There is a big push by some funeral companies to tout the benefits of the pre-paid plans in Sydney, New South Wales they sell. They urge customers to pay for their own funeral in advance—in order to spare their loved ones the trouble and expense and lock in current prices.
Although these companies will always tell you about the pros of prepaid funeral plans in Sydney, there are also lots of cons that you should be aware. But don’t just take our word for it!
The recent Royal Commission into Misconduct in the Banking, Superannuation, and Financial Services Industry (the Royal Commission) raised some serious findings relating to some prepaid finance products.
Choice, Australia’s leading consumer advocacy group, has claimed that some funeral providers are unfairly profiting from Australians who purchase pre-paid plans. “Australians don’t always get the full benefits when it comes to prepaid plans,” Choice’s investigative journalist Saimi Jeong said.
The Australian Securities and Investments Commission’s Moneysmart website also cautions that prepaid funerals can be inflexible and it may not be possible to get your money back once you’ve paid for your funeral, should you change your mind later.
What are the risks of prepaid funerals
The truth is that it is usually not wise to pay ahead in Sydney, New South Wales. No matter how attractive the business makes it sound, there are serious drawbacks to prepaid funerals in Sydney that companies will not tell you about.
Things you should consider:
- If you cancel, move or change your plan, you may not receive a full refund.
- The money you pay for funeral arrangements now won’t be available for emergencies later.
- Money spent today may not cover future funeral costs, which could result in the use of cheaper products or requests for additional money.
- Family members may not be aware that funeral costs have been paid, and may pay at a different funeral home.
- If you die interstate and your family employs another funeral home there, it may be difficult to get a refund.
- By the time of your death, the funeral home may have a poor reputation, or be out of business entirely.
Are there better options?
There are much safer and better alternatives to prepaid funerals in Sydney, such as setting up a special bank account, recording your funeral wishes (pre-need planning) and shopping around. These options reduce the risk of losing your money and provide your family with much greater control when the time comes.
Set up a Funeral bank account
According to Moneysmart, the simplest way to pay for your funeral is to save up for it. Set up a term deposit or savings account separate from your everyday bank account. Remember to tell your family and beneficiaries about it so they can use your savings to pay for your funeral. (Don’t nominate a funeral director as a beneficiary).
Record your funeral wishes
With eziFunerals, you can record your funeral wishes in advance by filling out a pre-need planning form. You can then store it in a secure Dashboard. You can also appoint your funeral guardian/s. Most importantly, be sure to tell your family about your plan. Walk them through every detail. Give them copies of your written funeral wishes.
Shop around and get quotes
By comparison shopping, you can make reasonably priced funeral arrangements, without setting aside large sums of money or prepaying anything. eziFunerals helps you get detailed quotes from several multiple homes —and compare prices. You’ll see big price differences for essentially the same goods and services. Visit our list of independent funeral homes, and choose the one you like best.
Your family will have to make choices after you die and you cannot just prepay these choices away.
You and your family will enjoy greater peace of mind, if you just simply plan ahead without the need to pre-pay your funeral up front. By planning your funeral in advance, your family will be more empowered to shop around and make your funeral arrangements much easier. But if you decide to pre-pay your funeral in advance, be very cautious and read the contract.
Find A Funeral Director near you
Compare funeral director costs for funeral services, burials, cheap cremations in Sydney. Our experienced funeral directors will act on your request for cremations and burials in Sydney. We have the best funeral directors of your area.
