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Funerals » Funeral Plans
The main advantage is you get a funeral at today's prices.
Many people prefer to prepay for their funeral for a number of reasons including:
The funeral you choose is documented in a contract. If you change your arrangements or add an additionl service there may be additional costs.
Funeral plans involve the upfront payment for a funeral at today’s prices and the invested money should keep pace with inflation. The payment is usually made as a lump sum or by two or three installments. In the past, people have made small contributory payments to funds on a regular basis but this is now not the norm.
Advantage for pensioners
Money spent on a prepaid funeral is not subject to the income and assets test or deemed earning rules (as of January 2009) applcable for Centrelink or Veteran Affairs pension recipients (on the condition the money is not withdrawn and used for other purposes).
The Australian Funeral Directors Association provides information on prepaid funerals and relevant legislation for each state.
Prepurchased funerals are subject to state legislation. See Policy.
My parents organised their funerals while in their mid 70s. It was only when my father died in his early 90s that we discovered that the cemetry at Templestowe (outer Melbourne) will hold a plot for 20 years only then one has to re-purchase it!. "Fortunately" both parents died just before the 20 years was up. What a rip-off - they are going to dies one day be it 19 years later or 21!
Posted by Ann Ingwersen, 09/07/2009 7:57pm (1 year ago)
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