Funeral Insurance provides a lump sum payment to your loved ones (nominated beneficiary/ies) when you pass away. This money can be used by your loved ones to help pay for your funeral, settle any outstanding debts you may have or even help cover the cost for a family member to travel to your funeral.
Cover is available for all Australian or New Zealand citizens or Australian permanent residents, currently residing in Australia, aged 40 to 80. Depending on the amount of cover you need, up to $15,000 cover is available per Life Insured. Policies can cover more than one person, as long as each person is an Australian Resident and aged between 40 and 80.
With Insuranceline Funeral Insurance, only Accidental Death is covered in the first 12 months. This means that a claim would not be paid for death that is not an Accidental Death in the first 12 months of taking out Insuranceline Funeral Insurance cover (or, following any increase, in respect of the increased portion). If you die from causes other than Accidental Death within the first 12 months, we’ll refund the premiums you paid so far for Funeral Insurance. Accidental Death is a defined term with a specific meaning. Please refer to the Combined PDS & FSG for the specific meaning of Accidental Death and what is excluded from this definition and for a full list of exclusions.
Our Optional Accidental Death Cover provides extra financial support for your family (up to $50,000) if you pass away because of an Accident, or within six months of the physical injury leading to the Life Insured's death.
Exclusions include—claims that result from participating in unlawful activity, acts of war, undertaking a dangerous occupation or dangerous pursuits and death by self-injury or suicide, injury as a result of any self-inflicted act including attempted suicide, the taking of intoxicating liquor or taking drugs other than as prescribed. Please see our Combined PDS & FSG for full details on what is and isn’t covered by the policy.
The cost is based on your age and the level of cover when cover starts, and how much cover you choose to take out. The premium will change if you make changes to your Policy, such as increasing the Cover Amount, adding optional Benefits or other people to your Policy.
The premium will also change if we change the premium rates for our Funeral Insurance portfolio. We will provide you with at least 30 days’ notice before any change to your premiums.
When you take out Funeral Insurance with Insuranceline, we give you a 30-day money back guarantee—so if you cancel your policy in the first 30 days, we’ll give you a complete refund of any premiums paid. After that, there are no refunds. Your policy simply gives you Funeral Insurance cover—it is not a savings plan.
We're here to help
We understand circumstances can change from when you take out a policy. If you're having trouble paying your premiums, we encourage you to contact us on 13 77 87.
Together, we’ll go through your options and work out the best way for you to manage your premiums and cover.
There are several options when it comes to paying for your funeral. Here are a few examples:
Read more about different ways to pay for your funeral.
Based on current Australian tax laws, you can’t generally claim your Funeral Insurance premiums as a tax deduction. However, individual circumstances vary, and you should always consult an accountant or tax agent for matters relating to tax.
Insuranceline Funeral Insurance is an insurance policy, not a savings plan, which means you may pay more or less in premiums than your Cover Amount over the life of the Policy. After the first 12 months of cover, if the total premiums paid are greater than the Funeral Insurance Cover Amount (inclusive of any Bonus Cover), this amount will be payable at claim time. This is called the 100% Value Promise Option.
You can also choose the 70% Value Promise option, which will reduce your premium. This means the higher of the Funeral Insurance Cover Amount and 70% of the premiums you have paid will be payable at claim time. If you make changes to your Policy, your premium may change as a result. We will inform you of any changes in premium at the time.
Your premiums may change if you make changes to your policy or if the premium rates are changed by us. If this happens, we will give you at least 30 days’ notice of the change.
Your cover only continues while premiums are paid when due, so if you stop paying, your cover will end. As Funeral Insurance is an insurance policy, not a savings plan, it works in the same way as other insurance, such as car insurance. If you stop paying or cancel outside of the first 30 days, there will be no refund of any of the money you’ve paid in premiums for periods during which you were covered by the policy.
If the Life Insured is age 85 or over, you may be eligible for an Early Payout Amount. Please contact us to exercise the Early Payout Option. After you claim the Early Payout Amount in respect of a Life Insured, premiums and all cover for that Life Insured will cease.
We understand that changes in your circumstances can occur. If you find yourself having trouble budgeting for your policy, please call us. We’ll go through your options and work out the best way for you to manage your premiums and cover.
