Why do I need this insurance if I’m healthy?
You don’t know what the next day will bring, and if you pass away unexpectedly, you want to ensure your loved ones are financially protected. Funeral insurance helps your family pay for your funeral costs and any other expenses you may leave behind such as bills or debt.
What's Kogan Comprehensive Funeral Cover?
Kogan Comprehensive Funeral Cover is designed to help your family and loved ones pay for your funeral and other expenses you leave behind when you pass away. It pays a benefit to whomever you choose as your beneficiary when you die.
Unlike other types of funeral planning, such as a pre-paid funeral plan, it pays a full benefit upon death (accidental death only for the first 12 months; any cause thereafter) regardless of how much has been paid in premiums.
Am I eligible for Comprehensive Funeral Cover?
You’re guaranteed acceptance if you’re an Australian resident aged between 18 and 79.
Are there any exclusions?
Your family will receive your funeral insurance benefit during the first year of your policy only if the death is caused by an accident. After the first year, the benefit is paid for death by any cause.
Will my premium increase?
No. In fact, your premiums will reduce by 5% after every five continuous years you hold your policy.
Is Comprehensive Funeral Cover expensive?
Cover could be more affordable than you think! Request a quote by calling us on 1300 025 433 now to find out how affordable it could be for you.
See how affordable Comprehensive Funeral Cover
can be!
Do I need to have a medical test to apply?
No, there are no medicals or blood tests required and there are no intrusive questions about your health and lifestyle.
How long does my cover last?
We guarantee to renew your Comprehensive Funeral Cover policy for life if you pay your premiums on time. You’ll be covered even if your health changes over the years.
Is there any flexibility included with the benefit payout?
Yes, with Comprehensive Funeral Cover, when your family makes a funeral claim, the benefit will be your chosen cover amount or the total premiums you’ve paid for your cover—whichever amount is higher. This is subject to you keeping your policy in force and without changing your level of cover. You won’t receive a refund of premiums after the cooling off period has passed. If you cancel your policy prior to age 85, no benefits will be paid. Or, you can choose to cancel your cover once you turn 85 years of age to receive an Early Cash Payment of 150% of your funeral insurance benefit. If you choose the Early Cash Payment option, you forfeit your eligibility to claim and the payment you receive may be less than the total premiums you’ve paid into your policy to date.
How much cover can I apply for?
Choose a benefit amount from $3,000 up to $15,000 — whatever suits your needs and budget.
We triple the benefit amount to a maximum of $45,000 if your death is due to an accident.
You’re also automatically covered for Accidental Serious Injury Insurance, until the age of 75, which covers defined significant life changing conditions caused by an accident. The Accidental Serious Injury (as outlined in the PDS) is equal to three times your chosen Comprehensive Funeral Cover benefit amount.
Will I end up paying more in premiums than my beneficiary will receive from my benefit amount?
Not with Comprehensive Funeral Cover! Your beneficiary will receive a benefit amount that's either your chosen cover amount or all the premiums you’ve paid for your cover (whichever amount is higher). This is subject to you keeping your policy in force and without changing your level of cover. You won’t receive a refund of premiums after the cooling off period has passed. If you cancel your policy prior to age 85, no benefits will be paid.
Am I covered if I’m in another country?
You’re covered anywhere in the world 24/7 while your policy is in force, provided you are an Australian citizen or permanent resident living in Australia and have no plans to relocate outside of Australia at the time you applied. The policy will be cancelled if you’re on a temporary work visa and stop living in Australia.
What does ‘accident’ or ‘accidental death’ mean?
Accident is defined as: an event resulting in bodily injury where the injury is directly and solely caused by accidental, violent, external and visible means without any contributing causes, and where the injury is not self-inflicted.
Accidental Death is defined as: a death that happens as a direct result of an accident, within 90 days of the accident happening.
Can I cover other family members?
Yes, you can choose either a single plan (covering your life) or a joint plan (covering yourself and your spouse, de facto, or partner). There’s also the optional cover of Children’s Insurance, which will pay a $10,000 benefit if your child suffers a defined serious illness or injury, if your child passes away, or is diagnosed with a terminal illness. Any claimable injury, illness or death that becomes apparent or occurs before or during the first three months won’t be covered except death due to accident.
Can I choose who'll receive the benefit amount?
Yes, you can nominate up to five people to share the benefit amount by completing a Nomination of Beneficiaries Form and sending it to:
Kogan Life Insurance
PO Box 6728
Baulkham Hills NSW 2153
If you don’t nominate a beneficiary, the benefit amount will go to the policyowner; and if that’s you, the benefit amount will be paid to your legal personal representative (usually your estate) or other person whom we’re permitted to pay under the Life Insurance Act 1995.
What happens if I cancel my policy?
You'll be given a full refund of the premiums you’ve paid (if you haven’t made a claim) in the first 30 days of your policy starting. If you cancel your cover after the 30-day cooling off period, no benefit is payable and no premiums will be refunded.
However, if you’ve chosen a yearly payment option, we’ll refund the unused portion of your premium.
Are there any tax benefits?
Funeral insurance premiums are generally not tax-deductible, and your beneficiary won’t have to pay tax on the benefit amount you receive. This may not apply to your individual circumstances though or may change over time, so we advise to always seek professional tax advice.
Who’s the underwriter for Comprehensive Funeral Cover?
Comprehensive Funeral Cover is issued by:
Hannover Life Re of Australasia Ltd (Hannover)
ABN 37 062 395 484
Tower 1, Level 33
100 Barangaroo Avenue
Sydney NSW 2000
Hannover is a wholly-owned subsidiary of Hannover Re and is part of the Hannover Re Group worldwide. The life insurance business of Hannover has been operating in the Australian market since 1994, has a Standard and Poor’s Insurer Financial Strength of AA-(Very Strong) and as at 31 December 2017 had total annual in force premium of AU$1 billion.
What information do I need to get a quote?
You’ll be asked to provide the following information when applying:
- Your name and date of birth
- Your residency status
- Your age
- If you have dependent children and their ages
- If you would like to add on extra benefits to your cover or add children to your policy