What's funeral insurance?
What’s funeral insurance?
Quite simply, funeral insurance is a policy you can take out now and when you die, the policy will pay your chosen cover amount to your nominated beneficiaries which they can use to cover your funeral costs or other final expenses.
A regular payment now may save your family a lot later!
Funeral insurance helps reduce your family's financial burden during an emotional time. Funerals can be very expensive and it can be very difficult for grieving families to come up with thousands of dollars at short notice.
When purchasing a funeral insurance policy through Choosi, you’ll need to select the cover that best suits both your budget, as well as the benefit you’d like to have paid out. You’re also able to take out policies which cover your partner at the time of your application.
Why should you cover your funeral costs?
The death of a loved one is a sad and traumatic experience and organising a funeral involves a lot of decisions and details, including the coffin, flowers, transport, the service, and other related costs.
Families don't always have the money readily available to meet these costs and it typically takes a while before the assets of the estate are distributed. Generally, policies can pay within one business day of completing the required claim documentation. You’ll need to read the relevant Product Disclosure Statement (PDS) for full details of the policy you’re interested in.
Funeral insurance buys you peace of mind
You may well think "What benefit is there for me, I'll be gone?" The real benefit to you, of course, is peace of mind, knowing your family won’t need to stress about money.
With the expenses covered, you know your family can arrange a funeral that pays a fitting tribute to you and the life you led. Your family will be able to give you a funeral that will express their love and respect for you and give them the closure they need as they bid you farewell.
Some things you should know
Please note cover is only for accidental death and accidental serious injury in the first 12 months of your policy. There’s no refund of premiums after the cooling off period. The total amount of premiums payable over the life of the policy has the potential to exceed the cover amount. If you choose the early cash payout option, you’ll no longer be eligible to claim as this option will cancel your policy. Accidental serious injury expires on the policy anniversary after your 75th birthday. The premiums may change if you make changes to your policy or if the underlying premium rates are changed for all policy holders.