PrePaid Funerals
What is a Prepaid Funeral?
A prepaid funeral offers your family and friends the peace of mind knowing that your wishes have been recorded. Additionally, prepaid funerals offered by G Beavan Funerals are fixed price. The funeral expenses are paid at today’s prices and are protected from inflation. A prepaid funeral may be paid as a lump sum or paid in monthly instalments over a period of up to three years. When the time comes for the prepaid contract to be used, a simple phone-call from your executor, next of kin or friend is all that is required for us to commence implementing your recorded wishes. All monies paid toward the prepaid funeral contract are invested independently.
What is a Prearranged Funeral?
A prearranged funeral is similar to a prepaid funeral, in that the details are planned and recorded sometimes years in advance. However, the funeral expenses are paid for by the family or estate at the time of need.
What are the benefits of Prepaid Funerals?
Many individuals are turning to G Beavan Funerals to arrange their own funeral plans. Preparing for your funeral in advance not only eases the emotional burden on your loved ones, but also relieves them of the financial responsibility. By taking this proactive step, you ensure that, when the time eventually arrives, your friends and family can focus solely on remembering you. Moreover, planning your funeral in advance is a constructive and financially wise method of organising your affairs.
How much does a Prepaid Funeral cost?
The cost of a Prepaid Funeral Plan with G Beavan will vary, depending on the type of funeral service that you choose. A consultant will discuss with you the different types of funeral services, including burial, cremation, and other options. Many people now prepay for their funeral earlier in life with G Beavan because the cost is more affordable, the price is protected against inflation, and they can become involved in the decisions made on the funeral.
Comparing Prepaid Funerals and Funeral Insurance
| Prepaid Funeral | Funeral Insurance | |
|---|---|---|
| Cost of the Funeral | A prepaid funeral covers the cost of the funeral regardless of the date of death. | Funeral Insurance payments are higher the older you are and the premiums often exceed the benefit you receive. |
| Annual Inflation | Prepaid funerals offer protection from escalating annual costs by locking in today’s prices. | The benefit amount for your funeral is selected by you and may or may not be sufficient to cover the future funeral costs. |
| Freedom of Choice | When organising a prepaid funeral, you choose the funeral you want by making selections that suit the style of service you prefer. | Your family will be the ones making all the decisions regarding the funeral arrangements as no instructions are recorded with funeral insurance. |
| Payment Options | Prepaid funerals are able to be paid upfront or in instalments. Once the account has been paid there are no ongoing fees. | If payments cease or are not kept up to date, no benefit is able to be received, even if you have been making payments for a long period of time. |
| Centrelink & Other Benefits | A prepaid funeral is exempt from the Centrelink assets test. This may help you to qualify for Aged Pension or a Part Pension. | Funeral Insurance is not exempt and does not affect social security or pension benefits. |