Advance Funeral Planning

When planning ahead there are many aspects to consider, and what may seem simple and cheap on the surface may in the long run prove to be a very expensive option for you and your Estate.

Your funeral planning options include:

  1. Funeral Bonds
  2. Pre-Paid Funeral Contracts
  3. Funeral Insurance
  4. Keeping the money in the Bank

Option One: Funeral Bonds

A funeral bond is a capital guaranteed investment whose specific purpose is to meet future funeral expenses. When considering a funeral bond, the main point to remember is:

You can invest up to $12,750 in a capital guaranteed environment per person.

This means that any amounts you contribute – plus the annual bonuses allocated to the bond – are guaranteed to be paid at the time of the claim.

Option Two: Pre-Paid Funeral Contract

A pre-paid funeral plan is a written contract between you and your funeral director. It details the funeral service of your choice. When considering a pre-paid funeral, it is important to remember that A Pre-Paid Funeral is a funeral purchased in advance. The type and style of funeral the client wants is documented in a written contract and paid for at today's prices.

Option Three: Funeral Insurance

As harsh as it may sound there is no doubt that funeral insurance is the best option for people who expect to pass away in a short period of time. Unfortunately, research shows that after only 7 years you will pay more in premiums than the actual cost of your funeral.

Option Four: Keeping the money in the Bank

There is little or no benefit from putting the money in the Bank. The major benefit is that you know where the money is and have personal control, but a disadvantage could be that the money is subject to the rising and falling interest rates, and the interest becomes part of your income. There are no pensioner benefits attached to the investment.