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About Acenda Life
Life Cover
Funeral Insurance
Acenda Life has a range of Guaranteed Life and Funeral Cover products. On this page, we call these products funeral insurance.
How funeral insurance works
We will pay out claims when the person insured dies or, where eligible, is diagnosed with a terminal illness.
If you have funeral insurance, it’s important you understand your policy wording because it explains everything you need to know about your funeral insurance, including:
- the premiums you need to pay
- how long you need to pay them
- any stand down periods
- exclusions that apply
- when a claim can be made.
It’s a good idea to let a family member or someone close to you know if you have a funeral insurance policy. Then when you pass, they can make sure a claim is made on your policy. More information, including specific definitions, like terminal illness, are in your policy wording.
Frequently asked questions
How long do I pay premiums for?
Funeral insurance is not a savings plan – the longer you live, the longer you may need to keep paying premiums to keep your cover. If you live a long life, and are not diagnosed with a terminal illness, there’s a risk you may pay more in premiums over the lifetime of your policy than the total amount you are insured for. A claim is then made and if the claim is accepted, we will pay the sum insured to the policy owner, the estate or any nominated beneficiaries.
Are there situations when I can stop paying my premium?
There are certain circumstances where customers don’t need to pay premiums anymore to keep their cover. For example, when the person insured reaches a certain age or the policy has been in force for a certain amount of time. If your policy is one of these, we’ll let you know when you can stop paying your premium.
It’s important that you keep paying your premiums unless we get in touch. If you stop paying your premium or cancel your policy, there will be no refund of premiums already paid, and you won’t be able to make a claim. We recommend you read your policy wording and check details regarding the payment of your premiums.
My premiums are close to the sum insured (the amount you chose to be insured for). What should I do?
Funeral insurance is not an investment or savings product. If you live a long and healthy life, it’s possible you may pay more in premiums over your lifetime than the sum insured. If you stop paying, or cancel your policy, you will not receive a refund or any payment, and you won’t be able to make a claim.
Will my premiums go up over time?
Our funeral insurance uses level premiums, this means your premiums stay the same as you age unless you change the amount of your sum insured (the amount you chose to be insured for). Most products have fully guaranteed premiums, meaning they won’t increase over time, unless there are changes in tax or market conditions. Your policy wording explains specific details about your premiums.
What if I can’t afford my premium?
Depending on your policy, if you are unemployed or experiencing financial hardship, you may be able to request a premium holiday. This allows you to pause premium payments for up to six months. Claims can still be made during this time, and you will not need to repay missed premiums if you claim. Check your policy wording for the full terms and conditions, or visit our support page for information about managing insurance during financial hardship.
Am I still covered after age 90?
Yes. You continue to be covered as long as you keep paying your premiums or until we let you know that there no more premiums are due on your policy. We will pay out if the person insured dies or, where eligible, is diagnosed with a terminal illness.
Who can I take out Funeral Insurance for?
You can take out a policy for yourself or for another person who meets the eligibility criteria and is aged between 50 and 79.
Can I receive the sum insured while I’m alive?
Funeral Insurance is designed to cover the costs incurred when the insured person passes away. However, if eligible, you may be able to claim the sum insured if you, or the person insured, is alive and is diagnosed with a terminal illness.