FUNERAL DIRECTORS EASTERN SUBURBS
- Banksmeadow, Bondi, Bondi Beach, Bondi Junction, Botany
- Bronte, Chifley, Clovelly, Coogee, Coogee Beach, Darling Point
- Double Bay, Dover Heights, Eastgardens, Eastlakes, Edgecliff, Kensington
- Kingsford, Matraville, Moore Park, North Bondi, Paddington, Pagewood
- Randwick, Rose Bay, Rose Bay North, Vaucluse, Waterloo, Watsons Bay
- Waverley, Woollahra, Zetland
FUNERAL DIRECTORS SOUTH-EASTERN SYDNEY
FUNERAL DIRECTORS NORTHERN SUBURBS
- Beecroft, Carlingford, Cheltenham, Cherrybrook, Denistone, Denistone East
- Denistone West, Dundas, Dundas Valley, East Ryde, Eastwood, Epping
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- Macquarie Park, Marsfield, Meadowbank, Melrose Park, North Epping, North Ryde
- Normanhurst, Pennant Hills, Putney, Ryde, Telopea, Tennyson Point
- Thornleigh, West Pennant Hills, West Ryde, Westleigh, Woolwich
FUNERAL DIRECTORS NORTH SHORE
- East Killara, East Lindfield, Gordon, Hornsby, Killara, Lindfield
- Mount Kuring-gai, Pymble, Roseville, Roseville Chase, St Ives, South Turramurra
- Turramurra, Wahroonga, Waitara, Warrawee, West Pymble
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- Cremorne, Cremorne Point, Crows Nest, Greenwich, Kirribilli, Lane Cove
- Lane Cove West, Lavender Bay, Linley Point, Longueville, McMahons Point
- Middle Cove Milsons Point, Mosman, Naremburn, Neutral Bay, North Sydney
- Northbridge, Northwood, Riverview, St Leonards, Waverton, Willoughby
- Willoughby North, Wollstonecraft, Woolwich
FUNERAL DIRECTORS NORTHERN BEACHES
- Manly, Balgowlah, Balgowlah Heights, Clontarf, Fairlight, Manly, Seaforth
- Warringah, Allambie, Allambie Heights, Beacon Hill, Belrose, Brookvale, Collaroy
- Collaroy Plateau, Cromer, Curl Curl, Davidson, Dee Why, Forestville
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- North Balgowlah, North Curl Curl, North Manly, Oxford Falls, Queenscliff, Terrey Hills
- Pittwater, Avalon, Bayview, Bilgola Plateau, Church Point, Clareville, Elanora
- Ingleside, Newport, North Narrabeen, Mona Vale, Palm Beach, Warriewood
- Whale Beach
FUNERAL DIRECTORS HILLS DISTRICT
- Baulkham Hills, Beaumont Hills, Bella Vista, Carlingford, Castle Hill, Cherrybrook
- Dural, Galston, Glenhaven, Glenorie, Glenwood, Kellyville
- Kellyville Ridge, Kenthurst, Kings Langley, North Rocks, Pennant Hills, Quakers Hill
- Round Corner, Rouse Hill, Seven Hills, Stanhope Gardens, Thompsons Corner, The Ponds
- West Pennant Hills, Winston Hills
FUNERAL DIRECTORS FOREST DISTRICT
- Belrose, Davidson, Duffys Forest, Frenchs Forest, Forestville, Killarney Heights
- Oxford Falls, Terrey Hills
FUNERAL DIRECTORS CANTERBURY-BANKSTOWN
- Ashbury, Bass Hill, Belfield, Belmore, Beverly Hills, Birrong
- Canterbury, Campsie, Chester Hill, Chullora, Clemton Park, Condell Park
- Croydon Park, Earlwood, Georges Hall, Greenacre, Hurlstone Park, Kingsgrove
- Lakemba, Lansdowne, Leightonfield, Milperra, Mount Lewis, Narwee
- Padstow, Padstow Heights, Panania, Picnic Point, Potts Hill, Punchbowl
- Regents Park, Revesby, Revesby Heights, Riverwood, Roselands, Sefton
- Undercliffe, Villawood, Wiley Park, Yagoona
FUNERAL DIRECTORS AUBURN COUNCIL
FUNERAL DIRECTORS HILLS SHIRE
- Annangrove, Baulkham Hills, Beaumont Hills, Bella Vista, Box Hill, Carlingford
- Castle Hill, Cattai, Dural, Glenhaven, Glenorie, Kellyville
