What are the most frequently asked questions about funeral insurance?
29 October 2021
What’s the right level of funeral cover?
It can be a difficult topic but figuring out the right level of funeral cover largely depends on what you want your funeral to look like and your circumstances. Discussing these arrangements with your family can help put some plans into place and give you an idea of how much your desired funeral is ultimately going to cost. This estimate can then help you decide how much cover your loved ones might need.
How does a funeral insurance policy work?
When you take out a funeral insurance policy, you pay premiums and in return, a lump sum payment will be provided to your loved ones when you pass away. When you apply for cover, you’ll generally nominate at least one beneficiary, although you can nominate more. You can also add other adults to your policy over the years if required, as long as they meet the eligible criteria outlined in the Product Disclosure Statement.
What happens to a funeral insurance policy if you can’t pay premiums?
Circumstances change all the time, and sometimes that may mean you can’t pay your premiums. Generally speaking, if you need help the Suncorp Funeral Insurance team can help guide you through the process and hopefully find a solution. Remember though, if a policy is cancelled or lapses, all premiums that have been paid already are lost.
Are there circumstances where you won’t get a funeral benefit payout?
With Suncorp Funeral Insurance, there is no payout if you die within the first 12 months of taking out a policy, from any cause other than accidental death. This includes if you die as a result of an accident that happened before you took out the policy, a sickness, or an intentional self-inflicted act.
If you die of an accidental death within 12 months, your beneficiary will be paid a benefit amount that’s equal to the premiums you’ve paid so far.
Why should you get funeral insurance?
At the end of the day, funeral insurance may help provide some peace of mind for you and your loved ones, helping to mitigate the financial strain of funeral expenses. The amount paid can be used towards paying for your funeral, to settle your affairs or even to cover the travel expenses of someone to ensure they can attend the services
If you have any questions about Suncorp Funeral Insurance, you can talk to our Suncorp Life specialists on 13 11 55 (Mon to Fri 8am–8pm).
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