Funeral Insurance

Yes, you can nominate beneficiaries to receive the Funeral Benefit, which is the lump sum paid out at claim time. If you choose not to nominate anyone as your beneficiary, any benefit payable will be paid to the policy owner or to your estate.

Yes, you can include multiple people on your funeral policy. Covering two or more people on the single policy means there’s only a single policy number, less paperwork and a 5% multi-life discount*. The multi-life discount doesn’t apply to the optional Accidental Death Cover.

Terms and Conditions apply. Refer to the Product Disclosure Statement for more information.

Yes, you can take out funeral insurance on behalf of your parents, in which case you will be the beneficiary. However, before you take out a funeral insurance policy, it’s a good idea to have a conversation with your parents to see if they already have a policy or a plan in place. If you both have funeral insurance, both policies can pay out a lump sum to help pay for funeral expenses including the coffin, burial expenses, plot, flowers, a wake and even transport costs for loved ones to attend the funeral.

Funeral Insurance and Funeral Plans are two different approaches to covering funeral expenses. While Funeral Insurance offers a lump sum payout to your beneficiaries upon your passing, you pay a premium on a regular basis (fortnightly, monthly, or annually) and choose the benefit amount they will receive. On the other hand, Funeral Plans are a pre-payment option that requires you to plan and pay for your funeral ahead of time. This typically involves a non-refundable upfront deposit, followed by regular payment instalments.

Funeral Insurance with APIA covers all causes of death, including suicide, after 12 months of obtaining the funeral insurance policy. No funeral benefit is payable if you die during the first 12 months from any cause other than Accidental Death. For a full list of exclusions and policy details, read the PDS.

If you have life insurance coverage, the benefit(s) received by your loved ones can be used to pay for funeral expenses. If you opt for Funeral insurance instead of life insurance,  you can avoid answering medical or health questions, your age is no barrier, and you may be able to obtain a lower sum insured.

You can choose to pay your Apia Funeral Insurance premiums in a way that best suits you and your finances. You have the option of paying your premium fortnightly, monthly or yearly.

Once you’re over the age of 85, the Early Payment Benefit lets you either keep your cover and continue to pay premiums for it, or cash it in early to receive an immediate payout of 120% of your average funeral cover excluding Bonus Cover and the optional Accidental Death cover. The Early Payout Option may affect entitlements to the age pension and other government benefits.

The Funeral Benefit will not be paid if the life insured passes away in the first 12 months of the policy for any reason other than an accidental death.

If a life insured dies during the first 12 months of cover from any cause other than accidental death, APIA will pay a benefit amount equal to the Funeral Insurance premiums you’ve paid for that life insured.

The Youpla Group, also known as the Aboriginal Community Benefit Fund (ACBF) sold insurance policies to First Nations people and went into liquidation in March 2022.

To help the families of fund members affected by the collapse, the Australian Government is running a support program for those affected.

Youpla Support Program (valid from 1 July 2024)

The Youpla Support Program commenced on 1 July 2024 and will continue until 30 June 2026.

Eligible recipients will not need to apply or register, Services Australia will make contact by phone.

It may take some time for Services Australia to contact everyone. If a request is urgent, please contact Services Australia or if you think Services Australia may not have your up-to-date contact details you can contact Services Australia and update this information.

Key things to note about the Youpla Support Program:

• You may be eligible for a payment through the program if you paid for an ACBF/Youpla funeral fund on or after 1 August 2015 and have not received a previous payment.
• The program will pay 60% of the amount paid for your policy, up to the total value of the policy (whichever is lower).
• If a payment is $1000 or more, you will be able to choose between putting the payment into a funeral bond to pay for Sorry Business, or a lump sum payment into your bank account.
• Financial counselling will be available to help you make the choice.

The initiative follows the interim Youpla Group Funeral Benefits Program, which closed on 30 June 2024 and allowed the families of former members to claim a grant to cover immediate funeral expenses.

Need further assistance?

1. For more information about the Youpla Support Program, go to niaa.gov.au/Youpla or call Services Australia on 1800 136 380.
2. If this has brought up hard feelings, you can call 13YARN (13 92 76) for a private yarn with a First Nations supporter. They will take the time to listen with no shame of judgment.
3. If you have any questions about your APIA Funeral policy and you are a Youpla customer, we can assist you in discussing any options you may wish to consider and answer your questions. While we are unable to give you personal advice which considers your own individual situation or needs, we can let you know options you may wish to think about. Please contact us on youplaenquiryapia@apialifeinsurance.com.au.

Note: This information is current as at 10th October 2024 and is based on information available at that date from the relevant Government websites.

If you cancel your policy within 30 days of the commencement date and you haven’t made a claim, we’ll refund the premium you’ve paid. Also, if you’ve paid an annual premium and cancel your cover throughout that year, we’ll refund the portion of the annual premium you paid in advance.