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Funeral insurance is about ensuring that your family and loved ones don’t have to bear the financial burden of paying for your funeral when you pass away.
When you take out a funeral insurance policy, you will pay a series of regular premiums tailored to cover the sum you choose to insure. In the event of your death, a lump sum of money (known as the funeral benefit) will be paid out either to a person of your choosing or to your estate.
We understand that thinking about your funeral is not a pleasant thing to do. However, we also understand that putting your family first is extremely important.
According to Moneysmart.gov.au, funerals can cost between $4,000 and $15,000, which is a large amount of money for any family to access quickly.
Yes. Funeral insurance works in a similar way to other insurance policies you're likely to have. You pay a series of regular premiums to cover an amount of your choosing. That amount – the funeral benefit – is then paid out at claim time or, with GIO's Value Promise, the amount you have paid in premiums if that’s greater. This money, awarded to your nominated beneficiary, is then used to pay for your funeral and other related expenses.
We believe that a funeral insurance provider should give you the choice of flexible cover you need at a reasonable price, which is exactly what we aim to provide GIO customers. You’re looking for a plan that is going to take care of your family from an insurer you can trust, which is what we pride ourselves on being.
When choosing how much cover you want, it’s important to consider the type of funeral you would like and how much money you would like to provide your loved ones to help make that happen.
In some circumstances you can receive your pay-out early as part of the GIO Early Payment Benefit.
Yes, you can nominate one beneficiary to receive the lump sum pay-out in the event of your death. It’s up to you who you choose, and if you don’t nominate anyone the benefit will be paid to your estate.
We offer both single and joint policies, meaning that you can insure up to two people on a single policy. If you have a joint policy, both insured people are policy owners.
The person who pays the funeral insurance premiums doesn't have to be the person who is insured. Even if the premiums are paid for by someone else, the person who is insured will always remain the policy owner.
If you'd like to separate a joint policy, you can. One of you will keep the existing policy, while the other will be given a new one.
We understand that sometimes the unexpected happens and you may not have access to as much money as you normally would. If this happens to you, GIO customers have two options:
1. Premium Freeze Benefit
2. Premium Pause Benefit
There are some instances that mean you won’t receive the full Funeral Benefit. These are if, in the first 12 months of your policy, you die as a result of:
- An accident that happened before the policy start date
- An intentional self-inflicted act
If this happens, we will refund all of the premiums that have been paid.
If you die after the first 12 months, the funeral benefit or the amount you have paid in premiums, whichever is greatest, will be paid in full.
We offer three main discounts on our funeral insurance policies:
- 20% Family Discount –20% off premiums if a member of your immediate family takes out funeral insurance with us as well. This applies to joint and single policy holders
- 10% Cash Back Benefit – Get a 10% refund on the premiums you’ve paid every three years when you hold a continuous policy with us
- 10% Large Sum Insured Discount – Save 10% if you have a sum insured of $20,000 dollars or more, and have chosen a stepped premium policy
Yes, you can pay fortnightly, monthly or yearly premiums at no extra cost.
If you want to make a claim, all you need to do is give us a call on 1800 604 215. It can be the policy owner, the nominated beneficiary or a legal representative that contacts us. We’ll then send out a claim pack that we ask you to fill in and return to us.
You can find out more about our service on our Funeral Insurance page.
For full details, please refer to the GIO Funeral Insurance Product Disclosure Statement and Policy Document (20/10/2014).
Alternatively, you can contact us – we’ll be in touch as soon as we can.
If you’re concerned about losing income due to illness or injury, GIO Bill Protect may help.
You can choose to receive a monthly benefit of between $1,000 and $4,000, and choose a 6, 12 or 24-month benefit period.
GIO Funeral Insurance is issued by Suncorp Life & Superannuation Limited ABN 87 073 979 530 AFSL 229880 (SLSL), under the brand GIO, and is distributed by Suncorp Financial Services Pty Ltd ABN 50 010 844 621, AFSL 229885 (SFS). AAI Limited ABN 48 005 297 807 (AAI) trading as GIO does not provide any financial product advice in relation to GIO Funeral Insurance. Any advice in this information is general advice only and has been prepared without taking into account any person’s objectives, financial situation or needs. You should consider the Combined Product Disclosure Statement and Policy Document (PDS) for GIO Funeral Insurance before making any decisions about whether to acquire this product. GIO Funeral insurance is not a savings product and premiums increase with age. If you cancel your policy any premiums you have paid for your policy will not be refunded.