As we all know the death of a loved one is one of the most traumatic times of our lives. It makes no difference if the person has been ill and the death was expected. When the time of death finally arrives the feeling of emptiness and shock can be overwhelming. In addition, the need to find enough money to cover funeral services can unnecessarily add to the pain of the loss. This is where funeral pre-planning or pre-paid funerals come in.
Option 1: SUREPLAN FAMILY FUND
Security for your family: a lump sum payout when it’s needed most.
When you die the cost of your funeral will place an immediate financial burden on your family. As Sureplan has been managing funeral insurance since 1935 we understand that the prompt payment of claims eases this financial stress – therefore we guarantee to pay your nominee within 24 hours (one working day) of receiving independent verification of your death. This means your family will be able to make arrangements with confidence.
Remember superannuation and standard life insurance play their role, but in many cases a claim payout can be delayed for many weeks until a death certificate is issued, and probate is granted. Therefore, if you rely on superannuation and/or standard life insurance to pay for your funeral expenses instead of funeral insurance, then someone else (normally a family member) may have to pay upfront and wait to be repaid out of your estate.
How does Sureplan Family Fund Funeral Insurance work?
Sureplan Family Fund is a life insurance product that provides (on your death) a benefit to be applied to the cost of your service. Anyone between the ages of (1) one and (55) fifty-five can apply for membership.
With the commencement of a Sureplan Family Fund policy you will be immediately covered for a funeral benefit that is payable upon your death. Funeral insurance premiums, preferably made by direct debit, can be paid monthly, quarterly, six-monthly or annually. To see what funeral insurance cover you can obtain, the associated premium payable and the total cost of your policy, ask your friendly Academy or Polynesian Funerals representative.
Benefits of Sureplan Family Fund Membership include:
FULL COVER– you are insured for accidental death and death from natural causes immediately, however you will not be covered for death by suicide within the first 24 months of membership.
IMMEDIATE COVER – we will pay your nominee (on behalf of your estate) the benefit you have selected within 24 hours of confirming the details of your death through an independent source, even if it is the day your membership is accepted.
LIFETIME COVER (BUT PAY ONLY TO 60) – even though you are only required to pay premiums until age 60 you are covered for the duration of your lifetime.
NO PREMIUM INCREASES – the amount of your premium payable will not change through the term of the policy. At the time of joining you know exactly how much you will pay and when it will be fully paid.
NO HIDDEN FUNERAL INSURANCE COSTS in your policy – there are no entry or exit fees.
Option 2: SUREPLAN GOLD FUNERAL BOND
Sureplan Gold will help you accumulate the funds to meet the costs of the inevitable – your funeral.
Why Should Funeral Preplanning be an option?
Most of us plan ahead – we plan for holidays, marriages, the future education of our children, and of course for retirement. Dying is as much a part of life as being born, but most of us avoid funeral planning. Why? Because most of us do not spend time thinking about our death. There are many advantages in planning ahead and obtaining a funeral bond. This includes:
- Your own peace of mind knowing that you have responsibly faced this issue by organising your own cover. Your family will be spared this additional stress when they are grieving your passing.
- Your family like many others could have difficulty in finding sufficient funds within a few days to pay for your arrangements.
- Pension Concessions – if you are an Income and Asset Tested Centrelink or Veterans’ Affairs pensioner you could maximise your pension through investing in Sureplan Gold Funeral Bond
A Simple, Straight forward and Effective Funeral Bond
Sureplan Gold is a secure funeral bond investment fund and is much the same as a bank savings account, except that you cannot withdraw any funds after the initial “cooling off” period. It is an ideal vehicle for prepaid plans. Proceeds can only be paid to your nominee, on behalf of your estate on your death.
How it works
- You contribute amounts either as a lump sum or by regular payments.
- A bonus (based on fund earnings) may be allocated to your investment annually.
- On your death, your contribution and bonuses are paid to your nominee to help pay your funeral costs.
- Investment security – As the preservation of your funds is the primary objective of Sureplan Gold, the assets of the Fund are currently invested in cash and low risk securities. The actions of the Society are regulated by the Australian Prudential Regulatory Authority (APRA), and the Australian Securities and Investments Commission (ASIC).
- Instant payment to your nominee – Sureplan Gold Funeral Bond pays your nominee your funeral cover (the accumulated contributions plus bonuses) within 24 HOURS of the notification of your death. If a member dies within twelve months of joining any bonuses previously allocated will not be paid.
- Low cost – there are no entry or exit fees.
- Solid and reliable growth – A bonus may be allocated to your bond annually, based on the earnings of the Fund. For the 2016 and 2017 financial years the Fund returns were 1.5% p.a. and 2.06% p.a. respectively. The allocation of annual bonuses is not guaranteed.
- Flexibility – A funeral bond to support your plan can be commenced with as little as $50 and have regular contributions from $50. You also can at any time replace your nominee with another person or organisation.
- Pension Advantages – Sureplan Gold is exempt from both the Income and Assets test for Centrelink and Veterans’ Affairs pensioners providing no more than two funding arrangements are held and together they do not exceed the maximum eligible investment threshold. As of 1 July 2018, the maximum eligible investment is $13,000 and this amount is CPI indexed annually.