Protecting your family from unexpected future financial costs is one reason why many Australians have begun working with their financial planner or local funeral service provider to safeguard and protect their families.
With an increase in awareness around mortality and its impact on families, it can be helpful to understand why pre-plan or pre-pay for funerals and what safeguards exist to protect your investment.
Why pre-pay or pre-plan for a funeral?
Advantages can include locking in today's prices, reducing pressure on loved ones, and ensuring your personal wishes are documented and respected — from burial vs cremation to flowers, music, and special requests.
What is a funeral bond?
A funeral bond is designed to help cover funeral expenses. Many options allow a capital guarantee, flexible contributions, and can be easy to claim by providing required documentation.
Pre-paid service vs funeral bond
- Both can offer flexible repayment options and protection
- Pre-paid plans lock in the cost at today's prices
- Funeral bonds may provide investment options and tax benefits depending on circumstances
How is a pre-plan safeguarded?
To protect savings and investment, each state government has rules that must be adhered to. A key safeguard is that Funeral Support Managers must contribute your money into an independent registered funeral fund that adheres to relevant legislation.
Next steps
Victoria Cross Funerals is an independent, family owned and operated business based in Sydney. We offer services to all faiths and cultures. Get in touch to discuss whether pre-planning, pre-paid arrangements, or funeral bonds are right for you.