PREPAID FUNERALS FAQ’S
What is a Pre-Paid Funeral Plan?
A Pre-Paid Funeral Plan is an agreement between a Client and Whitehaven Funerals. Whitehaven Funerals is contracted to provide the Funeral chosen by the Client as per their wishes. A Pre-Paid Funeral Plan provides Clients with peace of mind, knowing their Funeral is taken care of without being a burden to their family and friends.
Is the Pre-Paid Funeral Plan money safe?
Your money is securely invested in a Bendigo Funeral Bond, which is capital guaranteed by the Australian Friendly Society Ltd. Your money is invested in strict accordance with the Funeral (Pre-Paid Money) ACT 1993 (Vic) and cannot be accessed until the funeral is provided.
What if Whitehaven Funerals went out of business?
Should Whitehaven Funerals cease to operate, another Funeral Director would fulfil the Funeral Service obligations as the funds are securely invested with an impartial investment institution in the Client’s name.
What if the invested funds did not meet the cost of the Funeral at the time of death?
Regardless of how the investment performs, the contract guarantees no further costs unless additional items or services are requested.
What if I moved interstate or overseas?
When it becomes impractical for Whitehaven Funerals to carry out the Funeral, the investment can be reassigned to the person’s estate or transferred to another Funeral Director.
What if the death occurred outside Whitehaven Funerals usual operating area?
It is possible to add “Travel Care” to the Funeral Plan contract, but this applies only to travel within Australia.
Can a Pre-Paid Funeral Plan be changed by the client?
The Contract can be amended in writing. If additional services are required, they are invoiced at the time of the Funeral Service.
Can the contract be cancelled?
A 30 day cooling-off period applies to initial contributions made into the Funeral Bond. During this period the Client has the right to cancel the Bond and have it repaid in full. After 30 days, the investment cannot be redeemed. The investment companies are regulated by external bodies preventing them from cancelling and paying out policies prior to death.
What are the payment options?
(1) Pay in full – the price is fixed, (2) Take out one Contract as an “either/or” Funeral Plan. Whitehaven Funerals does not offer a Pay By Instalments payment option.
What is an either/or contract?
An either/or contact allows for a couple to provide for the cost of the first Funeral, thereby alleviating financial burden on the surviving partner.
I receive a Centrelink Pension; does a Pre-Paid Funeral Plan affect my payments?
As the investment cannot be accessed, it cannot be used to generate income for you. A Pre-Paid Funeral Plan will not affect any pension payments and is not subject to the Income or Assets test. Some clients find that investing funds in a Pre-Paid Funeral Plan is an effective way to reduce their financial assets if required.
What are the benefits of a Pre-Paid Funeral Plan?
- The Funeral is costed; the correct amount of money is invested;
- The investment is assigned to Whitehaven Funerals Funerals, who receive the interest to offset ongoing Funeral cost increases;
- When death occurs, the Funeral is conducted;
- If the funds are not sufficient to meet the cost of the Funeral there is no extra charge to the executor or family; and
- An assigned Funeral bond, pre-purchased cemetery plots and cremation deeds are exempt from the Assets test regardless of their value.
A Pre-Paid Funeral Plan with Whitehaven Funerals Funerals is a no-risk investment that is tailored to suit you and your family and is based on your specific needs, in the form of a Contract.