How does a Funeral Bond work?
A funeral bond is a specialised investment which enables you to put aside funds to meet future funeral expenses. An investment in a funeral bond is similar to a trust account which accrues bonuses and becomes payable at the time of death. The benefits can only be used to meet your funeral expenses. A funeral bond is an investment towards the cost of a funeral. Should final costs be either more or less than the investment, we will either issue an account or a refund to the estate for the balance.
What are the benefits?
Anyone can take out a Funeral Bond regardless of their age or state of health. Some of the benefits include:
• You can start with as little as $100 and make regular payments to suit your own budget and circumstances. You can cease payments when your nominated target amount is reached. You will never pay more than the cost of the funeral
• You can protect your family from the distress of making difficult decisions at an emotional time. If you have nominated a funeral director, payment can be made direct, subject to satisfactory documentation, and your family will not have to worry about completing paperwork
• Your family will be relieved from the financial burden of funeral expenses and you will have peace of mind knowing that arrangements are in place
• You can ensure that your exact wishes are made known
• You may be able to maximise your pension entitlement as funds are exempt from the Centrelink/DVA income and assets test. More information is available on the Human Services website.
• A maximum of $13,000 can be paid into the plan and will not be subject to deemed earning rules.
For immediate service please call 60405066 (Albury) or 60561700 (Wodonga) or click here for other enquiries