Funeral Insurance Over 80

Are you reaching 80 years old and wondering what your options are for funeral insurance? Find out here with Savvy.

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, updated on August 25th, 2023       

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Funeral insurance over 80

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

Once you reach the grand old age of 80, you may find there are more options that become available to you with your existing funeral insurance. However, if you haven’t previously taken out a funeral insurance policy, you may find that you’ve now reached the maximum age limit for acceptance, and so will have to consider alternative options to help your family pay for your funeral when you pass away. 

We don’t compare standalone funeral insurance policies, but we do offer a free comparison service for many other financial products, including life insurance. Find out what options are available to you for funeral cover as an 80-year-old here with Savvy.

What are my options for funeral insurance once I reach 80?

Reaching the age of 80 in Australia is a watershed moment when it comes to funeral insurance. This is because some insurers allow you to cash in your funeral policy at this age and receive a lump sum payment, effectively cancelling the policy but providing a nest egg that can finance your funeral. 

Early payout benefits do vary between insurers. With some, the magic age for an early payout is 80, and with others it’s 85. Some policies offer to double your benefit amount if you cash it in before you pass away, while others offer around 120% or more of your agreed benefit sum.  

Because the terms of the funeral insurance you have vary so widely between insurers, it is very important that you read the policy disclosure statement (PDF) for your specific plan, which gives exact details of how the early payout benefit works. If you don’t have a copy of this document, you can contact your insurance company and ask for a copy.   

However, if you’ve reached the age of 80 and did not take out a funeral insurance policy when you were younger, you will have missed the boat, as most insurers in Australia have a maximum age limit for new funeral insurance policies, often starting from over 70-years-old upwards. 

What other options do I have as an 80-year-old to help my family pay for my funeral costs?

If you are worried about how your family will be able to afford to pay for your funeral, here are other options that could potentially offer you solutions: 

A pre-paid funeral plan: 

  • Plan and pay for your funeral in advance with a chosen funeral director
  • Ensure your exact wishes and plans are followed to eliminate your family having to guess what you would have wanted
  • Lock in today's prices to avoid future cost increases

A dedicated savings account: 

  • Create a special savings account to be used to pay for your funeral expenses
  • Put in a little money regularly to build up the funds over time
  • Make sure you let your family know about the savings account and how to access it quickly when you pass away

Funeral bonds: 

  • These are a financial product designed especially for saving for funerals.
  • You earn interest on your savings, and can add money regularly, or in a lump sum all at once
  • When you pass away your nominated beneficiary gets a lump sum or the funeral director is paid directly


  • See if you have any provisions for death benefits with your superannuation fund
  • Your family may have to pay the upfront costs for the funeral and then claim them back from your super fund
  • Unlike funeral insurance, super funds don’t usually make instant payments to help with funeral expenses

Government assistance: 

  • Check if you're eligible for any help with funeral expenses from the state government
  • It's possible you may be covered for funeral expenses by the Department of Veterans’ Affairs if you are a veteran
  • Some charities also offer support with funeral expenses

Explore your other insurance options: 

What are some of the costs involved in a funeral?

These are some of the costs your family may experience when planning a funeral. These ballpark figures should assist you to calculate the cost of a planned funeral:

  • Funeral notice: Announcing a person's passing, and details of the funeral or wake in a local newspaper. Estimated cost: $200 to $300+ 
  • Casket or coffin: Choices range from less expensive bio-degradable cardboard coffins to elaborate wooden caskets that can be highly customised. Estimated cost: $1,000 minimum up to $10,000 or more 
  • Transportation: The hire of a hearse and transfers to and from the funeral home. Estimated cost: $500+ 
  • Funeral service: Most of the organisation work will be handled by the funeral director. Estimated cost: $3,000 to $5,000+ 
  • Burial costs: Costs for a burial plot and a headstone can be quite high. Estimated cost: $5,000+ 
  • Cremation: It is cheaper to be cremated than to have a burial, with the cost of a basic cremation service starting at $3,000. 
  • Urns: Less costly than coffins, various options are available ranging from simple china urns to elaborate gold or silver ones. Cost from $50 upwards.  

Why compare life insurance through Savvy?

Frequently asked questions about funeral insurance for the over 80s

If I cash in my funeral insurance who gets the money?

If you decide to cash in your funeral insurance early, then you will receive any benefits from that insurance policy as the policy holder. 

Do I have to cash in my funeral insurance policy when I reach 80?

No, many insurers will allow you to continue to pay for funeral insurance until you pass away. Others have an age limit of 100 for holding an active policy. 

Do some funeral insurance policies have free insurance for over 85s?

Yes, there are some policies that offer free continuing insurance for seniors over the age of 85 as long as the funeral insurance policy has been in place for at least five years. 

Do stepped premiums offer cheap insurance for someone aged over 70?

No. If you take out a funeral insurance policy in your 70’s before the policy cut-off age, you may find that a stepped payment plan is either very expensive, or not available, and only fixed plans are on offer for someone aged over 70.  

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