Yes. Life Insurance provides your beneficiaries with a lump sum payment when you pass away. There are usually no restrictions on how the money can be spent. Your family can spend the money as they see fit, whether it’s paying off a mortgage, clearing debts or paying for funeral costs.
Funeral cover provides a lump sum payment (with Insuranceline, it’s up to $15,000) to cover funeral-related costs. One advantage of funeral cover over Life Insurance is that eligibility requirements generally aren’t as strict—there is no medical underwriting required, so it’s ideal for those who can’t get Life Insurance or need a payment specifically to cover funeral-related costs and expenses.
According to MoneySmart, the average cost of a funeral in Australia can vary a lot—between $4000 for a basic cremation up to $15,000 for an elaborate burial. Insuranceline Funeral Insurance can provide a lump sum payment from $3000 up to $15,000 to cover funeral costs—the amount you choose is up to you. For peace of mind, we provide a bonus 10% of your average Funeral Cover after 5 years at no extra cost to help cover unforeseen costs. You can choose to pay your premiums fortnightly, monthly or annually. If you choose to pay annually, you’ll receive 12 months' cover for the price of 11.
When the time comes, we make the process as straightforward as possible. When your family or beneficiary make a claim, a Claims Manager will personally oversee this claim and help your loved ones work through any details or questions and help them access the financial assistance your cover provides as soon as possible. Usually, we aim to pay your claim within 24 hours of it being approved. Only Accidental Death Cover claims can be paid out within the first 12 months of your policy.
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^Offer available to Insuranceline customers who complete an application for an Insuranceline branded and distributed Life Insurance, Income Protection or Funeral Insurance policy between 1 October 2023 and 31 March 2024 (inclusive) and are issued with a policy with a commencement date prior to 00.01AM (AEST) 1st of May 2024. To be eligible policy holders must hold the policy for 4 consecutive months and pay 4 months’ premiums in full. One Gift per customer. View full terms and conditions.
**Bonus 10% more cover is calculated on the fifth anniversary from the Policy Commencement Date. Each adult life insured will have an extra 10% of the average Funeral Insurance Cover amount held during the previous five years added to their Funeral Insurance benefit. Terms and conditions apply. Refer to the PDS for more information.
#Claims paid figures relate to all Insuranceline life insurance policies in the 2021 financial reporting year (1 April2021 to 31 March 2022). All claims on Insuranceline policies are assessed against the relevant policy terms and conditions. These terms and conditions, as well an explanation of the claims process, can be found in the applicable Product Disclosure Statement. Claims are administered and settled by the insurer, TAL Life Limited.
***Insuranceline is the longest standing provider of Funeral Insurance in Australia, based on: Strategic Insight, Actuaries & Researchers. Funeral Insurance means a policy with periodic premium payments that provides a lump sum to help pay for funeral and associated expenses when you die and excludes pre-paid Funeral Plans and Funeral Bonds.
The information provided on this website is general advice only which means it does not take into account your individual needs, objectives or financial situation. For this reason, you should consider whether it is appropriate for you, and before you decide to buy or to continue to hold an insurance product, you must read the relevant Combined Product Disclosure Statement (PDS) and the Financial Services Guide (FSG). The PDS/FSG contains important information which will help you understand the product, including what's covered and what's not covered and to decide whether it is appropriate for you. The Target Market Determination (TMD) for the relevant product, where applicable, is also available.
If you are considering cancelling a policy you already hold in order to replace it with a new policy, make sure you read the terms and conditions of both policies before you make a decision. The cover terms may be different, you may lose benefits accrued under your existing policy, and waiting periods may apply to the new policy. Changes in your personal circumstances (such as your age, health, and employment) that have occurred since your existing policy was originally taken out may also affect your new policy. As your application for a new policy may not be accepted, and some policies may be unable to be reinstated after they have been cancelled, you should consider waiting until your new policy is confirmed before you cancel any existing cover.
Promoted by Insuranceline, a trading name of TAL Direct Pty Limited (of Level 16, 363 George Street, Sydney NSW 2000) ABN 39 084 666 017 AFSL 243260. TAL Life Limited ABN 70 050 109 450 AFSL 237848 issues the life insurance benefits. St Andrew's Insurance (Australia) Pty Ltd ABN 89 075 044 656 AFSL 239649 issues the Involuntary Unemployment Cover.