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Funeral Insurance Quotes

Russell Cain Updated: 13 May 2020

Find the best funeral insurance that will pay for the funeral you want.

Comparing funeral insurance quotes can help you find cheap burial insurance so that your loved ones can pay for your final expenses. When reviewing Australian funeral insurances quotes from us, you can easily assess premiums and benefits while choosing the cover amount you want. This is generally between $5,000 and $15,000, depending on the insurer.

How much does it cost for a funeral in Australia?

A funeral in Australia can cost you anywhere from $3,000 to $50,000, but this amount depends on the kind of funeral you want. For example, whether you prefer to be buried or cremated, the kind of urn or coffin you want, and if you want to have a service that includes catering and flowers. These factors will determine the overall cost of your funeral.

How much does funeral insurance cost?

Funeral insurance costs depend on the cover amount you choose. For example, generally, a 42-year-old non-smoking male purchasing $10, 000 worth of funeral cover, might have an average premium starting from as little as $23.99. Your exact premium depends on the insurer, and your personal circumstances, like your age or gender. Whether you’re thinking of funeral cover for the first time or looking to switch, it’s best to first compare quotes.

8 factors that can affect your funeral insurance quote

  1. The cover amount you choose: This amount generally ranges from $5, 000 to $15,000, with select insurers offering higher levels. It’s important to get the right amount of cover because funerals are expensive and too little cover might leave your loved ones to fill the gap.
  2. Personal details: Your age when you first purchase cover, your gender, whether you are smoker or non-smoker, and other lifestyle factors can greatly influence your quoted price.
  3. The type of premium: Your quote is affected by whether the insurer provides stepped or level premiums. Stepped premiums start cheaper, but increases every year. Level premiums start off more expensive but generally do not increase every year due to your age.
  4. Capped vs non-capped premiums: With capped premiums, you’ll never pay more for your policy than what it’s worth. With non-capped premiums, your premiums will continue to increase and might even exceed the worth of your policy.
  5. The accidental death period: Most policies will only pay out a death benefit within the first 12 months of your policy commencing if death is due to an accident. However, some insurers extend this period to 24 months and even longer. If you’re replacing an old policy with a new one, this waiting period can be waived but it depends on the insurer.
  6. Multiple lives insured: You can get a discount of up to 10% from select insurers when you and your spouse purchase a policy from the same insurer at the same time.
  7. Payment frequency: You can save between 5% to 8% per year on your premiums from select insurance companies when you pay yearly or fortnightly, due to the reduced amount of admin that would need to be done.
  8. A free month: There are some funeral insurance companies who offer new customers the first month free.

What is the best funeral insurance in Australia?

The best funeral insurance in Australia is one that suits your individual requirements and gives you value for money. To find this kind of cover, it can be helpful to compile a list of the top insurance companies, read reviews from customers, and see what the top policies have to offer you.  There are no one size fits all.

The best funeral insurance policies generally have the following in common:

Try and avoid:

Capped funeral insurance premiums mean you’ll never pay more in premiums than the cover amount you chose. This is usually the type of final expenses policy you want because it prevents you from paying more than what your policy will one-day pay-out.

  • Stepped Premiums: While stepped premiums start more affordable, they increase every year because as you get older the risk of you dying increases. You might be able to afford the premiums at first, but it’s important to consider whether you’ll still be able to afford it in the long-run. You could end up paying more in premiums than the cost of your funeral cover.
  • Long accident-only death periods: Generally, you’ll only have cover for accidental death for the first 12 months of your policy starting. While this period is typically only 12 months, there are some insurers who extend this period to two years.

What is capped funeral insurance?

Capped funeral insurance premiums mean you’ll never pay more in premiums than the cover amount you chose. This is usually the type of final expenses policy you want because it prevents you from paying more than what your policy will one-day pay-out.

What is level funeral insurance premiums?

Level funeral insurance premiums is a premium type that starts more expensive but does not increase every year because of your age, this excludes yearly inflation and stamp duty. Stepped premiums might seem more attractive because they start off cheaper, but will increase every year as your risk to the insurer increases.

One of the best ways to ensure you find level premiums that are capped is request quotes from a variety of companies and carefully review the products disclosure statements (PDS).

List of funeral insurance companies in Australia

Can you have multiple funeral insurance policies?

Yes, you generally can have multiple funeral insurance policies. However, you must take the underlying insurer of each policy into consideration. If you have more than one policy from the same underlying insurer, chances are they will stipulate a clause stating the maximum amount payable when a claim is lodged.

The key is to be as transparent and fully comply with your duty of disclosure. While you are gathering quotes, take the time to inform your current insurer(s) of your plans to take out separate policies. They can then advise you whether this will impact your future claim payouts.

Funeral insurance reviews

Reading funeral insurance reviews from customers will provide you more insight into how these companies treat their clients and how quickly and easily claims are paid. Negative reviews are not the only way to make sure that you get the cheapest and best quality funeral insurance in Australia, you need to compare funeral insurance quotes based on your unique requirements.

5 steps to finding cheap burial insurance quotes

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