Funeral Insurance Over 70

Wondering about the options you have to pay for your funeral? Find out all about funeral insurance for over 70s here with Savvy.  

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, updated on August 25th, 2023       

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Funeral insurance over 70s

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Reaching the age of 70 can be a time for contemplation, thinking about the future, and wondering how we can make things easier for our loved ones when we're not around. That's where funeral insurance for people over 70 can be really helpful. It's designed to meet the needs of older Aussies and can provide financial benefits to help pay for your funeral expenses. 

While Savvy doesn't directly compare standalone funeral insurance, we do compare life insurance options that might include funeral cover. However, if you don’t have a life insurance policy by the age of 70, it may be too late to get a new policy, so funeral insurance may be a good option for you. At Savvy, we're here to help you explore your choices for funeral planning, even if you're over 70 and don’t qualify for life insurance.  

What does funeral insurance for the over 70s offer?

Funeral insurance for the over 70s is tailored to assist families who unexpectedly find themselves responsible for funeral expenses. It offers the following benefits: 


Funeral insurance policies often provide a benefit amount ranging from $3,000 to well over $15,000, with some insurers extending coverage up to $25,000.  

Premium options 

Policyholders can often choose between stepped or fixed premiums. Stepped premiums start lower, but may increase as you age, while fixed premiums remain consistent over time. 

Terminal illness cover 

Some policies offer coverage for terminal illnesses, ensuring that the agreed benefit amount is paid out if you receive such a diagnosis before your passing. 

Accidental death benefit 

In the unfortunate event of death due to an accident, certain policies may pay double or triple the original insured amount to your beneficiaries. 

Accidental serious injury 

Some policies provide compensation for life-changing accidental injuries, such as the loss of limb or permanent disability. 

Family coverage 

Family funeral insurance options may be available, extending coverage to all family members, rather than just one individual. 

Early payout alternatives 

Some policies offer early payout options when you reach a specific age, often around 80 or 85. 

How much does an average funeral cost and what are those costs?

The average cost of a funeral in Australia varies depending on the type of service chosen. According to a recent survey by Australian Seniors, the average cost of a burial service is just over $9,000, while the average cost of a cremation is $6,334. However, it's essential to note that these are average figures, and actual costs can vary widely.  

Here's a breakdown of some of the key expenses involved when you are calculating the cost of a funeral

  • Funeral notification: Placing a death notice in a local newspaper is often necessary and can cost between $200 to $300 or more. 
  • Coffin or casket: Considered one of the most significant costs, coffins can range from $1,000 to $10,000, depending on the type and style chosen. 
  • Transport: Transportation costs, including hearse hire and transfers to and from the funeral home, can range from $500 to $1,500. 
  • Funeral and/or burial service: This is the most substantial component of the funeral process. Funeral directors usually handle this aspect of the funeral, handling all the legal work, transportation, flowers, and cemetery space, with costs ranging from $3,000 upwards. Larger-scale funeral services, including chapel fees, flowers, venue hire, and catering costs, can range from $3,000 up to $12,000 or more. 
  • Burial and headstone: Finding the right burial plot and headstone can be costly, with premium areas and headstones sometimes costing over $5,000. 
  • Cremation and cremation service: Cremation services are generally cheaper than burial services, but can still cost from $1,500 to $3,000 or more.  
  • Urn: Urns are generally less expensive than coffins, with prices ranging from $50 to $500. 

Please keep in mind that these are approximate costs, and actual expenses may vary based on your location, specific preferences, and options chosen. 

What are my alternatives to funeral insurance if I’m aged over 70?

If you're aged over 70 and looking for alternatives to funeral insurance, there are several options to consider: 

  • Funeral savings: One option is to rely on your savings. If you've been saving over the years, you can designate a portion of your savings to cover your funeral expenses. 
  • Pre-paid funeral plans: Some funeral providers offer pre-paid funeral plans, allowing you to pay for your funeral in advance at today's prices. This ensures that your preferences are known. and you can potentially save on future price increases. 
  • Funeral bonds: Funeral bonds are a managed investment product that allows you to save toward your funeral costs. The money is invested in an independently managed funeral fund, and the bond value is paid out when you pass away. 
  • Life insurance with funeral cover: If you already have a life insurance policy, check if it includes funeral cover as part of its benefits. This can provide broader financial protection beyond just covering funeral expenses. 
  • Superannuation: Your superannuation fund can also be a source of funding for your funeral expenses. However, it's essential to keep in mind that there may be delays in accessing these funds, so your family might need to cover upfront costs. 
  • Government assistance: In some cases, government assistance may be available to help cover funeral costs. This assistance varies by state, so it's worth checking with your state government, particularly if you’re a veteran or have served in the armed forces. 

Remember that the best funeral insurance option for you will depend on your unique financial situation and needs. It's essential to explore these alternatives and choose a suitable policy that aligns with your preferences and financial circumstances. 

Why compare life insurance through Savvy?

Frequently asked questions about funeral insurance for the over 70s

What is the upper age limit for taking out funeral insurance?

The upper age limit for taking out funeral insurance varies among insurance providers. However, many insurers offer funeral insurance to individuals up to the age of 79 or 80. It's essential to check with specific insurance companies as their age limits and policy terms can differ. It's also worth noting that premium costs may increase with age, and the availability of certain policy features could change as you approach the upper age limit. 

What does early cash in mean when it comes to a funeral insurance policy for the over 70s?

An early cash in option with funeral insurance means you can cancel your policy after a certain age and receive a portion of your benefit amount as a payout. This can provide some financial assistance while you're still alive, and is often available once policyholders reach the age of over 80.  

Will I have to pay funeral insurance premiums for the remainder of my life?

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

How much is the cost of an average funeral in Australia?

The average cost of a funeral in Australia will naturally vary, depending on whether you wish to have an elaborate or a simple service. An average burial service can cost around $9,000, while a cremation averages about $6,300. Basic services might start at $3,000 for cremation and $6,000 for burial. 

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Funeral insurance over 70s

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