What you need to know when taking out funeral insurance cover
28 October 2021
There are numerous questions you should ask yourself when looking to take out any form of insurance. It’s important to carefully consider which policy will best cover you, your family and your circumstances. It’s also important to remember that circumstances change, so it can help to ensure the policy you choose is flexible.
So what do you need to look for when taking out funeral insurance?
Researching different funeral insurance products
There are lots of different funeral insurance cover options around. When deciding which one is right for you, there are several things to think about.
- The benefit: when doing your research, check to see whether you can choose the payout amount. Also make sure whatever cover amount is offered will be enough to cover your funeral and/or any expenses your family wish to cover. It may be helpful to consider what kind of funeral you want and estimate the costs so you can make sure the benefit will be enough.
- The costs: do the sums and make sure you won’t be paying more over the years than the payout itself. Think long-term. Will the premiums paid be more than your funeral costs? Also check whether the premiums will increase over time and how this may impact your ability to maintain them.
- Added extras: when researching policies, compare the added extras or bonus cover options. For example, with Suncorp Funeral Insurance, there’s an optional add-on for accidental death cover.
- How easy is the process? This includes how easy it is to actually take out the cover in the first place, how flexible it is to change and then how easy it will be for your family to claim.
Taking out cover
Once you’ve done your research, it may be time to take out cover. Consider all of your options and how you can best protect your loved ones from the financial burden that often comes with a funeral. Keep in mind that according to MoneySmart, on average, funerals in Australia can range between $4,000 and $15,000 so that’s a lot of cash for your family to outlay. Also, remember, your family is grieving, and a funeral can be a very tough time for your family - mentally, emotionally and financially. Let your family focus on their grief, rather than how to cover the expenses.
Key questions to ask
- Can you choose the payout amount and will it be enough?
- What is the cost of premiums, how are they calculated and will they increase?
- What kind of questions will you be asked when taking out cover?
- Are there added extras or bonus cover options?
- How easy is the claims process?
If you have any questions about Suncorp Funeral Insurance, you can talk to our Suncorp Life specialists on 13 11 55.
- What you need to know about funeral insurance
- Comparing Funeral Insurance policies: What you need to know
- Buying funeral insurance: a step-by-step guide
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.