Planning for the end of life isn’t something many of us want to think about. It can feel uncomfortable and confronting to prepare for our passing.
But taking a little time now can spare your loved ones stress and uncertainty later.
Funeral insurance is one way to make sure your family is supported and that your wishes are respected when the time comes.
What are the benefits of funeral insurance?
The main benefit of funeral insurance is providing your loved ones with some financial protection when you pass away. Funerals can be expensive, and without a plan, covering costs and final expenses can be difficult.
Funeral insurance also helps your family give you the funeral you deserve and could also cover additional expenses like a burial plot, celebrant fees, transport for out-of-town relatives, or outstanding debts.
How much do funerals cost?
The cost of a funeral in Australia could vary depending on the type of service, if you choose to be buried or cremated, and any extras that might be included.
According to Moneysmart, funerals in Australia can cost from $4,000 AUD for a basic cremation to around $15,000 AUD for a more elaborate burial.
For a standard funeral, these are some of the costs you may have to consider:
- Funeral director fees
- Transport
- Coffin
- Death certificate
- Memorial plaques or headstones
- Burial or cremation
- Cemetery plot
- Other expenses like flowers, death notices, and the wake
For a full breakdown of all the costs that can go into a funeral, you can read our full funeral cost guide here.
How much does funeral insurance cost?
There are a lot of factors that affect how much your funeral insurance could cost. Some of these include:
- Your age: Taking out a policy earlier, for example at 50, is usually cheaper than starting one at 60
- Benefit amount: A higher benefit amount generally means higher premiums
- Lifestyle: Activities considered higher risk, like smoking, can increase the cost of your cover
- Premium type: The type of premium you choose, such as level or stepped, will also affect the cost
While the total premiums can add up over time, what you’re paying for is peace of mind and financial protection for your family at a challenging time.
To help you understand your options and find a policy that suits your needs, our detailed guide to funeral insurance costs and cover can make things a little clearer.
Do I need funeral insurance?
Funeral insurance isn’t essential for everyone. Whether it’s right for you depends on your personal and financial circumstances.
To help you decide, consider:
- Do you have specific wishes for your funeral?
- Do you have limited savings to cover funeral costs and final expenses?
- Do you want to relieve your family of financial pressure during a difficult time?
Answering these questions can give you a clearer idea of whether funeral insurance is the right option for you and your loved ones.
Is funeral insurance worth it?
Funeral insurance being ‘worth it’ again depends entirely on your circumstances. It’s certainly worth considering if you want to protect your family from unexpected costs and you want to make sure your final wishes are carried out.
For many Australians, funeral insurance provides invaluable peace of mind knowing their loved ones won’t be left worrying about final expenses.
Why consider Dignity Insurance?
At Dignity Insurance, we know that everyone’s situation is different. Our funeral insurance policies are designed to help your family cover funeral costs, putting your mind at ease that your loved ones will be supported in the future.
Our easy application process means you can arrange cover over the phone in just a few minutes, no medicals or blood tests required.
With guaranteed acceptance for Australian residents aged 50–80, you can focus on the things that matter most, like spending time with your family, knowing your future is taken care of.