PLANNING AHEAD
Talk to us today about Prepaid Funeral Plans
If you’d prefer to choose how you want your funeral to run, and then organise it at a fixed price, a prepaid funeral plan could be for you.
Read on to discover the benefits of prepaid funeral plans, or contact us directly with your specific questions or requirements
What is the difference between prepaid funeral and prearranged funeral?
A Prepaid Funeral, also referred to as a Prepaid Funeral Plan or Fixed Price Funeral, is one where, together, we would establish the funeral goods and services you would like for yourself. A contract is then signed and paid for immediately, with that cost then being fixed, regardless of future price increases.
With a Prepaid Funeral, your funds would be independently invested with Australian Unity, our recommended Melbourne-based financial institution for safeguarding your wealth. Deposited funds cannot be accessed until the funeral takes place.
Prepaid Funerals do not impact on your pension entitlement, and are not subject to an income or asset test.
Learn more about Prepaid Funeral Plans.
A Prearranged Funeral is one where you, together, we would simply establish the funeral goods and services you would like for yourself. However, a payment is not made until the funeral takes place, and prices are not fixed.
Prepaid Funeral Plans
What are the benefits?
The benefits of Pre Planning a Funeral?
PROTECTION FROM ESCALATING COSTS – Protection from escalating costs A pre-paid funeral plan is a service planned and paid for in advance, secured at today’s prices, which gives you total control over your funeral.
YOUR FUNDS ARE SECURE – Your funds are held independently of a funeral director and invested on your behalf. Choose to pay in a lump sum, or in fortnightly, monthly or quarterly instalments over a fixed period of time.
YOUR CHOICE OF FUNERAL FUNERAL & DIRECTOR – A pre-paid funeral is arranged with your chosen funeral director. You decide on the type of service and this is formalised in a contract. We can help you find a suitable funeral director in your area. The funeral director is only paid once proof your contract has been fulfilled.
TAX BENEFITS – Your pre-paid funeral plan will not affect your means tested pension. No contribution limit applies so you can invest as much as you would like to cover your future funeral expenses.
Features
What does a Prepaid Funeral Plan offer?
- Security
Payment security through an official contract between you and us, the Funeral Director.
- A contract
A Prepaid Funeral contract that, together with the payment, will secure your funeral requirements at a set cost.
- Independently managed funds
Your money is held in a trusted, independently managed funeral fund, only to be used at the time of need.
- Fixed price
Through the signed contract and with payment made, prices are locked in at today’s price (subject to the terms and conditions of the prepaid funeral contract signed with your Funeral Director).
- No limit on investment
You can invest as much or as little as you like (subject to the contractual definition of funeral expenses).
- Maximised pensions
Your Prepaid Funeral Plan may help maximise any government pensions or allowance entitlements you have.
- Investment bonuses
Any declared bonuses or earnings will be added to your investment.
- Controlled release of funds
The investment proceeds can only be released to us, as your Funeral Director, to pay for the funeral expenses of the life that was insured.
Funeral Plan Management is a specialist business of Australian Unity and is dedicated to providing funeral benefits, investment management and customised administration services for funeral directors and their clients. Funeral Plan Management was founded in 1984 and since then has become the leader in its field, providing security and peace of mind for over 170,000 clients.
Where are your funds Invested?
SECURITY - THE SMALL PRINT
How Safe is my Money?
With Australian Unity, your money is very safe.
Your funds are invested in a capital guaranteed funeral benefit fund. Being capital guaranteed means your investment will never be less than your initial contribution (less any Funeral Director establishment fee) plus any annual bonuses that have been applied.
Funds held with Australian Unity 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.
With your financial concerns safely in hand, investing with Australian Unity will enable your family and other loved ones to support and arrange your final farewell with peace of mind and no financial pressure, knowing everything has been organised just as you wanted.
Established in 1840, Australia Unity is Australia’s first wellbeing company, delivering health, wealth and care services for it’s members and the community.
As a social enterprise, they are motivated by their purpose to positively impact the wellbeing of millions. They reinvest profits to sustainably deliver products and services that matter most to its members, customers and the community.
Australian Unity trace’s its origins back to a pub in Melbourne, where a group of eight people formed a friendly society to look after the health and wellbeing of its members. From its early days, they have been strong advocates for positive change in the community.
After more than 180 years, they remain true to our roots.
They have been measuring the real wellbeing of Australians with Deakin University since 2000, through the Australian Unity Wellbeing Index. The Index is a tool that tracks how satisfied people are with their lives, using seven key areas of wellbeing.
It has grown to become one of the most credible and enduring studies of wellbeing in Australia.
For Australian Unity, Real Wellbeing encompasses the whole experience of life. It’s about feeling supported in your health, connected with your community and empowered to live life on your terms.
Learn more about Australian Unity.
