Noel Whittaker, director of Whittaker Macnaught Pty Ltd, is is quoted in this article as stating this about a funeral plan: " A product like this is basically a bet between you and the insurance company."
He also says
A "feature" of the policy was that no further premiums were payable once the total premiums paid reached $10,000. That is almost 10 years from taking out the policy.
A product like this is basically a bet between you and the insurance company. If you die in the first five years you have won - if you last 10 years or more all you have done is got your capital back with no interest.
As always the odds are stacked in favour of the insurance company.
Source and the full article: Coolum and North Shore News