With the high cost of funerals these days, many Australians are taking advantage of opportunities to prepare their finances in advance.
A prepaid funeral plan allows you to fix the price of your funeral at today’s prices. A contract is established with your preferred funeral director, setting out your desired type and style of funeral at an agreed price. There’s no more to pay at the time of your funeral, which means you’re protected from the rising cost of funeral prices into the future.
The money you pay for your prepaid funeral plan is held independently of the funeral director and invested in a funeral trust. In the event that your chosen funeral director ceases trading, your money will be allocated to another funeral director of your choice. Alternatively, you can purchase a funeral bond, which is a managed investment that accrues interest, and assign the benefit to the funeral director.
What other options are available to fund my funeral?
Other options to fund your funeral include:
- A dedicated savings or investment plan.
- Funeral insurance such as Suncorp Funeral Insurance Plan, which pays a lump sum benefit on your death to cover funeral expenses and other related costs. With cover costing from just a few dollars per week, it’s an affordable financial safety net for you and your loved ones.