to $15,000 which your family can use to pay for your funeral.
Settle your unpaid debts
It’s common to leave behind unpaid expenses when you pass away. On top of the cost of your funeral, there may also be outstanding debts or bills that you haven’t had a chance to settle.
That’s why funeral insurance is designed as a lump-sum payout. Your beneficiaries can use the money wherever it’s needed most, so they’re not left to find the money at a difficult time.
Give your family peace of mind today
When you take out Seniors Funeral Insurance, you can choose a cover amount between $3,000 and $15,000, depending on your and your family’s personal needs. Plus, once you turn 85, you will no longer need to pay any premiums, and you will also receive an extra 25% Bonus Cover for even greater peace of mind.
You don’t need to worry about your financial situation changing as you get older – Seniors Funeral Insurance also comes with an Early Cash Out Option, which means you can end your policy and receive 75% of your cover amount after you reach 85 years of age.
You can see our Frequently Asked Questions or Product Disclosure Statement for more information. Call our friendly team today to discuss your family’s needs on 1300 078 596.
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.
Funeral Insurance FAQsFrequently Asked Questions
How does funeral insurance work?
Funeral insurance is paid in the form of a lump sum benefit your family can use to pay immediate expenses, such as your funeral service or any outstanding debts you may have.
You choose a cover amount to suit you, and pay ongoing premium payments, usually fortnightly or monthly. In the event of a claim, your beneficiary will receive your cover amount.
Learn more about how funeral insurance works.
Is funeral insurance tax-deductible?
In most cases, funeral insurance premiums are not tax deductible. But there’s generally no tax on the benefits that you or your beneficiaries will receive.
However, it’s always possible that tax laws may change in future. What’s more, this may not apply to your specific situation. So, it’s important to seek qualified professional advice about the tax implications of any insurance product.
Can I buy funeral insurance for my parents?
Yes, as long as your parents are Australian residents aged 40 to 79 you’re eligible to apply for Seniors Funeral Insurance.
What is ‘Accidental Death’?
An ‘Accidental Death’ is a death occurring as the direct result of an Accident and where death occurs within 90 days of the Accident.
An ‘Accident’ means an event resulting in bodily injury occurring, where the injury is directly and solely caused by accidental, violent, external and visible means without any other contributing causes and where the injury is not self-inflicted.
Information for Youpla members
The Youpla Group, also known as the Aboriginal Community Benefit Fund (ACBF) sold insurance policies to First Nations people and went into liquidation in March 2022.
To help the families of fund members affected by the collapse, the Australian Government is running a support program for those affected.
Youpla Support Program (valid from 1 July 2024)
The Youpla Support Program commenced on 1 July 2024 and will continue until 30 June 2026. Eligible recipients will not need to apply or register, Services Australia will make contact by phone. It may take some time for Services Australia to contact everyone. If a request is urgent, please contact Services Australia or if you think Services Australia may not have your up-to-date contact details you can contact Services Australia and update this information.
Need further assistance?
- For more information about the Youpla Support Program, go to niaa.gov.au/Youpla or call Services Australia on 1800 136 380.
- If you have any questions about your Seniors Funeral Insurance policy and you are a Youpla customer, please contact us (02) 8886 8468.
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Estate PlanningCover 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.