Pre-Paid Funerals vs. Funeral Insurance

A Guardian Funeral Plan could save you money. Use this calculator to compare the cost of a Guardian Plan prepaid funeral to funeral insurance. It will also show you what your family will have to pay if you don't prepay.

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Results

  • Guardian Plan

    Pay today’s price, protected from inflation. 

  • Funeral Insurance

    With funeral insurance, you pay a monthly premium until death. Missing a payment often means cover lapses.

  • No Guardian Plan or insurance

    The cost of your funeral at time of death, after inflation. 

It’s comforting to know everything will be taken care of, no matter what. A Guardian Plan prepaid funeral is guaranteed from the moment of payment, whereas missing an insurance payment often means cover lapses. Insurance may also cost more over time and is not protected from inflation.

All payments are held securely by The Over Fifty's Guardian Friendly Society, under APRA regulation. Funds are only released to the funeral home when the time comes.

Disclaimer

The default figure of $7,800 is for comparison purposes only. This value is an estimated average based on estimates from ASIC - average price quoted for a funeral can begin from $4,000 to $15,000 (https://www.moneysmart.gov.au/life-events-and-you/over-55s/paying-for-your-funeral).

As there are a wide range of funeral choices, your Prepaid Funeral Plan may be less or more expensive based on the choices you make. The cost of a prepaid funeral will vary depending on the inclusions within the agreement. Any services required in addition to the original agreement may incur extra costs.

Funeral insurance figures are based on averages of funeral insurance rates across the market, from 9 products through 3 insurers, and averages have been taken across each segment of the market weighted by the market share of each product. The calculator, including the default assumptions adopted, has been prepared by Rice Warner Pty Ltd (Rice Warner). Rice Warner has advised the default assumptions adopted are reasonable as at March 2021.

The default cover amount and funeral insurance results take into account your life expectancy, the effects of inflation, and is an average of funeral insurance rates across the market. 

The calculations and results produced by the calculator are for illustration purposes only and are not intended as a substitute for any specific financial advice you may obtain. You should not make any financial decisions based on this calculator without first consulting your licensed financial adviser.

The one off payment figure in the calculator is based on the effects of inflation, given the purchase of a funeral at the time of your death (calculated based on the assumption you die at your life expectancy).