Seniors funeral insurance

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Product	Maximum cover	Maximum entry age	Minimum sum insured	Terminal illness cover	Sum Insured	Expiry age
Apia Funeral Insurance	$15,000	80	$3,000		$3,366 million	No expiry age as long as premiums are paid	Save 5% on Apia Funeral Insurance premiums every year for the life of your policy. Offer ends 31 July 2025. T&Cs apply.	Get quoteView details Compare	loading Fetching your data...
Real Funeral Cover	$15,000	79	$3,000		$1,926 million	100th birthday	Get 10% cash back of the premiums you've paid after your first 12-months with The Real Reward™	Get quoteView details Compare	loading Fetching your data...
Seniors Funeral Insurance	$15,000	79	$3,000		$1,926 million	100th birthday	Get up to $15,000 in funeral cover, including an extra 25% bonus cover when you turn 85.	Get quoteView details Compare	loading Fetching your data...
Suncorp Funeral Insurance	$15,000	80	$3,000		$3,298 million	No expiry age as long as premiums are paid	Save 5% on Suncorp Funeral Insurance premiums every year for the life of your policy. Offer ends 31 July 2025. T&Cs apply.	View details Compare	loading Fetching your data...
Insuranceline Funeral Insurance	$15,000	80	$3,000		$3,366 million	No expiry age as long as premiums are paid	Take out a new Insuranceline Funeral policy and get a $100 eGift card after 4 months of cover. T&Cs apply. Ends 31 July 2025.	View details Compare	loading Fetching your data...

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What is funeral insurance?

Funeral insurance is a type of life insurance policy designed to help cover the costs of a funeral. You pay regular premiums, and when you die, your beneficiaries receive a lump sum payment to cover funeral expenses like burial costs, cremation fees, and funeral director fees. This can ease the financial burden on your loved ones during a difficult time.

Is funeral insurance worth it?

Funeral insurance is sometimes worth it, but it's definitely not for everyone. Funeral insurance can give you peace of mind to know that your funeral costs will be looked after from day one of your coverage, aside from exclusions or waiting periods like terminal illnesses. However, If you have funeral insurance for a long time, you may end up paying a lot more in premiums than you get in benefits - in that case you might be better off with one of the alternatives to funeral insurance.

Funeral insurance alternatives

There are a range of funeral insurance alternatives, some formal and some informal. They have their pros and cons, so aren't necessarily better or worse than funeral insurance, just different.

• Prepaid funeral plan: This is the most common alternative to funeral insurance, allowing you to pre-pay for your funeral. It lets you lock in today's prices, protecting you from future price increases. It also caps the amount you'll have to pay.
• Life insurance: A life insurance policy can provide a lump sum payment to your beneficiaries, which can be used to cover funeral expenses and other financial needs.
• Savings account: You can set aside money in a savings account specifically for your funeral expenses.
• Funeral Bond: A funeral bond is a bit like a savings account that's only allowed to be spent on a funeral. You buy them from funeral directors, friendly societies or life insurance companies.

Funeral insurance vs a pre-paid funeral

Pre-paid funerals are the main alternative to funeral insurance, so it's worth considering which is right for you. A pre-paid funeral plan lets you pay for a funeral over 3 years or so. This locks in today's prices and guarantees you won't pay more than the cost of a funeral in insurance premiums.

Pre-paid funerals will require to be able to pay the full cost of the funeral within a couple of years, often with an upfront deposit of 30% or more. If you can't manage that cost over the course of 3 years, then funeral insurance might be the best alternative for you.

Cost of a funeral in Australia

There can be a range of expenses for a funeral. These costs vary depending on how big it is and how elaborate you want it to be. Main costs include:

• A cemetery plot, coffin, gravestone, hearse and funeral director, if you plan to be buried (estimated cost range: $4,000-$15,000).
• A service, celebrant, urn and flowers if you plan to be cremated (estimated cost range: $2,000-$8,000).
• Venue hire and catering, if there is to be a wake (estimated cost: $1,000).
• Newspaper notices, obituaries and a death certificate (costs vary).
• The added costs of cultural and religious requirements (costs vary).

When considering funeral insurance, you might need a cover amount of at least $4,000 for a basic service. We compare funeral plans with cover limits up to $15,000.

