Our Community Cares: Funeral payment plans 105

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This week, Starts at 60 member Wendy wrote to us, asking for some community advice:

Hi everyone, I am after some advice and opinions please on Funeral payment plans. I know it is not a nice subject to discuss, but would like some input to make a start as I don’t want to leave it for my daughter to worry about, it is traumatic enough to lose a loved one without having the financial worry of a funeral as well. I am in South Australia, my husband is on a disability payment and I am on a carers payment. Any help and advice would be very much appreciated. Thank you.

Can you help her? What is your advice?

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  1. I have a funeral plan. I had to shop around tho, and change providers. Some plans come with extras like an extra amount for the family above the funeral costs. And some plans increase their payments annually along with the cost of living, which can get expensive over the years. Fortunately, its a growing industry and there is a lot of competition, so take your time, decide exactly what you want, get lots of quotes with all the fine details included, don’t be rushed. Like you, I didn’t want my daughter to have to deal with my funeral costs, and I’m glad I have the plan. And if, like me someone rings you up one day offering a funeral plan, give them a listen, they may have a better deal, and changing over is just a signature away with no loss to you.

  2. I started a insurance plan with a company called CIGNA FUNERAL PLAN im 69 i started it when i was 50 im like you i did not want my kids to worry when the time comes,, cigna is world wide , i live in N Z ….

  3. I am 60…just joined Apia Funeral plan ….if I pay more than what I’m insured for when I die then my children get the higher amount. …nothing lost…hope that helps you

  4. Don’t give any of your money to any of those rip off Insurance companies spending millions telling you how good they are . Get an old fashioned bank book and put the same amount you would pay as a premium in it every fortnight from your carer’s payment . Think positive and you will live longer . Do not touch the money and treat it like a Xmas account and you will earn interest on it . Miserable now , but it will add up .

    1 REPLY
    • My sentiments entirely Wayne. Either that or the funeral costs can come out of your Estate as did my Mum’s. No she was not a multi millionaire, just would not keep paying out to Insurance Companies so they can use your money to invest and earn for them. Best advice yet, save yourself and don’t be so keen to give your money away.

  5. I am told funeral bonds are the best way to go financially. I don’t know much about them to be honest but was reading an article about just this a while ago.

    1 REPLY
    • Be careful about funeral bonds as Centrelink treats them as an asset I believe. We pre-paid our funerals back in 1996 and when my Husband died almost three years ago everything was covered and there were no extra charges. Don’t say yes to the first one though. Shop around because there is a lot of competition today.

  6. I pre-paid my funeral. Done & dusted! Have also put together a PowerPoint presentation with an assortment of photos from my life, and have stipulated the music for service. My family won’t have to do a thing.

    8 REPLY
    • I can’t hear it now Kerry….profoundly deaf 🙂 but I’m very trusting. My kids know I will haunt them.

    • mike here-June has pre-paid but I live in the hope that the funeral industry will be eliminated & we can switch to shroud only burials, where when you die you get wrapped in the bottom sheet from your bed, get taken to the harvesting room then onto the incinerator in the basement of the hospital, family can sit around the coffee table at home if they want to remember what a good person or what a p—k you were. Total cost, one sheet & tuppence ha’pennies worth of gas for the burner

      1 REPLY
      • I like your idea Mike. Apparently you don’t even have to have a funeral. An aunt of mine didn’t and neither did her daughter. My brother and his wife are not having a funeral either. It’s worth considering in my opinion.

    • Yep good idea. Ive been paying into funeral insurance so my daughter doesnt have to worry but the cash amount I chose back then has already depreciated and by the time my numbers up it probably wont be enough for the cheapest cremation.

  7. I opened a second account with my building society and put fortnightly deposits in it! It’s marked Funeral account!

  8. I’ve got a funeral policy with Suncorp. When my husband died his funeral policy paid for his funeral with some money over even though he’d only had the policy for twelve months. I don’t want my children to have to worry about paying for my funeral. I’m only on a widows pension but I’d rather pay the $28 a month that I do to take the worry away from the kids.

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