Funeral Insurance for Seniors

Upfront fast payout

Our policies pay up to $15,000, usually within 24 hours of claim approval. Accidental Death Cover is only covered in the first 12 months of your policy.

Bonus 10% cover¹

An extra 10% of your average funeral cover after 5 years, at no extra cost.

Annual discount

Get 12 months’ cover for the price of 11 when you pay annually.

No medical or health questions

Regardless of how many candles you blew out at your last birthday, we offer guaranteed acceptance if you meet age and residency criteria.

Flexible cover

You can choose how much your policy is covered for, between $3,000 and $15,000.

Flexible payment options

Pay fortnightly, monthly, or annually, with a discount for annual payments.

Early Payout option

From the policy anniversary after you turn 85 you may be eligible to cash out your policy and get 120% of the average cover amount. Applicable to Funeral Cover only and excludes any Bonus Cover or extra Accidental Death Cover.

100% Value Promise

Upon claim, we’ll pay the greater amount between your cover amount plus any Bonus Cover; or 100% of the premiums you paid. The Value Promise does not apply to the optional Accidental Death Benefit. We also offer a 70% Value Promise option that can reduce your premium.

Cooling off period

If you cancel your policy within 30 days of the commencement date, and you haven’t made a claim, we’ll refund the premium you’ve paid.

Family discounts

Add another adult to your policy and each person will receive a 5% multi-Life discount. The multi-life discount doesn’t apply to the optional Accidental Death Cover.

Worldwide cover

Have the peace of mind of knowing our Funeral Insurance provides worldwide cover 24 hours a day.

Affordable cover

Our policies starts from as little as $2.75 per week.*

Accidental Death Cover

If you select this optional cover, you can get extra financial support for your family if you pass away as a result of an Accidental Death. See the Combined Product Disclosure Statement (PDS) & Financial Services Guide (FSG) for more details about what qualifies as Accidental Death (some exclusions apply).

When your cover starts you are only covered for Accidental Death for 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 have paid so far for funeral insurance. After 12 months have passed from the date your cover commences, you’ll be covered for all causes of death.

Exclusions on Accidental Death Cover: A claim will not be paid for an Accidental Death that is caused by participating in unlawful activity, acts of war, undertaking a dangerous occupation or dangerous pursuits, self-injury or suicide, injury as a result of any self-inflicted act including attempted suicide, the taking of intoxicating liquor or drugs taken other than as prescribed.

Ongoing coverage: You are eligible to take out a Life Insurance policy with Insuranceline at any stage when you are aged 40 to 80 years old. You may continue to hold your policy after your 80th birthday. From the Policy Anniversary after you turn 85, you may be eligible to cash your policy Benefit for an amount equal to 120% of the Life Insured’s average Funeral Insurance Cover Amount.

If you stop paying premiums or cancel your cover before the policy anniversary after the life insured reaches age 85, you will generally not receive any payout or refund.
This is because this is an insurance policy, not a savings policy. However, if you’ve paid an annual premium and cancel your cover before the policy anniversary, you may be refunded part of the annual premium. 

At the policy anniversary after the life insured reaches age 85, we will give you the option to cash in your Funeral Benefit for an immediate cash payout under the Early Payout option.

Please see our Combined PDS & FSG for full details on what is and isn’t covered by the policy.

• The Early Payout Option we offer may affect your entitlements to the age pension and other government benefits, and may have income tax implications. You should consider these impacts and get advice if necessary, before exercising this option.
• If you are taking out this insurance to replace another insurance policy, you may lose valuable benefits. Be sure to consider the terms and conditions of each insurance policy before deciding to make any changes.
• Funeral insurance is not a savings plan. If you cancel it before an insured passes away or reaches the Early Payout date, you won’t get anything back (unless you cancel during the cooling-off period).
• The product and cover amount you choose may not be appropriate for your needs. Always read the PDS, consider alternatives, and think about an appropriate cover amount. Review your cover regularly to make sure it meets your needs.
• Other risks associated with holding this product can be found in the PDS.

Depending on how long you live, you might hold funeral insurance for a long time. It is important to:

• Understand that there is no cap on the premiums you may pay over the term of the policy (although you will have the benefit of the Insuranceline Value Promise); and
• Consider the long-term affordability of the policy, based not only on your current income, but the income you are likely to have in the future.

Funeral Insurance provides a lump sum payment to your loved ones (nominated beneficiary/ies) when you pass away. As we age, it can provide peace of mind to know that 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.

Your policy simply gives you Funeral Insurance cover—it is not a savings plan.

A refund will be paid to you:

• If you cancel during the 30-day money back guarantee – as long as you haven’t made a claim during that period.
• If you cancel an annual premium before the policy anniversary – you may also be refunded part of the annual premium.

At the policy anniversary after the life insured reaches age 85, we will give you the option to cash in your Funeral Benefit for an immediate cash payout under the Early Payout option.

The cost of Funeral Insurance varies, based on your age when cover starts and the level of cover you take out, along with how much cover you choose to take out. For seniors, policy options can include Funeral Insurance and Accidental Death Cover; depending on which options to take will impact the Policy cost.

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.

Based on current Australian tax laws, you can’t generally claim your Funeral Insurance premiums as a tax deduction. If you have reached retirement age this may be less of a concern for you, however, as individual circumstances vary, you should always consult an accountant or tax agent for matters relating to tax.

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.