Funeral Insurance Over 50

Find out about your funeral insurance options as someone over 50 and compare policies through Savvy.

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, updated on August 25th, 2023       

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Funeral insurance over 50

We’ve partnered with Compare Club to bring you a range of life insurance policies to help you compare them side by side.

Hitting the big 50 can be a cause for celebration, but it can also be a time for reflection when you consider what would happen to your loved ones if you were to pass away? That's where funeral insurance for the over 50s comes in. This type of insurance is designed specifically for those who have reached middle age. It offers a way to plan ahead and make sure your family is financially prepared for your funeral expenses when the time comes.  

Here at Savvy, although we don’t compare standalone funeral insurance policies, we do offer a free comparison service for life insurance which includes funeral cover. Find out what options are available to you as a 50-year-old here with Savvy. 

What is funeral insurance for the over 50s?

Funeral insurance for the over 50s is a financial safeguard to cover the costs associated with a funeral. It involves paying regular premiums – usually monthly or fortnightly – in return for a predetermined lump-sum payment that is paid to a chosen beneficiary when the policyholder dies.   

This type of insurance aims to help families who are suddenly faced with the costs of paying for a funeral. These costs may include expenses like:  

  • a death announcement 
  • burial or cremation expenses 
  • transportation of the deceased to the funeral or crematorium 
  • a coffin or casket 
  • costs of holding a funeral, memorial service or wake 
  • floral arrangements 

These things are usually arranged by a funeral director on behalf of the family.  

What does funeral insurance for the over 50s include?

The best funeral insurance typically offers a benefit amount ranging from $3,000 up to $15,000 or more, with some insurers offering funeral cover up to $25,000. Some funeral insurance policies offer additional cover, including: 

  • the option of stepped or fixed premiums 
  • guaranteed quick payouts, often within 24 hours of being notified of an eligible death 
  • coverage for a terminal illness, allowing you to receive a payout if you receive a terminal illness diagnosis 
  • double or triple payouts for accidental death 
  • compensation for life-changing serious accidental injuries, for example, losing a limb or your mobility 
  • family funeral coverage, which can include your spouse, partner, siblings, parents and children 
  • early payout alternatives upon reaching a specific age, often 80 or 85. 

It’s worth noting that there is a 12-month waiting period after buying such funeral insurance before the full benefit amount will be paid out. In the first 12 months, you may only receive the full benefit payout if you suffer an accidental death, but not if you die of natural causes.  

What’s the difference between life insurance and funeral insurance?

Life insurance can also offer funeral benefits, so what’s the difference between the two types of insurance? 

Standalone funeral insurance: 

  • Affordability: generally cheaper than life insurance but provides less extensive coverage. 
  • Age range: usually available for individuals aged from 40 to 80 years, or for a family including children 
  • Specific payout purpose: Offers a lump sum specifically for covering funeral expenses. 
  • Immediate approval: This type of insurance doesn't require a medical exam, ensuring instant coverage. 
  • Initial limitations: May have initial coverage limitations during the first 12 months – ie. only cover for accidental death, and no terminal illness protection. 
  • Option to pay stepped premiums: If you choose stepped premiums, your costs will rise as you age. 
  • Coverage range: Typically provides benefits from $3,000 to $15,000, although some policies allow you to extend coverage up to $24,000 
  • Suitability: Ideal for older individuals who can't qualify for or afford life insurance. 

Life insurance (with funeral cover): 

  • More comprehensive coverage: Offers wider coverage that extends beyond just funeral costs, and can include income protection, disability protection, double accidental death payouts and more 
  • Medical examination: Usually requires a medical exam for approval, tailored to your risk profile., age and other factors. 
  • Varied costs: Premiums will vary based on your individual risk factors such as age, location and health status. 
  • Versatile payouts: Provides larger payouts for various needs, not just funerals. Insurance cover is available starting at $100,000 and going up to $1 million or more, depending on the level of coverage you want. 
  • Level premiums: Premiums can be structured to remain steady over time bar the natural cost of inflation. 
  • Flexible use: Beneficiaries can use any life insurance payout for multiple purposes, and they will not be limited to paying for funeral costs. 
  • Cost-effectiveness: Life insurance is potentially more cost-effective long-term, with a variety of options and far more comprehensive coverage. 

What are my alternatives to funeral insurance?

When considering alternatives to funeral insurance, you have several options to help cover your funeral expenses: 

  • Life insurance: You could opt for a life insurance policy that includes funeral coverage within its benefits. This provides broader financial protection beyond just funeral costs. 
  • Pre-paid funeral plan: Explore pre-paid funeral plans offered by specific funeral directors. These plans allow you to arrange and pay for your funeral in advance, ensuring your preferences are known. It is possible to pay for a pre-paid funeral for your parents or other family members, potentially saving on future price increases. 
  • Funeral bonds: Consider funeral bonds, which are managed investment products designed to help you save regularly toward your funeral costs. 
  • Existing savings: Some individuals maintain dedicated savings accounts to cover their funeral expenses, contributing regularly throughout their lifetime instead of purchasing funeral insurance. 
  • Superannuation funds: Your superannuation can also be a source of funding for your funeral expenses, although accessing these funds may require your family to cover the upfront costs of your funeral before your superannuation money is released. 

Exploring these alternatives ensures you have a range of options to choose from, each with its pros and cons, based on your unique financial position and needs. 

Why compare life insurance through Savvy?

Frequently asked questions about funeral insurance for the over 50s

What is the average cost of a funeral in Australia?

The average cost of a funeral in Australia can vary depending on factors like location and preferences. On average, the cost of a burial service is over $9,000, while cremations may cost around $6,300. However, basic options can start from $3,000 for cremations and $6,000 for burials. 

How much does funeral insurance cost for the over 50’s?

On average, monthly premiums for funeral insurance are quite cheap, typically ranging from $20 to $60 or more. The actual cost depends on the specific policy you choose, the benefit amount you desire, and any additional features or riders you include. It's essential to compare quotes from different insurers to find a policy that suits your budget and provides the coverage you need. 

What is a pre-paid funeral plan for the over 50’s?

A prepaid funeral plan allows you to select the specific details of your desired funeral and pay for it in advance, either with a lump sum or through regular instalments over a set period. These plans are typically offered by funeral directors. It's important to note that prepaid funeral plans usually only cover funeral expenses and do not provide additional payouts for accidental death. If you pass away before fully covering the plan's cost, your family may be required to cover the outstanding amount. 

If I buy funeral insurance when I’m over 50, will I have to pay premiums for the rest of my life?

No, some funeral insurance policies allow you to stop paying premiums once you reach a certain age, often aged over 80 or 85. The policy remains in place, and your coverage continues without further premium payments.  

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