Funeral plans vs. funeral insurance


PREMIUMS


PRE-PAID FUNERALS 

Provides for the full funeral costs regardless of the date of death


FUNERAL INSURANCE

More expensive for older people and premiums can often exceed the benefit due


INFLATION


PRE-PAID FUNERALS 

Locks in the cost of the funeral at today’s prices


FUNERAL INSURANCE

You must select the sum insured which may or may not be sufficient to cover future funeral costs


CHOICE


PRE-PAID FUNERALS 

You can choose the type of funeral you want


FUNERAL INSURANCE

Your family will still have to handle all the funeral arrangements


PAYMENT


PRE-PAID FUNERALS 

Flexible weekly payment options – pay up front or by installments


FUNERAL INSURANCE

No benefits received if payment of premiums cease or are not up to date


BENEFITS


PRE-PAID FUNERALS 

Exempt from Centrelink assets test and deeming rules. May help qualify for age pension or part pension


FUNERAL INSURANCE

Does not affect pension or social security benefits