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What is seniors funeral insurance?


Published 7 January 2019

Of the types of insurance for different life stages, there’s one particularly relevant to seniors.

If you are aged 50 and over and are less likely to be establishing or supporting a family, you may be interested in funeral insurance. Funeral insurance protects your partner, family and friends by covering the sometimes sudden or unexpected costs associated with your funeral, as well as any debts or unpaid bills you may leave behind. It is important to note however, that not all funeral insurance policies offer a lump sum payment – some policies specifically only cover funeral costs.

The costs of arranging a funeral

Many of us are unaware of the expense associated with arranging a funeral, but it can be significant even for the simplest of them.

According to the Australian Securities & Investment’s Commission’s MoneySmart website, a standard funeral in Australia can cost anywhere from $4000 for a basic cremation to $15,000 for a more traditional affair.

This comes as a shock to many people. In fact, the first time most people become aware of the expense involved is when they’re arranging a funeral for the first time – while also grieving the very recent loss of the person they love.

Even the most modest funeral requires a death certificate (in order to finalise a will, close bank accounts and so on), transport and a coffin, plus either cremation or burial fees.

Optional but traditionally incurred additional costs include a funeral director, celebrant or clergy member, flowers, newspaper notices, food and perhaps venue hire – all of which quickly add up to a hefty sum.

If you haven’t anticipated and planned for these bills they will have to be paid by those you leave behind, along with any other financial loose ends you haven’t tied up.

Which type of insurance is right for me?

As with any financial decision, the right type of insurance for you will depend on your personal circumstances. However, apart from the proverbial death and taxes, the only other costly life event we can pretty much guarantee will affect every one of us is a funeral of some kind.

So if you’re in a later stage of life it may be worth considering funeral insurance. Having worked hard in your life to raise and support your family when they needed you, you don’t want to leave those final hefty bills for them to deal with.

As always, consider your personal circumstances, seek advice and compare policies carefully to determine the cover that’s right for you. Then take care of your affairs so the people you love won’t have to later.

Find out more about funeral insurance

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This information was published on 3 January 2019 and is subject to change.

ANZ 50+ Life Cover is issued by OnePath Life Limited (OnePath Life) (ABN 33 009 657 176, AFSL 238 341). We recommend that you read the ANZ Financial Services Guide (PDF 479 kB) and ANZ 50+ Life Cover Product Disclosure Statement and Policy Document (PDF 208kB) (available online or by calling 13 16 14) before deciding whether to acquire, or to continue to hold, this product. This PDS relates to policies issued from 1 June 2019. Previous products (with the same name) may have different features and benefits. If you hold insurance based on an earlier PDS, please contact us if you have any questions or to have a PDS sent to you.

Australia and New Zealand Banking Group Limited (ANZ) (ABN 11 005 357 522, AFSL 234 527 is an authorised deposit taking institution (Bank) under the Banking Act 1959 (Cth). The issuers of these products are not Banks. Although ANZ distributes these products and except as described in the relevant PDS, ANZ does not stand behind or guarantee the issuers or the products.

The issuer of this information is ANZ. While ANZ has taken care to ensure that this information is from reliable sources, it cannot warrant its accuracy, completeness or suitability for your intended use. To the extent permitted by law, ANZ does not accept any responsibility or liability arising from your use of this information.

This information is of a general nature and has been prepared without taking account of your objectives, financial situation or needs. You should consider whether the information is appropriate for you having regard to your objectives, financial situation and needs.