Compare funeral insurance products in New Zealand

When setting up cover to help your loved ones with your funeral costs, it’s important to remember that every funeral insurance product is different. Each provider has their own benefits and exclusions you need to consider, so it’s worth doing your research to find the most suitable product on offer. Choosing the right provider from the start can also save you from having to switch policies later on if your needs change.

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Everything you need to know about funeral insurance

The table below highlights the common benefits and features to consider when comparing funeral insurance policies.

Benefits New Zealand Seniors Insurer B Insurer C Insurer D
Age eligibility 18 – 79 40 – 75 50 – 75 50 – 80
Medical required on application No No No No
Accidental death only period 12 months 24 months 24 months 24 months
Premium refund if death due to any cause other than an accident in the first 12/24 months No Yes Yes Yes
Extra cover for accidental death YesTriple benefit No No No
Premiums Level Level Level Level
Premium payment YesUp until age 85; no further cost thereafter YesUp until age 89; no further cost thereafter YesUp until age 85; no further cost thereafter YesUp until age 90; no further cost thereafter
Early payout on diagnosis of terminal illness Yes No No No
Increase Cover amount Yes25% added to your policy when you turn 85 no extra cost YesIncrease up to maximum amount upon request. Premiums adjusted YesEntitled to option to increase cover by 15% every 5 years. Premiums adjusted YesIncrease up to maximum amount upon request. Premiums adjusted
Early Cash Out Option YesFrom age 85, cancel your policy and receive 75% of your cover amount paid to you No No No
Accidental serious injury coverCover for defined significant life-changing events caused by an accident, up until the age of 74 YesBenefit amount is tripled at no extra cost No No No
10% of premiums refunded after first 12 months Yes10% refunded after the first 12 months of premium payments No Yes10% discount for first 2 years for online applications. 10% joint policy discount Yes20% joint policy discount

This information is accurate as at 23 May 2021. This table compares a sample of policy features, but does not compare all aspects of each policy. There are also other policies available that have not been compared. Each insurer charges different prices for their cover, however, you should also consider the premium structure that is available. Policies which have a lower premium in the first year of cover may not always be cheaper over the long term.

Bonus Cover addition

If you think your needs could change over time, you can consider a policy that offers extra cover at no further cost. This can help you with some of life’s sudden challenges that you didn’t initially plan for, like health and lifestyle changes. 

With New Zealand Seniors, your cover amount is increased by 25% when you turn 85. So, if you have set a cover amount of $10,000, your family would be covered for a total of $12,500 when you turn 85. This could even help offset inflation or the rising cost of funerals.

Funeral Cost Calculator

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Early Cash Out Option

As you get older, your living situation or personal needs may change. Seniors Funeral Insurance comes with an Early Cash Out Option1. This means you can choose to cancel your cover and receive 75% of your benefit amount once you turn 85. The money can be used to live out your final wishes or for any other purpose you would like.

Accidental serious injury cover

An accidental serious injury could bring on just as much financial costs as a funeral – not just for those closest to you, but for yourself too. On top of the immediate medical bills that your family could face, there’s the added cost of ongoing care and other services. That’s why some funeral insurance policies offer cover for accidental serious injuries. This isn’t designed to replace health insurance, but it can help bring some financial relief if you suffered a significant life-changing accident (in line with the provider’s criteria).

Did you know?

Seniors Funeral Insurance covers more than just your funeral expenses – you’ll also receive a lump-sum payout if you suffer from an eligible accidental serious injury.

Premium cut-off age

If you’re worried about the cost of your policy over time, you may want to consider how long you’ll need to be paying premiums for. Funeral insurance isn’t a savings plan so once you commit to a policy, you won’t be able to cancel without losing out on all the benefits you’re entitled to. That’s why it’s important to find a provider that continues to offer great value as you get older.  

With New Zealand Seniors, you only need to pay premiums up until age 85. After this, you can keep your cover at no further cost, which could help with budgeting and planning. It’s worth considering how much this could add up to especially if you’re no longer working or are trying to stick to a budget.

