Putting a Price on Peace of Mind: Funeral Insurance and Consumer Harm

Abstract

In 2019, more than 7oo,ooo Australians held a funeral insurance policy. Providers market these products as offering 'peace of mind', playing on consumers' perception that funeral costs are very high. Yet these products can result in substantial financial loss. To date, Aboriginal and Torres Strait Islander consumers have been disproportionately affected by losses of this kind. This article provides an overview of the industry and its regulation, evaluates recent law reform and identifies further measures that may reduce the harm associated with funeral insurance.