How is your funeral insurance premium calculated?
It helps to understand some of the factors that influence the amount you’ll pay for your funeral insurance policy premium:
Know what to look for in funeral insurance providers
A cheaper premium doesn’t always mean value for money. There are other criteria to consider when choosing a funeral insurance policy such as the features and benefits. It’s important to make sure that you select a policy that suits your needs. Some things to consider include:
{promotile}The difference between Stepped and Level premiums
Look at whether your insurer offers level or stepped premiums and consider the pros and cons for each type to help you determine the long term affordability of your funeral policy:
Why so many thousands of Australian’s trust Insuranceline
We are the longest standing funeral insurance provider in Australia‡, and we pride ourselves on providing Australians access to straightforward insurance they can trust.
Some of the key features of Insuranceline’s Funeral Policy include:
~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.
*The premiums may change if you make changes to your Policy or if the underlying premium rates are changed by us. However, you will never be singled out for a premium rate increase.
#After the Policy Anniversary following a Life Insured reaching age 85, the Policy Owner can cash in the policy and receive a payout of 120% of the Life Insured’s average Funeral Insurance cover amount, excluding Bonus Cover, Accidental Death Cover. The Early Payout Option may affect entitlements to the age pension and other government benefits
+Highest payout is paid on receipt of a valid claim and is calculated on your Funeral Insurance Cover Amount or premiums paid toward your Funeral Insurance cover. Read more about the Insuranceline Value Promise in the PDS.
‡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.
^Offer available to Insuranceline customers who complete an application for a Life Insurance, Income Protection or Funeral Insurance policy between 20 November 2017 and 30 June 2020 (inclusive) and are issued with a policy with a commencement date prior to 00.01AM (AEST) 1 August 2020. To be eligible policyholders must hold the policy for 2 consecutive months and pay 2 months’ premiums in full. One Gift per customer. Full terms and conditions at www.insuranceline.com.au/giftcard. Gift Card issued by Indue Ltd ABN 97 087 822 464 AFSL number 320 204. We reserve the right to change the Visa gift card issuer at any time.
The information provided in this article is general advice only and does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold an insurance product, you must read the relevant Combined Product Disclosure Statement (PDS) and Financial Services Guide (FSG).