After researching and rating 18 products from 14 providers for the 2018 Funeral Insurance Star Ratings, Canstar has revealed four winners of the Funeral Insurance Outstanding Value Award.
Canstar’s Funeral Insurance Star Ratings uses a sophisticated and unique ratings methodology that compares both cost and features across funeral insurance products. Canstar star ratings represent a shortlist of products, enabling consumers to narrow their search to products that have been assessed and ranked.
After crunching the numbers, Canstar has announced the following four recipients of the 2018 Funeral Insurance Outstanding Value Award:
Each product reviewed for Canstar’s Funeral Insurance Star Ratings was awarded points for its comparative pricing and positive features. A product’s total score is equal to its price score plus its features score.
The following products were assessed as offering outstanding value to consumers.
The Suncorp Group – APIA, GIO and Suncorp Life – offer similar products and as such were all awarded Canstar’s Outstanding Value Award for funeral insurance in 2018. Their award-winning performance was driven by their market-leading feature suite across all profiles. Features of note included a maximum terminal illness benefit of $15,000, offered by less than a third of the market.
Other reasons these providers won include:
The table below displays a snapshot of these providers’ funeral insurance products, sorted alphabetical order. The results and Star Ratings shown are based on a non-smoking female aged 70+.
This is the second year running Insuranceline’s Funeral Insurance Advantage product has been awarded Canstar’s Outstanding Value Award for funeral insurance. Its win was driven by a highly competitive performance across the five age groups considered, including leading performance for the 70s plus market. In addition to a highly competitive premiums-paid structure, Insuranceline also offered market-leading applications and claims features including:
Insuranceline’s product Funeral Insurance Advantage also has a sum-insured premium cap, meaning the policy holder will not have to pay premiums after their total premiums paid equals the sum insured amount.
The table below displays a snapshot of InsuranceLine’s funeral insurance products, sorted by Star Rating (highest to lowest). The results and Star Ratings shown are based on a non-smoking male aged 70+.
Canstar weighted products’ price and features scores to arrive at a total score – price was given a 75% weighting while features occupied the remaining 25%.
These weightings were assessed against 20 consumer profiles based on age, gender and smoking status, with a star rating assigned for each profile:
A non-smoker was defined as a person who hadn’t smoked for 12 months.
The pricing score was comprised of two components: the total premiums paid (90%) and the benefit payout (10%).
Canstar considered the following features when allocating a feature score:
To be eligible for Canstar’s Funeral Insurance Star Ratings and Award, a policy must be a level premium product and available to:
The Star Ratings in this table were awarded in May, 2021 and data is as at that date, updated from time to time to reflect product changes notified to us by product issuers.
Products displayed above that are not “Sponsored or Promoted” are sorted as referenced in the introductory text to the table and then alphabetically by company. Canstar may receive a fee for referral of leads from these products. See How We Get Paid for further information. If you decide to apply for funeral insurance, you will deal directly with an insurance provider, and not with Canstar.
Consider the provider’s detailed product and pricing information before making a decision to purchase a policy. The products displayed on this page do not include all providers and may not compare all features relevant to you. View the Canstar Funeral Insurance Star Ratings Methodology and Report. The rating shown is only one factor to take into account when considering products.
For more information, read our detailed disclosure, important notes and additional information.
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