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

University of Western Australia Law Review, Vol. 48, No. 2, 2021, pp. 641-689

46 Pages Posted: 27 Oct 2021

See all articles by Lucinda O'Brien

Lucinda O'Brien

University of Melbourne

Peng Guo

RMIT University - Graduate School of Business and Law

Ian Ramsay

Melbourne Law School - University of Melbourne

Paul Ali

University of Melbourne - Law School

Date Written: October 19, 2021

Abstract

In 2019, more than 700,000 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.

Keywords: funeral insurance; consumer harm; consumer protection

Suggested Citation

O'Brien, Lucinda and Guo, Peng and Ramsay, Ian and Ali, Paul, Putting a Price on Peace of Mind: Funeral Insurance and Consumer Harm (October 19, 2021). University of Western Australia Law Review, Vol. 48, No. 2, 2021, pp. 641-689 , Available at SSRN: https://ssrn.com/abstract=3949903

Lucinda O'Brien

University of Melbourne ( email )

185 Pelham Street
Carlton, Victoria 3053
Australia

Peng Guo

RMIT University - Graduate School of Business and Law ( email )

Melbourne
Australia

Ian Ramsay (Contact Author)

Melbourne Law School - University of Melbourne ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 5332 (Phone)

HOME PAGE: http://law.unimelb.edu.au/about/staff/ian-ramsay

Paul Ali

University of Melbourne - Law School ( email )

University Square
185 Pelham Street, Carlton
Victoria, Victoria 3010
Australia
+61 3 8344 1088 (Phone)
+61 3 8344 5285 (Fax)

HOME PAGE: http://www.law.unimelb.edu.au

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