Pre-Paid Funeral Plans
Pre-Planning your own funeral service is becoming more and more popular.
Pre-Paid Funeral Plans are widely available, but there are some considerations to think about before entering any agreement for a Pre-Paid Funeral Service.
Whether or not is it right for you really depends in your own circumstances.
As Funeral Director's we talk with many people about funeral advice, planning and ceremonies.
In our experience, we've found that people like Pre-Paid Funerals for a few simple yet very important thoughtful reasons :
- easing future stress for your loved ones
- preventing family discord about funeral arrangements
- protecting your family from ever-increasing costs
- ensuring that your wishes are observed
A Pre-Paid Funeral can be as little as $2,777 which is for a private cremation. Private Cremations (also known as a Direct Cremation) are becoming a popular funeral arrangement option because they offer the greatest flexibility.
In very basic terms, a Pre-Paid Funeral gives you "tomorrows funeral at todays prices" regardless of how much costs may vary between the time of pre-payment and the time of death. You'll get the Funeral Arrangement you've paid for without any additional costs.
Of course you are free to add any additional elements (eg. a vintage Mercedes hearse, a particular venue, a Mariachi Band (yes, really - they are fabulous!) or you can leave these 'extras' up to your family to organise at the time - just be sure to leave written instructions on anything that's important to you.
Quick Answers to Common Questions :
Q: I hope to live another 20 years or more - what if your company goes bust, wouldn't I lose all my money?
A: Great question! This was indeed a risk years ago - which is why the Australian government stepped in and really tightened things up. These days your money is not held with an individual funeral director but with a very small number of government-backed (and highly regulated) investment funds. Therefore there is no possibility that the service you have paid for will not be delivered, however far into the future that may be. We work with Funeral Plan Management www.fpmanagement.com.au
Q: Do I have to make all the detailed choices now, like what type of coffin, flowers, etc.
A: You can preplan as much or as little as you like. Some people find it quite fun to choose (or at least to think about) music choices, and definitely where they'd like their ashes scattered.
Q: How will my family know I have already paid for my funeral?
A: You will receive a PrePaid Certificate which you should keep with all your important papers - such as your Will. Also, you should tell them!
Q: What about Funeral Insurance?
A: We don't offer funeral insurance. We feel it is a flawed product. Premiums (the monthly fees) increase as you get older and if you reach a point you cannot pay the monthly amount you can end up losing all that you have paid in the previous years without the ability to reclaim anything.
Q: Can I pre-pay in instalments?
A: Yes. Various interest free payment options are available to spread the cost over a few years.
Q: What is a Funeral Bond compared to a Pre-Paid Funeral?
A: A Funeral Bond is a simple investment account which is earmarked for funeral costs. You can open an account with a lump sum of $500 and top up any time with a minimum of $50. You have the choice to change your instalment payments at any time without penalty if your circumstances change. The full amount, plus any capital growth is then paid as a cash sum to your family when needed to cover your funeral costs.
Of course, you are welcome to contact us at any time to talk more about Pre-Paid Funeral options and how they may (or may not) work for you.