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Final Expenses Insurance Option

Final Expenses Insurance provides a Benefit Amount of $50,000. Cash to help your family pay for your funeral and other expenses.

This option is only available with Income Protection Insurance. You only have this cover if we accepted your application and it is shown in your Policy Schedule.

1. What is Final Expenses Insurance?

Final Expenses Insurance provides a benefit in the event that you die as a result of an Accident or natural causes.

2. Final Expenses Insurance eligibility

You can apply for this Insurance if you are aged between 18 and 59, and an Australian Resident.

3. Final Expenses Insurance Benefit Amount

You can apply for a Final Expenses Insurance Benefit Amount of $50,000.

4. Final Expenses Insurance benefit payment

We will pay the Final Expenses Insurance Benefit Amount as a lump sum on your death while covered under the Policy except in the circumstances explained in “Final Expenses Insurance exclusions”.

Limit on benefits

A Benefit Amount paid under the Final Expenses Insurance option is made in addition to any Income Benefit paid.

The total Final Expenses Insurance Benefit Amount payable under the Policy cannot exceed $50,000 plus any automatic sum insured increases under the Policy.

If you are covered for Final Expenses Insurance under more than one Guardian Income Protection Insurance Policy, we will apply this limit to the total of the Final Expenses Insurance Benefit Amounts payable under all Guardian Income Protection Insurance policies. Any reduction in the Final Expenses Insurance Benefit Amount will be applied to the Final Expenses Insurance most recently commenced and we will refund the premiums paid referable to the amount by which the Final Expenses Insurance Benefit Amount is reduced.

5. Final Expenses Insurance premiums

The premium you are required to pay for this option when the Policy starts is shown in your Policy Schedule. The premium is calculated at each Policy Anniversary and is based on:

  • your age at the time;
  • the Benefit Amount provided; and
  • various factors that may affect the premium rating, such as your gender, smoking status, the state of your health, family history, occupation and participation in hazardous activities.

For a quote please contact a Guardian Insurance Consultant
on 1300 709 560.

6. Final Expenses Insurance exclusions

We will not pay a Final Expenses Insurance benefit if you die, directly or indirectly as a result of a self-inflicted injury, within 13 months of:

  • the date the Final Expenses Insurance starts; or
  • where we have agreed to reinstate the Policy or cover after it was cancelled, the date on which we reinstate the Policy (reinstatement date) or cover.

We will not pay any benefits where we have agreed a special term with you in respect of your cover that specifically excludes the event or condition leading to the claim. Any such special term will be agreed with you before your Policy is issued and will appear on your Policy Schedule.

7. Final Expenses Insurance start and end

If your application for Final Expenses Insurance is accepted by us at the Commencement Date then the Final Expenses Insurance starts on the Acceptance Date. If we agree to add Final Expenses Insurance to your Policy after the Commencement Date, we will advise you of the date the Final Expenses Insurance starts.

If the Income Protection Insurance Policy ends, the Final Expenses Insurance Benefit Amount under this Policy will continue (subject to payment of the first premium) under a new policy we will issue to the Policyowner. The new policy will be issued on similar terms as the Final Expenses Insurance provided under this Policy and takes effect subject to payment of the first premium.

We guarantee to renew this new Final Expenses Insurance policy (provided you pay your premiums when due) for life.

Final Expenses Insurance ends when the first of the following occurs:

  • the date of payment of a death claim; or
  • the date you cancel the Policy; or
  • the date we cancel the Policy; or
  • the date you cancel this cover.
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