Canstar has assessed and rated funeral insurance products on our database. Products were assessed based on both price and features. For the price score, Canstar considered the total premiums paid and the benefit payout amount. Any applicable premium caps, discounts and refunds were also factored in. For the features score, Canstar considered factors such as the application process, payment options and the type of cover available.
In the past year, a number of funeral insurance products have been restructured or have been removed from the market. Like last year, there are no products currently available that offer premium caps at the sum insured amount. These caps ensure that consumers don’t pay more in premiums than the amount of cover they have taken out.
While this aspect alone did not prevent products from receiving a 5-Star Rating, after considering all factors, Canstar Research has determined that none of the products assessed met the standard required to achieve a 5-Star Rating.
If you’d like to learn more about the factors Canstar took into account, you can read the Funeral Insurance Star Ratings methodology.
Released December 2021
This advice is general and has not taken into account your objectives, financial situation, or needs. It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser. For more information, read Canstar’s Financial Services and Credit Guide (FSCG) and our detailed disclosure. Canstar may receive a fee for referring you to a product provider – for further information, see how we get paid.
Canstar is a comparison website, not a product issuer, so it’s important to check any product information directly with the provider. Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. Contact the product issuer directly for a copy of the PDS, TMD and other documentation.
Canstar is an information provider and in giving you product information Canstar is not making any suggestion or recommendation about a particular credit product or loan. If you decide to apply for a credit product or loan, you will deal directly with a credit provider, and not with Canstar. Rates and product information should be confirmed with the relevant credit provider. For more information, read the credit provider’s key facts sheet and other applicable loan documentation for that product. Read the Comparison Rate Warning.
If you decide to apply for an insurance product, you will deal directly with an insurance provider, and not with Canstar. The inclusions mentioned represent a selection of what is covered at the time of writing. Additional terms and conditions may apply to different features. Additional fees may apply to the product. Premiums, product information and inclusions should be confirmed with the relevant insurance provider. Please ensure that you read the product disclosure statement to determine all the current options and inclusions for the product you are considering.
The Company listed above may use or be used by another company to arrange, issue, distribute or sell its insurance policies to customers. For more information on the issuer of the policy, please read the product disclosure statement, fact sheets and any other information provided in relation to the product. A copy of the relevant product disclosure statement is available from the Company.
If you are seeking to replace an insurance policy, you should consider your personal circumstances, including continuing the existing cover until the replacement policy is issued and cover confirmed. Your current policy may have different features to products currently on the market. Please consider what features are right for you when comparing insurance products and refer to the provider for further details on a policy.
The Star Ratings results referred to above were published in December, 2021. The results are general advice only and not personal financial advice. They do not include all providers and may not compare all features relevant to you. Consider whether this general financial advice is right for your personal circumstances. Star Ratings and Awards are only one factor to take into account when considering products. Costs, features and other product information should be confirmed with the relevant financial institution. Consider the Product Disclosure Statement, the Target Market Determination and other applicable documentation before making a purchase decision. Read our FSCG.
Any company listed above may use or be used by another company to arrange, issue, distribute or sell its insurance policies to customers. For more information on the issuer of the policy, please read the product disclosure statement, fact sheets and any other information provided in relation to the product. A copy of the relevant Product Disclosure Statement is available from the company.