Pre-Planning Your Funeral
Having to plan a funeral service is one of the hardest things a family will ever have to do. Amongst the grief and sadness of death, families must make emotional and financial decisions while dealing with incredible stress. Does your family know whether you want to be cremated or buried? Do they know all the information needed to complete the paperwork?
Preplanning and/or prepaying for your funeral can help you ease the burden on your loved ones, both financially and emotionally.
PRE-ARRANGEMENT: Recording your wishes as to how you want your funeral conducted. You can record as little or as much as you like, from wanting a simple cremation service with a single song and no flowers, to choosing the venue, coffin, flowers, speakers, music, poems reading, right down to what you want served at your wake, also make a record of the information required for government records. Your instructions can always be changed or updated as you wish. Once you have talked to your funeral director and decided on the type of funeral, you can then, if you wish, make financial arrangements for your funeral service.
PRE-PAYMENT: Setting aside money to meet the expenses of a funeral. This can be done by entering into a pre-paid funeral contract with your funeral director, investing in a funeral bond or taking our funeral insurance. Of course, you can always start your own savings account or put money aside in a term deposit to cover your funeral costs. Aged Pensioners can benefit from prepaying your funeral by investing in pre-paid funeral plans or funeral bonds. Money invested is not subject to the asset or income test for the Age pension (up to the Funeral Bond Allowable Limit – currently $12,250 as at 1.7.2015). Go to Centrelink’s Funeral bonds and prepaid funerals for further information.
For a guide to the pros and cons of funeral payments, see the Moneysmart website – Paying for your funeral.
Talk to your local NFDA funeral director, your financial advisor or one of the following NFDA Funeral Bond and Insurance Supplier members for further information on the right product for you.
Providers of Funeral Bond and Funeral Insurance
Valued Members of the NFDA
Further information can also be obtained by contacting your State Fair Trading / Consumer Affairs Departments.
The following states have pre-paid funeral regulations in place. Click on the State for a link to relevent information.