Pensioners in Australia have a lot of choice when it comes to funeral preparation. We have insurance policies, payment plans, prepaid funerals and funeral packages specifically for pensioners. So where do you start in finding the ideal option for you. And what do all these terms mean? Allow us to expand a little for you.
Funeral cover is a form of insurance tailored to help families cover the cost of a funeral in the event of death. This insurance is also known as final expenses insurance, however there are some differences. Some policies will solely cover the cost of the funeral (be it a predetermined budget or the cost at time of passing), while other policies will cover any additional expenses as well (such as the paying out of credit cards, utility bills and the like). Funeral Insurance offers an affordable weekly, fortnightly or monthly payment option that provides peace of mind to the individual and their family. It is important to ensure that you take into account the expected life of the policy and calculate the total cost. Some people are much better off using a Funeral Plan.
Funeral Plans allow individuals to make regular payments toward the cost of their funeral. These funds are then held in trust and allocated to a Funeral Director of your choice. Funeral Plans are affordable and the funds are invested while in trust to ensure that your contribution value is held or increased (in line with inflation).
A funeral plan will allow you to tailor the funeral to suit your needs. It allows you to sit down and discuss how you would like to be remembered and what type of funeral you would like. If you relocate to another area, your funeral plan can be transferred to a different funeral home, closer to your your new location.
Are there benefits available to Pensioners in Australia? It all depends. The DVA (Department of Veteran Affairs) may offer benefits depending if you are a veteran or meet their eligibility criteria. These benefits have included lump-sum payments toward the cost of the funeral service, as well as non-taxable payments for bereaving partners. For more information on this, please visit the DVA website.
Some Funeral Directors offer discounted funerals for pensioners. Depending on your stage in life, the funds you have available as well as your requirements, the funeral director may be able to tailor a package specifically to you. These benefits are usually only available to Australian Pensioners, so please check your eligibility with your local funeral directors.
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