Funeral insurance works in a similar way to other insurance policies you’re likely to already have. You choose how much money you would like your policy to cover, and pay a series of regular premiums to cover that amount.

The person you choose as your nominated beneficiary will receive the sum insured (or, in our case, the amount you have paid in premiums if that is greater than the sum insured) in the event of your death. The money paid out can then be used to pay for your funeral and any other related expenses.

Pre-paid funeral plans work slightly differently. With a pre-paid plan, you’re effectively paying for your funeral in advance. You can choose what your funeral will involve, too. The costs of these plans are fixed, but it can be difficult to change parts of the funeral, particularly if you move to another state.

If you’re looking for information about how our new Funeral Insurance product compares to the old Funeral Plans, please call 1800 178 587.