What is Funeral Insurance and how does it work?
What is Funeral Insurance?
It's worth bearing in mind that funerals are particularly costly events that can cause financial strain for your family.
Taking out funeral insurance can help deal with this cost, giving peace of mind.
The cost of funerals these days can run into the thousands of dollars, but as with anything, it depends on the choices you make.
According to a 2018 Finder.com.au survey, the average cost of a funeral in Australia is $7,449, making them a financial commitment for your family once you have gone.
One of the main problems they may face is that they will want to create the best send-off possible for you, but may be worried about the financial restrictions.
With Funeral Insurance, you pay a regular premium for your funeral insurance policy. When you die your family gets a lump sum, usually paid within 24 hours of receiving the valid claim.
How does our Funeral Insurance work?
It’s simple and straightforward:
• Work out how much money is needed for your funeral. Get an approximate idea of funeral costs then ring around for quotes
• Call us on 13 77 87 for a Funeral Insurance quote or fill in the form and one of our friendly staff will call you back. We’ll talk you through your options and help you find an affordable premium. No medicals, no health questions
• When the time comes, we work hard to ensure a fast, smooth payout so your family can pay upfront for your funeral expenses
• We are Australia’s longest standing funeral insurance provider‡
Our Funeral Insurance premiums don’t’ go up every year just because you’re getting older**
• You’re covered for accidental death from day one of the policy, and after 12 months, for all causes of death
• After holding the policy for 5 years we add a bonus 10% more Funeral Insurance cover at no extra cost for being a loyal customer~ It is possible if you hold a policy for many years that the premiums paid over time may equal or exceed the amount of your cover. But with Insuranceline’s Value Promise, at the time of a claim for the Funeral Insurance Benefit, we’ll pay the Funeral Insurance Cover Amount, plus any Bonus Cover, or 100% of the premiums paid toward your Funeral Insurance cover – whichever is greater.
• If you are looking for a lower cost option, you may choose a 70% Value Promise so that at the time of a claim for the Funeral Insurance Benefit, we’ll pay the greater of the Funeral Insurance Cover Amount, plus any Bonus Cover, or 70% of the premiums paid toward your Funeral Insurance cover.+
• After the Life Insured’s 85th birthday you can also cash in their benefit for 120% of their average Funeral Insurance cover Amount.#