- Kenthurst, Leets Vale, Lower Portland, Maraylya, Maroota, Middle Dural
- Nelson, Northmead, North Parramatta, North Rocks, Oatlands, Rouse Hill
- Sackville North, South Maroota, West Pennant Hills, Wisemans Ferry
FUNERAL DIRECTORS BLACKTOWN
- Acacia Gardens, Arndell Park, Bidwill, Blackett, Blacktown, Colebee
- Dean Park, Dharruk, Doonside, Eastern Creek, Emerton, Glendenning
- Glenwood, Hassall Grove, Hebersham, Huntingwood, Kellyville Ridge, Kings Langley
- Kings Park, Lalor Park, Lethbridge Park, Marayong, Marsden Park, Minchinbury
- Mount Druitt, Oakhurst, Parklea, Plumpton, Prospect, Quakers Hill
- Riverstone, Ropes Crossing, Rouse Hill, Rooty Hill, Schofields, Seven Hills
- Shalvey, Shanes Park, Stanhope Gardens, The Ponds, Toongabbie, Tregear
- Whalan, Willmot, Woodcroft
FUNERAL DIRECTORS CAMDEN COUNCIL
- Bickley Vale, Camden, Catherine Field, Cobbitty, Currans Hill, Elderslie
- Ellis Lane, Grasmere, Harrington Park, Kirkham, Leppington, Mount Annan
- Narellan, Narellan Vale, Oran Park, Smeaton Grange, Spring Farm
FUNERAL DIRECTORS FAIRFIELD
- Abbotsbury, Bonnyrigg, Bossley Park, Cabramatta, Canley Heights, Canley Vale
- Carramar, Cecil Park, Edensor Park, Fairfield, Greenfield Park, Horsley Park
- Lansvale, Mount Pritchard, Old Guildford, Prairiewood, Smithfield, St Johns Park
- Villawood, Wakeley, Wetherill Park, Yennora
FUNERAL DIRECTORS HOLROYD
- Girraween, Granville, Greystanes, Guildford, Fairfield, Holroyd
- Mays Hill, Merrylands, Parramatta, Pemulwuy, Pendle Hill, South Wentworthville
- Toongabbie, Wentworthville, Westmead, Woodpark, Yennor
FUNERAL DIRECTORS PARRAMATTA
- Camellia, Carlingford, Clyde, Constitution Hill, Dundas, Dundas Valley
- Eastwood, Epping, Ermington, Granville, Guildford East, Harris Park
- Kingsdene, Merrylands, Melrose Park, Northmead, Oatlands, Old Toongabbie
- Parramatta, Pendle Hill, Rosehill, Rydalmere, South Granville, Telopea
- Toongabbie, Winston Hills, Wentworthville, Westmead
FUNERAL DIRECTORS PENRITH
- Agnes Banks, Berkshire Park, Cambridge Gardens, Cambridge Park, Castlereagh
- Claremont Meadows, Colyton, Cranebrook, Dunheved, Emu Heights, Emu Plains
- Erskine Park, Glenmore Park, Jamisontown, Kemps Creek, Kingswood, Kingswood Park
- Leonay, Llandilo, Londonderry, Luddenham, Mount Vernon, Mulgoa
- Orchard Hills, Oxley Park, Penrith, Regentville, St Clair, St Marys
- North St Marys, Wallacia, Werrington
FUNERAL DIRECTORS LIVERPOOL
- Ashcroft, Austral, Badgerys Creek, Bringelly, Busby, Cartwright
- Casula, Cecil Hills, Chipping Norton, Denham Court, Edmondson Park, Glenfield
- Green Valley, Greendale, Hammondville, Heckenberg, Hinchinbrook, Holsworthy
- Horningsea Park, Hoxton Park, Kemps Creek, Leppington, Liverpool, Lurnea
- Middleton Grange, Miller, Moorebank, Pleasure Point, Prestons, Rossmore
- Sadleir, Voyager Point, Warwick Farm, Wattle Grove, West Hoxton
FUNERAL DIRECTORS CAMPBELLTOWN
- Airds, Ambarvale, Blair Athol, Blairmount, Bow, Bowing
- Bradbury, Campbelltown, Claymore, Denham Court, Eagle Vale, Englorie Park
- Eschol Park, Gilead, Glen Alpine, Glenfield, Ingleburn, Kearns
- Kentlyn, Leumeah, Long Point, Macquarie Fields, Macquarie Links, Menangle Park
- Minto, Minto Heights, Raby, Rosemeadow, Ruse, St Andrews
- St Helens Park, Varroville, Wedderburn, Woodbine
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