How does funeral insurance work?

What's up with OneChoice Funeral Insurance?

Simply put, it’s funeral insurance designed for Kiwis (that’s you — not the bird!). We’ve tried our best to make it the most irresistible funeral cover on the market, and here’s how it turned out:

Eligibility and cover amount

If you’re a New Zealand resident between 18 and 79 years old, we won’t say “no” when you apply. We think ‘guaranteed acceptance’ has a nice ring to it so you never need to worry about us saying we can’t cover you.

Plus, there’s no age limit on your benefit amount. Anyone eligible for cover can take out from $3,000 up to $30,000 to help pay for the perfect funeral or tangi — not a bad way to celebrate the performance of a lifetime.

Keep in mind that cover is for accidental serious injury and accidental death only in the first 12 months.

Payout

Most claims are paid within one business day of receiving the required completed paperwork, so your family won’t need to break open the savings jar when you pass away. This means they can pay for whatever might come up on short notice — whether it’s the perfect funeral or tangi, legal fees, any debts that you may leave behind, or anything else they see fit. 

Additional benefits once you turn 85

• You’ll get an extra 25% Bonus Cover added to your benefit amount
• We’ll stop charging you premiums, so you can enjoy the rest of your policy on us! 
• Or, through our Early Cash Out Option, you can choose to cancel your policy (you won’t be able to make a claim) and you’ll get 75% of your benefit amount paid to you — no hard feelings

Other cool stuff we decided to throw in

• You’ll get 100% of your benefit amount paid to you in case you’re diagnosed with a terminal illness with only 12 months to live, after the first 12 months of holding your policy
• If you suffer an accidental death or accidental serious injury, we’ll triple your benefit amount up to $90,000
• We’ve made your premiums level, so they won’t go up every year¹ — you’re welcome

Term/duration 

All good things must come to an end. But don’t sweat — we’ll give you a nice parting gift when your policy expires at age 100. When you reach this milestone age, we’ll end your policy and pay you 125% of your benefit amount. You can leave it in your funeral savings jar or use it to throw the best 100th birthday party of the century — you call the shots. 

Payment options 

You can pay your premiums annually, fortnightly or monthly using either a credit card, direct debit, credit union, or building society account.

Choosing your beneficiaries

Your beneficiaries are the people who’ll receive the money when a claim is made on your policy. You can choose up to five different beneficiaries over the phone or using our nomination form. Choose your life partner, kids, a close mate, or anyone else you trust.

If you’re still on the fence, check out the Policy Document for OneChoice Funeral Insurance.