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Life Insurance

Understanding the cost of a funeral

22 October 2021

According to MoneySmart, the average funeral in Australia costs between $4,000 and $15,000. Even at the lower end, that’s a significant amount of money for a family to have readily available.

When looking at how you can prepare and help ensure your family is able to cover the cost of your funeral, it’s worthwhile understanding the cost of a funeral and how that compares to the cost of funeral insurance.

What are common funeral expenses?

The cost of a funeral will largely depend on what services and features you and your family wish to include. According to Finder, costs could include:

  • Funeral director: to organise things and source suppliers if required, such as florists and music - $3000
  • Transport: this may include cars to take family members to and from the services and the cost of the hearse - $7000
  • Coffin or urn: the cost of the coffin will depend on the type you choose. It generally will range from a couple of hundred dollars to thousands of dollars. Urns are usually less expensive.
  • Clergy fee: whether it’s someone religious or a neutral celebrant to conduct services, some will expect a small donation while others will require a fee.
  • Burial site: whether it’s a simple plot, a mausoleum or a burial vault, all burial sites may incur fees. There also may be an ongoing maintenance fee.
  • Cremation: if you choose cremation, there is still a cost, and it ranges from $600 to $1,200 if you want a service as well.
  • Other expenses may include flowers, programs, newspaper notices, death certificates, and the cost of a wake or function following.

Providing a lump sum that may help to cover these costs, funeral insurance can help take this financial burden off your loved one’s shoulders.

Comparing the cost of funeral insurance

When considering how you would cover the cost of your funeral, it’s a good idea to compare estimated funeral costs against the cost you may outlay for funeral insurance. Many people question whether they need funeral insurance at all, as the premiums may be more than the expected cost of their funeral.

However, funeral insurance doesn’t necessarily need to go towards the funeral itself. Funeral insurance can also help pay for the travel expenses of a loved one attending your service or help cover any outstanding debts your family may be left with.

Even if your preference is for a simple service, funeral expenses can add up and it may be an expense that your family can’t afford. Providing a lump sum payment of between $3,000 and $15,000, funeral insurance may be a worthwhile option to help your family cover costs once you’re gone.

Before making any financial decisions it’s always important to do your research. Speak to your chosen provider about how your premiums will be calculated and then do the maths to determine whether you would be paying more in premiums than the estimated cost of your funeral.

Taking out cover

Everyone wants to be farewelled properly. But it’s also important that your family are left to grieve in the way they wish, rather than worrying about how they will cover funeral-related expenses. Remember, your funeral is your family’s chance to say a proper goodbye. By taking out funeral insurance, you can help your family focus on what they need to - their emotional wellbeing - rather than being weighed down by the financial side of things.

If you’re ready to take out funeral insurance cover, give Suncorp Life a call on 13 11 55 or get a quick quote online.

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

Get a Funeral Insurance quick quote

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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.