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Life Insurance

When to consider taking out funeral insurance

27 October 2021

Whatever stage of life you’re at, there are moments that remind you to check your cover - health, car, income and life insurance policies, among others. Taking out funeral insurance is a way to plan ahead, helping to give you peace of mind that your family won’t be left with financial burden after you’re gone. In this article we will run through some of the key life stages where it makes sense to consider funeral insurance

Fluctuating income

Whether it’s buying or selling a property, or a change in your income, throughout one’s life assets and income tend to fluctuate. This means your monthly incomings and outgoings may not always be the same. One month you may have a lot saved, the next your car may need a service, your home may spring a leak or someone in your family may need urgent medical care. All of these things add up it’s not always guaranteed that there will be enough money sitting around to cover a large expense, such as a funeral.  Our funeral insurance may help provide some peace of mind that if you were to pass away, your family could access financial help to contribute to the cost of your funeral and other expenses.

Becoming an empty nester

The kids are leaving home, and perhaps they no longer rely on you financially. This doesn’t mean though that your children should be left to pay for funeral expenses should the unthinkable happen. They have their own lives to lead, so let them concentrate on their own goals rather than worrying about how to cover funeral expenses should they arise. Funeral insurance may help ease that burden, helping give your children peace of mind that they don’t need to find the money required to pay for funeral costs.

As circumstances change, so too may your requirements for cover. And often, when things like a change in the family occur, it can be a helpful reminder to put protections in place to help make sure you and your family will receive some financial help should something happen.

Retirement is looming

When one approaches retirement, it’s always a good idea to take stock of what protections you have in place. Retirement may mean a lower income, as you rely on superannuation, government assistance or wealth management assets. Retirement, however, is also when people want to focus on themselves, using their money to enjoy their golden years. Which is exactly where your well-earned money should be going, not towards covering funeral expenses. Funeral insurance can help cover the costs of your funeral so you can use your money elsewhere – like travelling the world, working your way through your bucket list, taking on a hobby you’ve been desperately waiting to try or spoiling the grandkids.

Death can be unexpected but everyone can still prepare for it. And funeral insurance may help ease the financial strain on your loved ones left behind.

The cost of a funeral

According to MoneySmart, the average funeral in Australia can cost anywhere between $4,000 and $15,000. This largely depends on the type of funeral you want - burial or cremation, a full service, a function following, transport required, and the cost of the burial site and the clergy. Many families simply don’t have that amount of money readily available to draw on and may struggle to pay the costs associated with the passing of a loved one.

This is where funeral insurance may help and why it’s important to consider taking out funeral insurance cover at each milestone moment of your life. With Suncorp Funeral Insurance, cover starts from just $2.95 a week and in return, a lump sum payment will be made to your family - a fixed cover amount of up to $15,000 - within 24 hours of an approved claim.

Remember also that this lump sum doesn’t necessarily need to directly cover the funeral costs. Rather, it can be used to settle affairs like unpaid bills or outstanding debts, giving your family one less financial worry. Or it may even be used towards travel expenses so special family members can be at your funeral to say goodbye.

If you have any questions about Suncorp Funeral Insurance, you can talk to our 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.