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How are funeral insurance and pre-paid funeral plans different?
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 anything including your funeral and any other related expenses.
Pre-paid funeral plans
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 generally fixed and it can be difficult to change your plan after commencement. Terms and conditions vary and you should carefully consider the terms of your plan.
Things you should know
You should read the Medibank Starter Life Insurance Product Disclosure Statement and Financial Services Guide, the Medibank Life Insurance combined Product Disclosure Statement and Financial Services Guide carefully before deciding whether or not to buy that product.
You should read the Medibank Funeral Insurance Product Disclosure Statement carefully before deciding whether or not to buy that product.
You should read the Medibank Income Protection Product Disclosure Statement carefully before deciding whether or not to buy that product.
Medibank life insurance products are issued by the insurer, Swiss Re Life & Health Australia Limited ABN 74 000 218 306; Australian Financial Services Licence No. (AFSL) 324908, Level 36, Tower Two, International Towers Sydney, 200 Barangaroo Avenue, Sydney NSW 2000. Medibank life insurance products are distributed by Greenstone Financial Services Pty Ltd (GFS) ABN 53 128 692 884; AFSL 343079, 58 Norwest Boulevard, Bella Vista NSW 2153 and promoted by its Authorised Representative Medibank Private Limited ABN 47 080 890 259; Authorised Representative No. 286089, 720 Bourke Street, Docklands VIC 3008. Medibank Private is also authorised by GFS to distribute Medibank Starter Life insurance.
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