Triple benefit for accidental death

If your death is the result of an accident, your family may be entitled to a higher payout when claiming for funeral expenses. This can help with any sudden funeral costs that your family wouldn’t have been prepared for, since your passing would be unexpected. As seen in our comparison table, this benefit is offered by Seniors Funeral Insurance. With this policy in place, your family would receive three times the agreed benefit amount if you pass away from an accident.

Did you know?

With New Zealand Seniors, if you take out the maximum cover amount of $30,000, your family’s total payout would be $90,000 if your death was accidental.

Age eligibility

While we all hope for the best, the reality is that you can’t predict when your funeral will take place. Your family and friends may need to organise your farewell unexpectedly at any time, so getting cover could be useful to consider for most adults at various ages. However, it’s important to consider your eligibility for each policy as every provider usually has an upper and lower cut-off age.

In our comparison, we found that most providers only offered cover to applicants aged 40 years or older. In fact, only one provider offered cover for people under the age of 40. With New Zealand Seniors, you can apply for funeral insurance from just 18 years of age – the youngest age eligibility of all providers in the market. For people looking to take out cover later in life New Zealand Seniors will offer cover right up until the age of 79 (inclusive), only one insurer allowed you to apply up to the age of 80.

Considering funeral insurance?

Peace of mind for you and your family

Funeral insurance is a simple way to gain peace of mind. It protects your loved ones during a difficult time – covering funeral costs and other final expenses. It’s quick and easy to secure a policy with no medical or blood tests required. You can also choose the benefit amount (up to $30,000) to ensure your family has enough money to take care of not only your funeral but any unpaid bills, credit cards and other unexpected costs.

Plus, with Seniors Funeral Insurance, you’re also covered for terminal illness and accidental serious injury. This gives you and your loved ones even more ways to prepare for life’s unexpected challenges. Request a quote today.

How can New Zealand Seniors help?

Seniors Funeral Insurance pays a lump sum to your family (up to $30,000) upon your death for them to spend as they require.

Benefits of choosing Seniors Funeral Insurance

Choose a level of cover that suits you

Seniors Funeral Insurance pays a lump sum to your family from $3,000 up to $30,000 upon your death.

Guaranteed acceptance

If you’re a New Zealand resident aged 18 to 79, you’re guaranteed acceptance. No medical screening, complicated paperwork or blood tests required.

Quick payout to your family

Claims are usually paid within 1 business day of all completed documentation being received, so you can be sure your family has the financial help they need with little fuss.

Bonus Cover at age 85

Once you turn 85, you’ll receive an extra 25% Bonus Cover on top of your cover amount, so you can enjoy even more peace of mind for the years ahead.

No more premiums after your 85th birthday

From age 85, we’ll stop charging you for your cover so there will be no further premiums to pay.

Cover for terminal illness

Get 100% of your benefit paid if you are diagnosed with a terminal illness, helping you plan your final wishes without financial worries.2

Level premiums with no annual increase

With Seniors Funeral Insurance, your premiums won’t go up every year, making it easier to budget for the years ahead.3

Triple benefit for accidental death

From the day your policy starts, your loved ones will receive triple your cover amount if your death is the result of an accident.

More control over your policy

Choose a payment frequency that works for you and your budget and list up to 5 different beneficiaries.

Early Cash Out Option

Once you turn 85, you can choose to end your policy and receive 75% of your cover amount paid to you.1

Guaranteed payment at age 100

When you reach 100 years of age, we’ll end your policy and pay you 125% of your cover amount to spend however you wish.

See more benefits

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Everything you need to know about funeral insurance

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  1. If you choose the Early Cash Out Option, you’ll no longer be eligible to claim as this option will cancel your policy.
  2. Cover is for accidental serious injury and accidental death only in the first 12 months. Terminal illness with diagnosis of 12 months or less to live.
  3. There’s no refund of premiums after the cooling off period. The total amount of premiums payable over the life of the policy has the potential to exceed the cover amount.

How can we help?

To find out more about New Zealand Seniors,
speak to one of our friendly insurance specialists now