Planning ahead for funeral costs can provide greater financial certainty for you and your family. Funeral bonds allow you to set money aside over time towards future funeral expenses, while keeping flexibility over the funeral arrangements themselves.
At Wollongong City Funerals, we can help you understand how funeral bonds work and discuss whether this option may be suitable for your circumstances.
Available 24 hours, 7 days. Our team is here whenever you need us.
What is a funeral bond?
A funeral bond is an investment that allows you to set funds aside towards future funeral expenses. You can contribute over time, with the funds remaining in your name until they are needed.
Weekly, fortnightly, or monthly, whatever suits your budget.
Your funds stay yours, ready when your family needs them.
Your family has the freedom to create a service that feels right for them.
Understanding Funeral Bonds with Foresters Finanicial
A funeral bond and funeral insurance are two different ways of planning for future funeral costs. With a funeral bond, you can set money aside through regular instalments that suit your budget, such as weekly, fortnightly or monthly contributions. If you stop making contributions, the funds you have already invested remain in the bond, subject to its terms and conditions.
A funeral bond does not determine the details of your funeral service. Instead, it allows you to set funds aside towards future funeral costs, giving your family greater flexibility when the time comes. They can then make arrangements that reflect your wishes, circumstances and the kind of farewell that feels right for you and your loved ones.
One of the advantages of a funeral bond is that $14,000 per individual is exempt from Centrelink means testing. This allows you to reduce your assessable assets for the Services Australia means test, and may make you eligible for part or all of the age pension. We strongly recommend seeking professional financial advice to clarify your own situation and whether this is the right choice for you.
If you stop making payments at any point, any money you have already contributed remains in the bond, and your family will not lose access to those funds.
People usually take out their own funeral bond to prepare for their own passing. It is also possible to invest in a bond on behalf of another person, typically a spouse or partner, though there may be technicalities to work through in that case. Please contact our team at Wollongong City Funerals to discuss this further.
Funds held in the Foresters Funeral Benefit Fund may only be invested in a manner specified in the Fund Rules and the Life Insurance Act 1995. Foresters Financial is also regulated by the Australian Prudential Regulation Authority (APRA).
Ready to set up your funeral bond?
Call us today and our team will talk you through the options and help you get started with Foresters Financial..