Funeral Bond or Insurance?
Once a funeral has been pre-planned, many people choose to take the next step and financially prepare for their funeral. We can assist you in establishing a funeral bond.
This financial product is an investment established specifically for providing for a funeral in the future. The investment earnings are continually reinvested into the bond which goes towards rising costs.
A funeral bond is a financial instrument designed to cater for the eventual costs of a funeral. It is much like a savings account whereby interest or bonuses are accumulated and compound over a period of time. Once a bond has been established, after an initial cooling off period it can only be redeemed upon the death of the bond holder.
Funeral Insurance is much like any other term life insurance policy, in that you will pay a set premium and receive a defined benefit upon the death of the policy holder. It is a year by year policy without any accumulation of funds similar to car or life insurance.
Download and complete your Personal Profile Form today.
There are several other benefits in entering a funeral bond such as:
- Peace of mind that your family will not be left with the emotional and financial burden of your funeral
- Your investment is administered by a secure and long-standing Friendly Society
- A funeral bond is free of the Centrelink means test, which could mean the difference between a part and full pension entitlement
- Interest earned in the bond is not deemed to be part of your income