4 min read

Why Prepay for Your Funeral: The Advantages of Planning Ahead

Prepaid funerals offer a secure way to offset rising and unaffordable costs. Because sadly, your funeral is probably happening whether you like it or not. Whilst we can’t (yet) avoid death itself, we can avoid the financial strain it will put on our loved ones. Getting our heads out of the sand and confronting this reality with prepaid funerals allows us to take care of the people we care about the most, even after we’re gone. Offering a sensible financial solution to an inevitable future dent in any leftover legacy funds.

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Why Lock in Costs Today?

In Australia, funeral costs are increasing by up to 11% each year. According to the Cost of Death report, the average cost of a basic burial in Australia is $8,048, while the average cost of a basic cremation is $3,108. These costs can vary wildly depending on which state you’re in and, if you’re looking for something more than basic, quickly balloon to an average of $18,000 per funeral.

Prepaying your funeral is a secure way to lock in the farewell you want at a price that is acceptable to you. It also means that when the time comes, your loved ones won’t have to deal with planning and paying for your funeral on top of their grief. There’s nothing left for your loved ones to do but celebrate your life the way you want them to. Leaving them to grieve as they need to, without the added stress of a single bill or fee.

How does it work?

When you decide to prepay for a funeral, you’re essentially locking in your funeral at today’s prices, regardless of what the price will increase to for the same type of funeral in the future. There are different financial options, but with a prepaid funeral everything is taken care of in advance. And you can either put down the full amount, or put down a deposit and pay the rest in instalments.

What else should I be aware of about prepaid funerals?

Know exactly what your prepaid funeral includes so that there are no surprises for your loved ones. This includes checking whether you can transfer your plan to another funeral director or provider if circumstances change and you move.

You must make sure you inform your executor or next of kin that you’ve prepaid your funeral. This offers an important chance to share your wishes, whilst avoiding the potential they go to the trouble of planning and paying for a funeral when you’ve already taken care of it.

Lastly, it's important to note that prepaid funerals won’t affect your retirement income or pension. This is because a funeral won’t be considered part of your assets, given that the costs are considered an unavoidable expense. Meaning that until medical advancements overcome this reality, it's the one benefit of their inevitability.

How can I arrange a prepaid funeral?

Safewill can help you plan your prepaid funeral from start to finish.

First, we’ll set you up with a dedicated planner to organise the farewell you want. Once you pay, you can rest assured that your prepaid money will be held in a secured account by Funeral Plan Management until it’s needed. They are an APRA regulated organisation, backed by Australian Unity Group, that holds prepaid funeral funds for over 170,000 Australians.

When the time comes, you’ll have a respectful private cremation conducted by experienced experts. Your dedicated planner will work with your loved ones as well, to make sure they’re supported through the process.

Next, we’ll handle all the paperwork and deliver the death certificate along with two certified copies to your next of kin. We promise a quick return of ashes to your loved ones as well.

If you’re looking into prepaying for your funeral, request a quote here or call us at 1300 186 571.

What if I change my mind?

When you plan your prepaid funeral with Safewill, you’ll have a cooling off period of 30 days. During this time, you can cancel your contract if you change your mind and receive a full refund for the funds you’ve already paid.

Let us help plan the farewell you want.

We’re here to make end-of-life planning as easy, straightforward and stress-free as posssible for both you and your loved ones. Whether it’s time to write your Will or you’re interested in prepaying for a funeral, our caring team is here to help.

For more information on coping or preparing for end of life matters, Safewill can help. Get in touch today for a one-to-one on 1800 103 310 , or start a chat with us online.

Last updated 13th December 2022
Betty Ho
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