2020 Funeral Insurance Star Ratings

2020 Funeral Insurance Star Ratings

To help consumers considering taking out funeral insurance make an informed decision, Canstar Research has assessed and rated the products from this category on our database. Products were assessed based on a combination of the price – the premiums charged and benefit payout amount – and the features on offer, which included the application process, payment options and what kind of cover was available.

While assessing the products currently on offer, Canstar Research saw a number of important changes to the funeral insurance market this year. For example, it found there are no longer any products available that apply a cap on the premiums a policyholder would need to pay so that they don’t exceed the policy’s sum insured amount.

In many cases the policy will pay out the excess premiums charged in the event of a successful claim. However, without the cap in place, in order to remain insured consumers could end up paying significantly more in premiums than the amount of cover they sought.

While this aspect alone did not prevent products from receiving a 5-Star Rating, Canstar Research found that when all factors were considered, none of the products assessed this year met the standard required to be recognised as offering Outstanding Value.

For consumers who are considering a funeral insurance policy and are interested in the results of our 2020 Funeral Insurance Star Ratings, you can access the ratings using our funeral insurance comparison tables.

If you’d like to learn more about the factors Canstar Research took into account when rating funeral insurance products on our database, you can read the Funeral Insurance Star Ratings methodology.

Released May 2020

Numbers crunched by Canstar Researchers

Institution_icon1
6
providers assessed
Health Insurance Canstar Icon
9
products rated
Data Canstar Icon
20
consumer profiles considered