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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 Foresters Financial, 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: WATCH VIDEO. 

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.

What are the benefits?

Why Invest in a Prepaid funeral plan?

Investing in a Prepaid Funeral Plan will provide you with peace of mind, eliminating the potential burden and stress on your loved ones at the time of need. Essentially, it helps financially protect your family and other loved ones from the cost of a funeral.

In the context of a Life Policy, a Prepaid Funeral contract is a tax paid investment. It can increase in value over time through the addition of accumulated declared bonuses or earnings. Furthermore, there are no medical restrictions.

Prepaid funerals


What does a Prepaid Funeral Plan offer?

  1. Security

Payment security through an official contract between you and us, the Funeral Director.

  1. A contract

A Prepaid Funeral contract that, together with the payment, will secure your funeral requirements at a set cost.

  1. Independently managed funds

Your money is held in a trusted, independently managed funeral fund, only to be used at the time of need.

  1. 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).

  1. No limit on investment

You can invest as much or as little as you like (subject to the contractual definition of funeral expenses).

  1. Maximised pensions

Your Prepaid Funeral Plan may help maximise any government pensions or allowance entitlements you have.

  1. Investment bonuses

Any declared bonuses or earnings will be added to your investment.

  1. 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.

Away from Home Cover (Optional)


What if I die away from home?

If you or another person who is insured passes away more than 100km from home while travelling within Australia, Foresters Financial’s optional “Away From Home Cover” will ensure any associated transportation costs – up to a value of $3,000 – are paid back to your chosen Funeral Director.

Covered costs include the following:

  • Transporting the body from the place of death to the place agreed with your Funeral Director – with us, that would be our funeral home.
  • A suitable container for transportation.
  • Preparation of the body for transportation.
  • Any professional service fee charged by the Funeral Director.
  • Obtaining the appropriate documentation.

Find out more about Foresters Financial’s “Away From Home Cover”.

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Applicant must be a member of a funeral bond or Funeral Plan with Foresters Financial

Foresters Financial


Where are your funds Invested?


How Safe is my Money?

With Foresters Financial, 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 Foresters Financial 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 Foresters Financial 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.

When you opt for a Prepaid Funeral Plan, your funds will be invested into Foresters Financial, a leading funeral industry fund manager.

Originally known as the Ancient Order of Foresters, a Victorian friendly society, 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.

Learn more about Foresters Financial.


Start your Prepaid Funeral Plan today

Personal Profile (pdf)

Download a Personal Profile document, to capture the information necessary to start your Plan.

Product Disclosure Statement

Download Foresters Financial’s Prepaid Funeral Plan Product Disclosure Statement (PDS).