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Many people choose to pre-plan their funeral. Prepaid Funeral Plans have a number of benefits. It means you can choose how you want your funeral and at a fixed price.
It provides you with peace of mind and eliminates the burden and stress on your family at the time of need.
A Prepaid Funeral, also referred to as a Prepaid Funeral Plan or Fixed Price Funeral, is one where you and Robert Nelson Funerals establish the funeral goods and services that you wish to contract and pay for now, for provision at a future date.
The cost of a Prepaid Funeral is fixed, regardless of future price increases.
Your funds are invested in with Foresters Financial and the funds cannot be accessed until the funeral is provided; the funds are invested independently of Robert Nelson Funerals Pty Ltd.
A prepaid funeral does not impact on your pension entitlement, and is not subject to an income or asset test.
A Pre Arranged Funeral is one where you and Robert Nelson Funerals Pty Ltd establish the funeral goods and services which you may utilise in the future.
Payment of the funeral is made when the service is conducted. Prices are not fixed.
A prepaid funeral plan will assist you in arranging and paying for your funeral in advance under a prepaid funeral contract. It is a tax paid investment, in the nature of a life policy, that can increase in value over time by the addition of accumulated declared bonuses or earnings. With no medical restrictions, it helps financially protect your family from the cost of a funeral.
It provides the payment security for a contract between you and Robert Nelson Funerals, enabling you to document how you want the funeral to be undertaken.
Must be made in conjunction with a prepaid funeral contract.
The money must be held in an independently managed funeral fund.
Once paid, the fixed price components of the funeral arrangement are locked in at today’s
price, subject to the terms and conditions of the prepaid funeral contract entered into with
your contracted funeral director.
There is no limit on how much you can invest (subject to the definition of funeral expenses).
It may help maximise any government pensions or allowance entitlements.
The declared bonuses or earnings are added to the investment.
The investment proceeds can only be released after the death of the life insured to Robert Nelson Funerals to pay for the life insureds funeral expenses
Foresters Financial’s Away From Home Cover protects your loved ones from the associated
transportation costs, back to your chosen funeral director, up to a maximum of $3,000, should you die whilst traveling within Australia, provided their premises are within 100km from your permanent residence.
• The cost of transporting the deceased Life Insured’s body from their place of death, being 100 kilometres or more from their permanent residence, to the funeral home of Robert Nelson Funerals;
• Suitable container for transportation;
• Cost for preparing the body for transportation;
• Any professional service fee charged by the Funeral Director; and
• Costs associated with obtaining the appropriate documentation.
Applicant must be a member of a funeral bond or Funeral Plan with Foresters Financial
Originating back in 1849 as the Ancient Order of Foresters, a Victorian friendly society, (now known as Foresters Financial was established amid community concerns about the lack of financial and social support in times of extreme hardship. By pooling their funds, Society members who experienced unemployment, sickness, death or disability could rely on financial assistance and support from the Society, to ensure they and their families were looked after during difficult times.
More than 170 years on, Foresters Financial continue that tradition as a member-owned Australian financial services provider of investment and insurance products with approximately $365 million in funds under management, serving over 80,000 members around Australia
Planning ahead or organising a pre paid funeral can assist in reducing the financial and emotional stress usually associated with death. With Financial concerns taken care of, this leaves your family to support and arrange for your final farewell with peace of mind knowing everything has been organised and paid for. That is why the security of your Prepaid Funeral Plan funds is so important.
Most importantly your funds are invested in a capital guaranteed funeral benefit fund. Being capital guaranteed means your investment can never be less than your initial contribution (less any funeral director establishment fee) plus any annual bonuses that have been applied.
Funds held in the Foresters Funeral Fund may only be invested in a manner as specified in the Benefit Fund Rules and the Life Insurance Act 1995. Foresters is also regulated by the Australian Prudential Regulation Authority (‘APRA’) to whom it must report on a quarterly basis.
Prudential Standards issued by APRA prescribe that money held in the benefit funds of a Friendly Society may only be used for the benefit of its members.
If the Society were to cease to trade for any reason, the investments in the Funeral Fund could not be used to pay outstanding debts, but would continue to be held for the benefit of the Fund member.
Documents for Prepaid Funeral Plans
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