There are so many options available for those looking to make funeral arrangements. Planning ahead is a way for you to alleviate the stress and pressure of a loved one’s passing. By having preparations in place, the emotional time of passing can be focused on the celebration of life. You can feel at ease knowing that the costs of the funeral arrangements have been taken care of, and the wishes of family have been pre-arranged.
So, what sort of planning options are available in Australia?
The options available in Australia have various advantages and disadvantages. Some options will suit particular families better than others. It’s simply a case of assessing your needs, the affordability and suitability of each product.
- Funeral Insurance
Funeral Insurance is a protection designed to cover the cost of the funeral service and unexpected funeral related costs. Payout amounts vary between $5,000 and $20,000. Monthly premiums are payable from the time of policy issue until passing. Funeral Insurance is generally customisable. Find out more about Funeral Insurance.
- Funeral Bonds
Funeral Bonds are investments that can only be withdrawn after passing.
- Pre-paid Funerals
Pre-paid Funerals are arranged through a local funeral director and are paid for in advance.
- Pre-planned Funerals
- Funeral Savings Plan
This is a ‘Do it Yourself’ solution. By opening an interest earning account, you can put away a small amount each month so there is a pool of funds available after passing.