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Life Insurance

Why do you need funeral insurance?

22 October 2021

Funeral insurance may help cover the cost of all or some of your funeral, easing the financial strain on your family left behind. Funerals can be highly emotional and a very stressful time. Funeral insurance, and the benefit amount, may help your loved ones concentrate on their emotions, rather than worrying about the finances.

What to look for in a funeral insurance policy

There are several questions you may want to ask yourself when researching different funeral insurance policies.

  1. What are the requirements?

For funeral insurance, providers will usually have different requirements so it’s a good idea to check which one suits your circumstances. For example, policies will have different age requirements. With Suncorp Funeral Insurance, people aged between 45 and 80 are eligible to apply, as long as you are an Australian citizen, an Australian permanent resident or a New Zealand citizen.

  1. What benefit amounts are available?

MoneySmart estimates that the average funeral in Australia costs between $4,000 and $15,000. If you can find a policy that will cover most, if not all of your preferred funeral, it may help your family significantly. It’s a good idea to estimate the cost of your funeral before taking out cover so you can decide on the best benefit amount for you and your beneficiaries.

  1. How are premiums calculated and paid?

Check to see how premiums are calculated and how they need to be paid. Premiums are the amount you’ll pay for your insurance. Also, with some policies, there may be medical or health checks in order to determine how much your premiums will be. Suncorp Funeral Insurance premiums, like many other policies, the amount you pay will be determined by your level of cover, payout amount, age, health and lifestyle. Cover starts from just $2.95 a week per life insured.

  1. What extras are offered?

Some funeral insurance providers will offer optional add-ons or extras for things like accidental death cover. Some providers may also offer a certain percentage of your premiums back after a certain number of years, discounts when you add more people to your plan or bonus cover after a certain number of years.

  1. How easy is the claims process?

The point of taking out funeral insurance is to make things as simple and straightforward for your loved ones. Part of this is ensuring the claims process is as easy as possible. Check to see how quickly a claim can be lodged and how they will be processed by the provider. This will indicate how fast your beneficiaries will receive the benefit amount. If you are eligible to claim on a Suncorp Funeral Insurance policy, your payment will be made within 24 hours of an approved claim, with people to guide your loved ones along the way.

Stress-free funeral insurance

Having an understanding of what to look for when doing your research and comparing funeral insurance policies ultimately means you can find the right provider and policy for your circumstances. Remember, your loved ones will be dealing with so much already. Funeral insurance may help ease the strain, financially and emotionally.

Get a Funeral Insurance quick quote

If you have any questions about Funeral Insurance policy, you can talk to the Suncorp Life specialists on 13 11 55.

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Suncorp Life Insurance products, other than in some circumstances the Redundancy Benefit, is provided by TAL Life Limited ABN 70 050 109 450 AFSL 237848 (TAL Life) which is part of the TAL Dai-ichi Life Australia Pty Limited ABN 97 150 070 483 group of companies (TAL). TAL is not part of the Suncorp Group. TAL uses the Suncorp brand (part of the Suncorp Group) under license. Any advice on this page in connection with the Life products is general in nature and is provided by Platform Ventures Pty Ltd ABN 35 626 745 177 AFS Representative Number 001266101 (PV). PV is part of the Suncorp Group and an authorised representative of TAL Direct Pty Limited ABN 39 084 666 017, AFSL 243260 (TAL Direct). General advice does not take into account your individual needs, objectives or financial situation. Before you decide to buy or to continue to hold a Life Products you must read the relevant Product Disclosure Statement. The Target Market Determination (TMD) for the product is available on our website.