Things to Consider to be Eligible for Australian Seniors Funeral Plans
Published on October 8, 2017
Finance / Insurance

In life, one of its inevitable realities is death, whether from accident or illness. As no one can predict when death with come knocking, securing funeral insurance Australia as early as possible can provide the assurance that protection is there when needed.

Nowadays, many people don't realize that funerals can be expensive and may often carry other associated costs which can easily arise unexpectedly into thousands of dollars. In these times of uncertain economic climate, no one would want to leave their loved ones with the sudden financial pressure of covering these costs, particularly during a time when they will be grieving.

The Australian Seniors funeral insurance plan is designed to provide the much needed assurance that your family has the funds to cover these funeral costs.

The Australian Seniors funeral insurance cover will provide the necessary help that are needed to protect your family from the financial burden of your funeral and other unforeseen costs, if you were to unexpectedly pass away. It is a funeral policy that can help you feel confident that your family will not be left in a financial mess, enabling them to pay for the funeral you want.

Helping in easing the financial pressure on your family to cover your funeral costs, Seniors funeral insurance plans can help in making dealing with the loss of a loved one easier financially, by paying out as soon as possible the cash benefit that your family can use to help cover the associated costs of a funeral — the casket, burial plot, flowers, the hearse, the service and more.

How to know if you are eligible for Australian Senior Funeral Plans?

If you are an Australian Resident, aged between 18 and 79, you're eligible to apply and are guaranteed to be accepted for this insurance.

What are the things to consider in buying Australian Seniors funeral cover?

  • Cost of cover. Cover options can be tailored to suit your needs and budget. You can choose from range of cover options, ranging from $3,000 up to $15,000 insurance benefit (benefit is paid only in the event of accidental death in the first 12 months, full cover thereafter). For death resulting from an accident, three times the insurance benefit will be paid.

  • Premiums. Premiums payable will be calculated according to your chosen benefit and plan. These can be paid either fortnightly or monthly, on the day of your choice.

There are 2 types of premium option to suit you and your budget namely:

  1. Age-Based Premium Option.

If you're looking for cost-effective cover with automatic inflation protection, then age-based premium option is for you.

Premium starts lower than with a fixed option, and is calculated when you take out your policy and increases at each policy anniversary. Your benefit amount is automatically increased by 5% each year as well, in order to provide extra cover for the inflation of funeral costs.

  1. Fixed Premium Option. This is for seniors aged 50 to 79. Premium is calculated at the time of application, remains the same even as you get older although it starts higher than the age-based premium option. This option will help you in managing your budget, along with the peace of mind of knowing your premium won't change with age.

  • Coverage. During the first year of the policy, a benefit will only be paid if death is the result of an accident. Then after the first year of cover, the Seniors Funeral Plan covers death from any cause, including sickness and accident, with no exceptions.

Benefits of Getting Senior Funeral Plan 

  • peace of mind

  • guaranteed cover for Australian residents aged 18 to 79

  • chosen funeral insurance benefit is paid in the event of your death - from $3,000 up to $15,000 (in the first 12 months benefits are restricted to death as a result of an accident)

  • Triple benefit paid from day 1 if death is the result of an accident – up to $45,000

  • No medical, health questions or blood test required

  • Single or family cover options available

  • you can choose the premium structure that works for you - either fixed or age-based

  • Premiums stop at age 90 and cover continues FREE for life

  • Monthly or fortnightly payment options available with deductions on the day of your choice

  • Worldwide protection 24/7

  • 30 day cooling off period, providing you time so you can make sure it suits your needs

  • policy never expires

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