Why Do Australians Need Funeral Insurance?
✅ Rising Costs: The average funeral in Australia now costs $9,000+ (up 25% since 2020).
✅ No Medicare Coverage: Funerals aren’t covered by public healthcare.
✅ Avoid Family Debt: 1 in 3 families borrow money to pay for funerals.
🔴 Warning: Some policies have age limits (70-80 yrs) or waiting periods (12-24 months).
3 Best Cheap Funeral Insurance Options
|
Provider |
From (Monthly) |
Key Features |
Best For |
|
Australian Seniors |
$15 |
No medical exam, guaranteed acceptance |
Seniors 50-79 |
|
Choosi (Budget Direct) |
$10 |
Flexible payout (5k−5k−15k) |
Younger applicants (<60) |
|
Guardian Insurance |
$20 |
Covers repatriation & memorials |
Rural families |
📌 Money-Saving Tip: Opt for "cremation-only" policies (saves 30-50%).
How to Get the Cheapest Funeral Cover
1. Compare at Least 3 Quotes
Use comparison sites like Finder or Canstar to check:
✔ Premiums (monthly cost)
✔ Payout amount (5k−5k−30k)
✔ Waiting period (0-24 months)
2. Avoid These Common Mistakes
❌ Over-Insuring: A $15k policy is enough for most basic funerals.
❌ Lapsed Policies: 40% of policies cancel within 5 years due to rising premiums.
❌ Hidden Exclusions: Some exclude alcohol/drug-related deaths.
3. Alternatives to Funeral Insurance
-
Prepaid funeral plans (lock in today’s prices)
-
Savings accounts (e.g., "death benefit" accounts)
-
Superannuation death cover (check your super fund)
Funeral Insurance Cost by Age (2024)
|
Age |
Average Monthly Premium |
|
50-59 |
10−10−25 |
|
60-69 |
25−25−50 |
|
70-79 |
50−50−100 |
|
80+ |
$100+ (limited options) |
💡 Best Deal: Apply before age 60 to lock in lower rates.
FAQs: Cheap Funeral Insurance Australia
❓ Can I get funeral insurance with no waiting period?
Yes, some insurers like Australian Seniors offer instant cover (check for exclusions).
❓ Does Centrelink help with funeral costs?
Limited bereavement payments (1,000−1,000−2,500) may apply.
❓ What’s the cheapest funeral option?
Direct cremation (no service) costs 2,500−2,500−4,000.
❓ Can I cancel if I change my mind?
Most providers have a 30-day cooling-off period.
Final Tips to Save on Funeral Insurance
🔹 Compare quotes annually (prices change frequently).
🔹 Choose level premiums (avoids age-based increases).
🔹 Check for discounts (couples/family plans).
📢 Limited-Time Offer: Get a free funeral cost guide when you compare today!