Funeral insurance features

Some of the key benefits of seniors funeral insurance can include:

• Easy to apply. You can get a quote and take out a policy quickly and easily over the phone or online.
• Guaranteed acceptance. Some policies will guarantee acceptance for people even up to 80 years of age.
• No medical examinations. Funeral insurance generally won't require you to submit a medical history or undergo a medical assessment for pre-existing conditions. However, there are exceptions, which can be found below.
• Fast payout when you die. Your benefit is generally paid out to your dependents within 2 business days of your death.
• Lump sum payment. A cash payment is issued to your beneficiary to cover your final expenses. Many policies we compare let you choose a benefit amount from $5,000 to $15,000 in intervals of $1,000.
• Accidental death cover. You will receive payment of the full benefit if you die due to an accident in the first year of holding your policy.
• Terminal illness. If you are diagnosed with a terminal illness after the first year of holding your policy you will get a payout.
• Never pay more in premiums than your sum insured. You may want to look for policies offering a "value guarantee", where the amount you pay in premiums doesn't exceed how much you're insured for.

How much does funeral insurance cost?

​​If the idea of your loved ones having to fork out between $4,000 and $15,000 at the time of your passing sounds dreary, then funeral insurance could be an ideal solution.

• The cost of a cheap funeral insurance policy can be as low as $3 per week.
• Seniors funeral insurance in Australia is usually higher and can cost from $16 per week for a 60-year-old looking for $8,000 worth of cover up to $29 for a 70-year-old.
• Factors that influence the cost of funeral insurance include your age when you take out the policy, the type of premium you choose and whether you smoke or not.

Funeral insurance age restrictions

Age restrictions usually apply when it comes to funeral insurance. The normal age range for eligibility is 45 to 79, but the maximum age varies between insurers and plans do exist that cater for older seniors, although medical assessment may be required.

Here are the age requirements for 3 funeral insurance brands:

• Apia Funeral Insurance: Between 45 and 80
• Real Funeral Expenses Cover: Between 40 and 79
• Suncorp Funeral Insurance: Between 45 and 80

Need more help choosing funeral insurance? Speak to an expert today

Frequently asked questions

• What's the best funeral insurance for over 60s?

  That's up to you to decide based on your circumstances. Each of the insurers compared on Finder offer maximum cover of up to $15,000. When shopping around for the best cover for you, it's a good idea to look at price, policy features and the underwriter.

• Do I need to undergo any medical exams?

  There is usually no medical underwriting involved with funeral insurance. However the exception is after a certain age (depending on the insurer), when a medical examination will be required before cover is offered. The only health question normally asked is whether you are a smoker. If you smoke, you will pay a higher premium.

• Can I get funeral insurance if I'm over 80?

  Unfortunately, most insurers set a maximum entry age of 79 or 80 for new funeral policies. That's the case for 8 brands we reviewed on Finder. You may wish to speak with a financial adviser to see what life cover options may be available to you. One option you may have is a pre-paid funeral plan.

• Am I covered if I have been diagnosed with a terminal illness?

  Funeral insurance will pay you out for a terminal illness after the policy's waiting period. This is usually a 12-month period, depending on the policy.

• What if I become terminally ill during or before the waiting period?

  During the first 12 months of your policy, most insurers will only pay a benefit if you die as the result of an accident. If you are diagnosed with a terminal illness during that 12-month period, most policies will offer a refund on your premium payments.

• Should I get seniors life insurance or a funeral plan?

  Both have their merits. An over-50s life insurance policy pays out a lump sum when you die, and this can be put towards funeral costs along with other future expenses for your family. However, if you take out an over-50s policy in your early 60s and don't die for another 20 years or so, you could end up paying quite a bit more than you'd get when you die.

  Funeral plans can be more straightforward products with faster payout times (typically, within a couple of days of a claim). You could also consider no-frills options like prepaid funeral plans, which are growing in popularity.

To make sure you get accurate and helpful information, this guide has been edited by Tim Bennett as part of our fact-checking process.

Written by

James Martin

Journalist

James Martin was the insurance editor at Finder. He has written on a range of insurance and finance topics for over 7 years. James often shares his insurance expertise as a media spokesperson and has appeared on Prime 7 News, Insurance News, 7NEWS and The Guardian. An experienced journalist, James' work has featured in publications including The Irish Times, Companies100 and In Business. He holds a Tier 1 General Insurance (General Advice) certification and a Tier 1 Generic Knowledge certification, both of which meet the requirements of ASIC Regulatory Guide 146 (RG146). See full bio

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James has written 190 Finder guides across topics including:

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