Planning a funeral can be an expensive affair. With funeral insurance you can rest assured that you took steps to help cover the cost of your funeral.
The Suncorp Group is Australia’s largest general insurance company. They offer a variety of insurance products to the residents of New Zealand and Australia.
Funeral policies from Suncorp are designed to provide financial relief to your loved ones in the event of your death.
Features
- Policy size: Suncorp offers funeral plans ranging in size from as low as $5,000, and up to $30,000. No medical test is required for policies of up to $30,000.
- Family insurance discounts: Policy discounts are available for families with multiple policy holders.
- Premium options: Payment options include fortnightly, monthly and annually. Choice of premium rates include indexed and fixed premiums. With indexed premiums your premium payments increase every year but your benefits stay the same. The fixed premium option offers premium rates that stay the same but the coverage decreases annually.
- Fast claim payments: Claims are usually paid within 24 hours of acceptance. All claim payments are subject to terms and conditions of the policy.
- 10% money back: Suncorp offers 10% money back on all premiums paid every three years.
- Large policy discounts: Policy owners are eligible for a discounted rate on all funeral plans exceeding $20,000 in coverage.
- 30 day money back guarantee: The policy owner has 30 days from the start of their coverage to review the plan and decide whether it suits their needs. The policy can be cancelled within this 30 day period for a full refund of the money paid.
Inclusions and exclusions
- Age requirements: Suncorp offers funeral coverage to residents of Australia from the ages of 18 to 75.
- Policy renewal: Funeral plan policies are completely renewable until the 120th birthday of the insured. All premium payments must be met at the time of renewal to be eligible.
- Coverage: The insured will be covered 24 hours a day and 365 days a year anywhere in the world.
- Exclusions: In the first year the insured is only covered in the event of an accidental death. After the first year of the policy has passed the insured will be covered without exception.
Premiums
Suncorp uses factors such as age, policy size, premium options and payment schedule to determine the premium payments. Funeral insurance quotes are available by visiting their website. These premium estimates were calculated using information from 12/2012.
- 40 years old: male-$36.25/female-$25.55
- 50 years old: male-$43.15/female-$30.55
- 60 years old: male-$73.05/female-$54.48
- 70 years old: male-$129.47/female-$104.18
Note: These premiums were calculated for $15,000 in coverage and monthly premium payments.
Making the choice to get funeral coverage will help protect your family from the high cost of funeral planning in the event of your death. Funeral policies can be tailor made to fit your budget with adjustable premium options and a wide range of policy sums. Suncorp offers funeral insurance cover in Australia to help residents plan for their end of life expenses. Full details on their funeral coverage and funeral insurance quotes are available by visiting their website.
