Review Of GIO Funeral Insurance
Funeral coverage forms an important part of planning for the financial security of the family. GIO i.e. Government insurance office is known to provide high quality insurance products for the residents in Australia. GIO funeral insurance can provide the best security for any Australian. There are various insurance products offered by GIO such as home insurance, car insurance, income insurance, life insurance, travel insurance, business insurance and landlords insurance.
- Size of the policy: The funeral plan benefits are between $5000 and $30,000. Those policies which are up to $30,000 do not require any medical exam.
- Family Discount: GIO offers great discounts for families who own multiple policy owners.
- Fast claim payments: The payments on claims are normally done within 24 hours. The claim payouts depend upon the terms and conditions of the policy.
- Premium options: There are many payment options like monthly, fortnightly and annually which can fit into any kind of budget. They also consist of fixed and indexed rates. The premiums increase annually with the indexed rates but the coverage does not change. With fixed rates the premiums remain the same but the benefits get decreased over time.
- 10% refund: GIO rewards the loyalty of its customers by giving 10 % refund for the premium payments that are made every 3 years.
- Large Sum discount: the policy owners who have a coverage of $20,000 or more qualify for the large sum discount.
- Money back guarantee: The policy owner can have a period of 30 days to make a review of the policy and to check whether it fits into their needs. If it does not fit with the needs of the policy owner then it can be cancelled any day within this 30 day period.
Inclusions And Exclusions
- Age Requirements: GIO offers funeral coverage for all the residents of Australia who belong the age group from 18 to 75.
- Coverage: The insured is covered for the whole day and the entire year anywhere in the world.
- Exclusions: The insured is covered only during any accidental death for the first year. The insured gets covered without exception after the passage of one year.