Funeral Insurance

Introducing Guardian Funeral Insurance

Naturally you wouldn’t want to burden your family and loved ones with outstanding bills and your funeral expenses. Funeral Insurance pays a lump sum benefit in the event of the death of a Life Insured in the circumstances explained in this PDS. This can help make life easier for family and loved ones should the worst happen and the Life Insured were to unexpectedly pass away.

You can apply for Funeral Insurance on its own, and you also have the option to add Accidental Serious Injury Insurance which pays a lump sum benefit in the event the Life Insured suffers a covered serious injury caused by an Accident.

Whatever combination you choose, with Guardian Funeral Insurance, the Life Insured is protected 24 hours a day, 7 days a week, worldwide.

1. What is Funeral Insurance?

Funeral Insurance provides a benefit in the event that a Life Insured under the Policy suffers an Accidental Death (from day 1) or dies from any cause (after 12 months).

2. Funeral Insurance eligibility

You can apply for a Single Plan on your own life (Key Life Insured) or you can apply to include your spouse, partner, and/or de facto (Partner Life Insured) under your Policy (Family Plan).

You (and your Partner Life Insured, if applicable) must be Australian Resident/s aged between 18 and 79 years of age.

We will also insure your financially dependent children under this Policy, if the nominated children:

• are under 21 years of age at the Acceptance Date; and
• are Australian Residents.

Providing you meet these eligibility criteria, we guarantee to accept your application for Funeral Insurance.

3. Funeral Insurance Benefit Amount

The minimum Funeral Insurance Benefit Amount is $3,000. The maximum Funeral Insurance Benefit Amount for a Life Insured under the Policy at the Commencement Date is $15,000.

You are also provided with Accidental Death Insurance equal to 200% of Funeral Insurance cover. For example, if you choose $15,000 Insurance cover, you are also provided with a further $30,000 of Accidental Death Insurance providing a total benefit payable in the event of Accidental Death of $45,000.

Under a Family Plan, all lives insured are covered for the same Benefit Amount.

4. Funeral Insurance benefit payment

We will pay the benefits explained below as a lump sum if the Life Insured suffers an insured event (explained below) while covered under the Policy except in the circumstances explained in “Funeral Insurance exclusions”.

Insured Events

We will pay the Funeral Insurance Benefit Amount and the Accidental Death Insurance Benefit Amount if a Life Insured suffers Accidental Death after the Acceptance Date.

We will pay the Funeral Insurance Benefit Amount if a Life Insured dies from any cause, where death occurs at least 12 months after:

• the Acceptance Date;
• the date of increase in the Funeral Insurance Benefit Amount (which is not an automatic increase), in respect of the increase; or
• if the Policy is reinstated, the date of reinstatement of this policy.

Limit on benefits

The total benefits payable for a Life Insured under the Policy cannot exceed:

• $15,000 where death is not the result of an Accident; or
• $45,000 where death is the result of an Accident; plus
• any automatic sum insured increases under the Policy.

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

5. Funeral Insurance premiums

Premiums are the cost of your Insurance. The premium you are required to pay when the Policy starts is shown in the Policy Schedule.

When the oldest Life Insured on the Policy attains age 90, premiums are waived and no further payments are required.

Your premium is calculated at each Policy Anniversary and is based on:

• your age at that Policy Anniversary (or the age of the oldest Life Insured for a Family Plan);
• the Benefit Amount provided; and
• the Insurance Plan chosen by you (Family Plan or Single Plan). For a Family Plan, the premium is based on the age of the oldest Life Insured under the Policy.

For a premium estimate you should contact a Guardian Insurance Consultant on 1300 70 9560.

6. Funeral Insurance exclusions

During the 12 months after the Acceptance Date for a Life Insured and for the first 12 months after any increase (in respect of the increase) in Funeral Insurance which is not an automatic increase, a benefit will only be paid if the Life Insured’s death results from an Accident. The same limitation applies for 12 months after the date the Policy is reinstated.

7. Funeral Insurance start and end

If your application for Funeral Insurance is accepted by us, cover starts on the Acceptance Date set out in the Policy Schedule. Your first premium is deducted from the Commencement Date, which is also set out in the Policy Schedule.

We guarantee to renew your Funeral Insurance (provided you pay your premiums when due) for life.

Funeral Insurance ends for a Life Insured when the first of the following occurs:

• the date of payment of a death claim for that Life Insured;
• in the case of a Life Insured who is a financially dependent child of a Key Life Insured or a Partner Life Insured, on attainment of age 21;
• the date you cancel the Policy; or
• the date we cancel the Policy.