What is funeral insurance and what is covered?
Funeral insurance is a type of insurance policy that helps cover the costs associated with your funeral; including a burial plot, a celebrant, or extras like flowers or catering.
In addition to covering the funeral expenses, funeral insurance benefits can also be used to cover the travel expenses of your loved ones who need to travel to attend your funeral.
With Apia, you can choose flexible cover that pays out your chosen fixed cover amount of between $3,000 and $15,000.
Why is funeral insurance important?
Funeral insurance can provide financial support for your funeral arrangements by providing lump sum payment. This can ease the financial burden on your loved ones, allowing them to focus on giving you a proper send-off without worrying about your funeral expenses.
How much does funeral insurance cost?
The amount you pay for your premium is determined by various factors, including your age and the payment amount you select. With APIA, funeral insurance cover starts from $2.95 a week. You also have the option to pay your premium annually and get one month free, payment 11 months instead of 12.
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Apia Funeral Insurance at a glance
Who can apply for Apia Funeral Insurance?
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Why Apia Funeral Insurance?
Apia Funeral Insurance is tailored to suit Australians over 45.
Apia Funeral Insurance gives you the flexibility to create a policy that suits your budget and needs.
Enjoy added value and savings, like 5% off when you add a family member to your policy or 10% bonus cover after 5 years.
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% family discount*.
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.
Health insurance does not cover funeral expenses because its benefits are intended for expenses related to your health and wellbeing. If you pass away, there is usually no benefit from health insurance to help with funeral costs and other related expenses. On the other hand, Funeral insurance can provide a lump sum benefit that your loved ones can use to cover the expenses associated with your funeral.
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.
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.
Apia Life’s Commitment to the Life Insurance Code of Practice
Apia Life Insurance policies are issued by TAL, who played a key role in creating the Life Insurance Code of Practice. Apia Life is committed to delivering the best possible customer service standards. Apia Life will continue to look for ways to raise the standards of customer service now and over the years to come. Read more.
At TAL, we are committed to supporting our customers who may be experiencing vulnerability or have unique needs. Contact us or see how we can help if you are experiencing financial hardship or domestic and family violence.
Call the Apia Funeral Insurance Team
For insurance advice or help with a quote, contact us for a chat.
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1The premiums may change if you make changes to your Policy or if the underlying premium rates are changed by us. However, you will never be singled out for a premium rate increase.
2This is a guide only and does not take into account changes in taxation laws or your particular circumstances. You should ask your tax adviser or the Australian Taxation Office about your own circumstances.
3Bonus 10% more cover is calculated on the fifth anniversary from the Cover Commencement Date. Each adult life insured will have an extra 10% of the average Funeral Insurance Cover amount held during the previous five years added to their Funeral Insurance benefit. Terms and Conditions apply. Refer to the Product Disclosure Statement for more information.
4After the Policy Anniversary following a Life Insured reaching age 85, the Policy Owner can cash in the policy and receive a payout of 120% of the Life Insured’s average Funeral Insurance cover amount, excluding Bonus Cover, the optional Accidental Death cover. The Early Payout Option may affect entitlements to the age pension and other government benefits.
5Highest payout is paid on receipt of a valid claim and is calculated on your Funeral Insurance cover or Funeral Insurance premiums paid.
6The multi-life discount doesn’t apply to the optional Accidental Death Cover.
7The premiums may change if you make changes to your Policy or if the underlying premium rates are changed by the insurer However, you will never be singled out for a premium rate increase.
If you are eligible for more than one discount, we apply each in a predetermined order to the already discounted premium (usually before adding taxes and charges). The discounts we offer are subject to change.