Sureplan is different to other companies that offer funeral insurance in Australia. Believe it or not there are 14 companies offering funeral insurance in Australia according to research company Canstar, including Sureplan The other 13 are all for-profit life insurance companies whereas Sureplan is a mutual life insurer. Being a mutual friendly society, Sureplan has a similar structure to a building society or credit union in that all surpluses (profits) are retained and utilised for the benefit of members – in other words there are no external shareholders demanding dividends or other financial benefits.
Sureplan had its origins in 1935 when a group of Queensland based Commonwealth public servants decided something needed to be done to help the family when it is needed the most. So they formed what was then known as the Public Service Death Benefits Society of Queensland and for about 50 years it was effectively the in-house funeral insurance plan for Commonwealth public servants in Queensland, particularly the Post Master General’s Department (the forerunner of Telstra & Australia Post).
Sureplan’s original funeral insurance plan, Sureplan Family Fund, still provides the best-value cover in Australia for applicants under 56 – and by some margin! Premiums are guaranteed and payable only until age 60, even though cover is provided for life (medical conditions apply). As an example of its value, someone aged 40 can apply for cover of $9,000 and only pay total premiums of $4,290. With the very best of other funeral insurance plans $9,000 will be paid for $9,000 cover, and in some cases, people will pay $18,000 or even more. The minimum of 40% of the total premium cost will therefore be saved with Sureplan Family Fund compared to other funeral plans.
So if you are under 56 and looking for funeral insurance a call to Sureplan could save you $thousands.