If you want to protect your family from your funeral costs and pay your funeral in advance, then funeral bonds are worth considering. 

You pay a deposit then make regular payments over time, and your money grows in value with interest. The money can only be used for your funeral. You can’t take it out earlier.

Many funeral bonds let you choose a funeral director. Or, you can let your family choose one at the time of your death.

You can buy a funeral bond from a funeral director, a friendly society or a life insurer. They are not widely advertised, so you will need to ask specifically for a funeral bond.

Make sure you read the product disclosure statement (PDS) and understand the costs before you sign up.

Funeral bonds and prepaid funeral plans aren’t part of the Age Pension assets test. See funeral bonds and prepaid funerals on the Services Australia website.

Bruce gets a funeral bond

When he decided to retire at 65, Bruce wanted to get his finances in order. Apart from sorting out his will, he wanted to make arrangements to pay for his funeral.

Bruce decided to buy a funeral bond with some of his retirement savings. He knew the investment would grow over time. If he lived, for example, another 15 years, the bond would cover his funeral. He felt satisfied that he had sorted out his funeral costs and his family wouldn’t have to worry.

Source: https://moneysmart.gov.au/paying-for-your-funeral

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About eziFunerals

eziFunerals supports individuals and families cope with end of life decisions, death and funerals. We are an independent, Australian-owned and operated company. We are not part of any other funeral company.

Our member Funeral Directors are chosen for their knowledge, quality, service, personalisation and experience. They go above and beyond, and will take the time to support the family.

For more information or to make contact with a trusted Independent funeral director, call eziFunerals on 1300 236 402 or visit www.ezifunerals.com.au.

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Peter Erceg is the Owner and Founder of eziFunerals. He has had a long history within the funeral industry, and is a published author of ‘What Kind Of Funeral: A self help guide to planning a meaningful funeral’. Prior to eziFunerals, Peter worked in the public sector and health industry for more than 30 years. The views and opinions expressed on posts are those of the author and do not necessarily reflect the opinions of eziFunerals and members.