WHAT IS A PRE-PAID FUNERAL?
A pre-paid funeral is a funeral paid in advance; it allows you to choose the style and type of funeral service you would like and either pay for it in a lump sum or you can pay by instalments through direct debit. Pay at today’s prices and protect yourself from the rising cost of funeral services in the future.
WHAT IS A FUNERAL BOND?
A Funeral Bond is a specialised investment with the specific purpose of meeting your future funeral expenses without pre-planning the type of funeral service. The funeral bond is invested in a capital guaranteed funeral benefit fund and managed by FuneralPlan Management, if you would like to convert your funeral bond into a full pre-paid funeral plan, please speak with a funeral director at Templeton Family Funerals.
DIFFERENCE BETWEEN FUNERAL INSURANCE AND A PRE-PAID FUNERAL?
So how does funeral insurance work?
Like any other insurance, you pay monthly or fortnightly premiums for a fixed amount of cover. This may be $5,000 - $15,000 which is paid to the beneficiary upon your death to help pay for funeral expenses. Not only do you have to keep making payments, premiums can increase as you get older and if you miss or stop your payments, the policy may be cancelled.
Alternative choice – Pre-Paid Funeral!
Not like insurance, your tailored funeral service is paid at today’s prices. A funeral director will sit down with you and discuss all funeral arrangements, these are placed in a pre-paid contract and when the time comes are fulfilled. You can pre-pay your funeral in instalments or pay in one lump sum. The funds will be released to your funeral director only when the funeral service has taken place.
|Pros and Cons||Funeral Insurance||Pre-Paid Funeral|
|You have complete control over all the details of your funeral. Personalising it your way||x||✓|
|Costs are fixed at today’s prices and won’t go up at a later date.||x||✓|
|Freedom from contract with funeral directors||✓||x|
|Many plans pay out more in the event of an accident||✓||x|
|You choose how you want to pay||x||✓|
|Getting cover is quick and easy||✓||✓|
|Relieving family and friends of choosing and arranging the funeral service details||x||✓|
CAN I PLAN MY FUNERAL WITHOUT PRE-PAYING?
Yes, you can pre-arrange all your funeral wishes without paying any money until the time comes. Our funeral specialist will discuss all your funeral wishes; you can choose your venue, coffin, flowers etc. And all will be recorded in a contract and filed away for when the time comes.
Pre-arranging your funeral in advance does give peace of mind that your wishes have been recorded and you know your family will not have to pick and choose all the finer details. As no money is paid, one negative is as prices go up, so will your funeral agreement costs.
If you would like to only pay at today’s prices then a pre-paid funeral plan would be best.
FREQUENTLY ASKED QUESTIONS
Anyone can enter into a pre-paid funeral plan, regardless of age or state of health.
You can invest as much or as little as you like into a pre-paid funeral plan and the amount you contribute is dependent on the type of services you would like.
A pre-paid funeral plan allows you to choose a different funeral director. The funds invested are held independently of Templeton Family Funerals in a capital guaranteed investment and will still be available to meet funeral costs.
You and Templeton Family Funerals will both have a copy of your contract, which details your arrangements at a fixed price. It is important you tell your family and friends you have made these arrangements in advance.
A family member or personal representative simply contacts Templeton Family Funerals and the arrangements, as detailed in your contract, are carried out. Once the funeral service has been carried out, Templeton Family funerals will provide evidence of this to Funeral Plan Management and the money is then paid out.
That is absolutely fine, if you have moved, we can arrange for the funeral plan to be transferred into another funeral director.
A pre-paid funeral plan is a legally binding contract so you need to make sure you understand the terms of the agreement before you sign.
There is a “cooling off” period, and during this time you can cancel your contract and get a refund of your investment.
Yes, this is not a problem, please call our office and talk to us on the changes you wish to make. Please note there may be additional costs.
HOW MUCH DOES A FUNERAL COST?
The cost of a funeral will depend on the personal, cultural and financial needs of your family, and the choices you make.
Templeton Family Funerals has a flexible pricing structure, which allows families to choose from a range of services and options.
Our specialist Funeral Planners will provide you with an itemised fee proposal, outlining all of the services and costs involved with planning your service.
Funerals can cost from $2,485 for a basic cremation and go well up to $10,000 for a more elaborate funeral including casket, grave and refreshments. Here are some typical items you need to pay for when arranging a funeral:
- Burial/ Cremation Fees
- Church/Chapel or Venue Hire
- Death certificate
- Celebrant/ Clergy
- Newspaper notices
- Funeral Directors Fees
HOW DOES THE FUNERALPLAN PRE-PAID WORK?
What payments do I make?
You can choose to make your pre-paid contract payments in one lump sum amount or by regular instalments. We accept Cheques and have an automatic direct debit facility available for lump sum and instalment payments.
- Lump sum: An initial contribution of at least $500
- Additional contributions: A minimum of $50 can be added at any time.
- Instalment Plan: An initial contribution of at least $100 plus regular instalments of at least $50 per month. Contributions can be made, fortnightly, monthly and quarterly.
- The amount is calculated at the time of your appointment with your funeral director. It is the cost of your funeral service agreement under your pre-paid funeral contract.
Single or joint applications can be made
A pre-paid funeral can be opened in single or joint names. A pre-paid funeral can only be used for one funeral, so if the plan is held in both names, the money can only be used to pay for the expenses of the funeral arrangements of one service. To ensure that both joint applicants are covered for their funeral expenses, it is highly recommended that two pre-paid funeral plans are completed.