Frequently asked questions about Funeral Insurance
Many of your general questions can be answered here.
If you have a specific question regarding your own policy, please contact us
Funeral insurance is an insurance policy designed to make sure your loved ones have access to the cash they need to pay for your funeral in the event of your death.
Paying for your funeral may not be one of the first things you think of when considering the impact of your passing on your family. However, funerals can often be expensive. Depending on the type of ceremony you choose, funerals can cost between $4,000 and $15,000 (and more) according to Moneysmart.gov.au.
It can be difficult for families to find the amount of money needed for a funeral at short notice. Funeral insurance eases that burden. It means that your partner, children, or whoever your nominated beneficiary is, has fast access to the money they need, usually within 24 to 48 hours.
Funeral insurance works in a similar way to other insurance policies you’re likely to already have. You choose how much money you would like your policy to cover, and pay a series of regular premiums to cover that amount.
The person you choose as your nominated beneficiary will receive the sum insured (or, in our case, the amount you have paid in premiums if that is greater than the sum insured) in the event of your death. The money paid out can then be used to pay for your funeral and any other related expenses.
Pre-paid funeral plans work slightly differently. With a pre-paid plan, you’re effectively paying for your funeral in advance. You can choose what your funeral will involve, too. The costs of these plans are fixed, but it can be difficult to change parts of the funeral, particularly if you move to another state.
Funeral insurance is about gaining peace of mind – about knowing you're easing the burden for your family and giving them one less thing to worry about. To get that peace, you need to choose an insurer you can trust completely.
We're proud to be the trusted choice – and to have been voted 2014's Reader's Digest Trusted Brand Winner in the Funeral Insurance category.
We want to make sure that your family can afford to give you the funeral you would like. That's why we give you the control to choose how much cover you need.
The amount of cover that is right for you will depend on your financial circumstances and the sort of funeral you would like. With Suncorp Funeral Insurance, you can choose cover between $5,000 and $15,000 for level premiums, or up to $30,000 for stepped premiums.
The Value Promise Guarantee means you don't have to worry about paying more in premiums than your nominated beneficiary will receive when they come to claim.
In some circumstances, we will pay out on your policy before your death as part of our Early Payment Benefit. If you become terminally ill after the first 12 months of your policy, you can choose to take the Early Payment Benefit. You will receive up to the full amount you have insured, allowing you to take control, arrange your financial affairs and enjoy your time with your family.
Who receives the lump sum paid out – otherwise known as the Funeral Benefit – in the event of your death is up to you. Whether yours is a single or joint policy, you can nominate one beneficiary.
You can insure up to 2 people on any one policy. Each person insured is also a policy owner.
Covering 2 people on a single policy means one policy number, less paperwork and a 20% Family Discount.
The person who pays the premiums does not need to be the same as the person who is insured. Whoever is the insured person will always be the policy owner.
The short answer is yes.
If you choose to separate your joint policy, one owner will keep the existing policy while the other will be given a new policy.
If you’ve chosen to pay with stepped premiums, you can choose to use the Premium Freeze Benefit if you’re worried about your increasing premiums. The Premium Freeze Benefit means your premiums will stay the same, while your sum insured will reduce each year.
Every policy also offers the Premium Pause Benefit. This allows you to stop paying premiums for up to 3 months over the life of your policy. You’ll still be covered, but while the premium is paused it’ll be for accidental death only.
It’s important to understand that there are some circumstances that mean a Funeral Benefit will not be paid out.
For Suncorp Funeral Insurance, exclusions apply for the first 12 months after your policy start date. This period is otherwise known as a ‘12 month accidental death only period’.
We offer a number of discounts to Suncorp customers to help them save on funeral insurance. These are:
- 20% Family Discount – If you have a policy and a member of your immediate family – your partner for example – also takes out a policy, they will save 20% on their insurance premiums. This applies to joint policy holders, too
- 10% Large Sum Insured Discount – If you’ve chosen a stepped premium policy and have a sum insured of at least $20,000, you will also get 10% off
- 10% Cash Back Benefit – Once you’ve been a policy holder for three continuous years, you’ll get a 10% refund on the premiums you’ve paid. This will happen every three years for as long as you hold the policy
Getting a quote from Suncorp is simple and quick. Fill out our short form and receive a quote in less than 30 seconds. We don’t make you take a medical, and you can purchase straight away online. After that, all that’s left for you to do is relax, knowing things will be taken care of.
Yes, Australian and New Zealand Citizens and permanent residents, residing in Australia at the time of applying for the insurance policy can apply.
As long as you meet all the requirements of your policy you’ll be paid your benefit.
Many people don’t realise how expensive a funeral can be until it’s too late. At that point, the surviving family members are often faced with a substantial bill at an emotional and difficult time.
Funeral expenses can usually be divided into three areas. First up is the cost of the funeral service, which covers use of the funeral home, the services of the funeral director and staff, arranging the burial or crematorium, legal obligations and administration costs.