Why save to cover your own funeral costs?
Saving for a funeral may not be the happiest or most exciting savings goal in the world, however it is a great way to help cover your funeral expenses when you pass. That's because the money saved accumulates interest, is tax-effective, pension-effective, and there to be released upon your death.
Now your loved ones can focus on their grief, and giving you the farewell you deserve.
The average cost of a funeral in Australia is $4,000 to $15,000* (and often more)
You can save this money while alive to help your family cover these costs when you pass
Start a formal Funeral Savings Fund with a single deposit and then regular contributions
Every cent plus interest accumulated is released when you pass to help cover funeral costs
It's a relief for your loved ones to know this money is there.
* ASIC's MoneySmart website
Why start a Funeral Savings Fund,
and not just a standard savings account?
A Funeral Savings Fund is a particular type of savings account designed specifically to save funds for your funeral expenses, and in return, receives favourable treatment when it comes to tax and pension issues.
The money in a Funeral Savings Fund cannot be used for any other purpose
The fund accumulates interest to grow faster over time
This interest is taxed within the fund (NOT as part of your normal income - tax-effective)
The funds are also NOT included in the Assets Test so they do NOT impact your pension
You can stop and start contributions as you wish throughout your life
All funds are yours for your nominated loved ones to access on your passing
You know at all times how much you have accumulated.
Why start a Funeral Savings Fund,
and not take up Funeral Insurance cover instead?
Funeral insurance is NOT a method of saving for your funeral costs. Instead, policyholders are buying insurance to cover expenses to the value of what a funeral might cost in the future, rather than accumulating a level of inflation-proof funds for future access upon your passing.
With a Funeral Savings Fund, your regular payments grow in value over time with interest.
Funeral Savings Funds are a great way to save money without impactig your pension
Funeral Savings Funds are a very tax-effective way to save money for this purpose
A Funeral Savings Fund can grow to any amount you decide
Funeral Savings Funds generally allow you to pause contributions and re-start as you wish
Funeral Savings Funds generally allow you to pause contributions and re-start as you wish
With Funeral Insurance, you may end up paying more in premiums than you receive as a payout
With all that said, Funeral Insurance is an excellent option in the right circumstances and if you wish to have immediate cover for a defined value. Call our team on 1300 216 215 and they can talk you through the options (as Fair Wealth Australia does provide both options), or live chat during business hours (AEST), click below to register an enquiry so we can get back to you.
So, why start a Funeral Savings Fund with Fair Wealth Australia?
Fair Wealth Australia's Funeral Savings Fund is a savings investment, specifically designed to help you pay for future funeral expenses.
Experience
We've been in the business of helping people with financial situations for over 75 years.
Reliable
Our Funeral Savings Fund is a financial product regulated by ASIC.
No annual increases
You can save as little or as much as you want starting from just $2 per week.
Australian team
You'll always speak to a local consultant when you call for assistance.
Great return
Earn a competitive 5% interest on the money you contribute.
Responsive
Quick release of funds – Usually within 72 hours.
All product information displayed on this website is subject to policy terms and conditions (including eligibility criteria, limitations and exclusions).
Disclaimer: The Welfare Fund Ltd (ABN: 25 155 698 105) is trading as Fair Wealth Australia. The Welfare Fund Ltd is the holder of an Australian Financial Services Licence Number 434065 and an Australian Credit Licence 423050. Financial Solutions (ABN: 41 701 190 619) is a corporate authorised credit representative (Credit Representative Number 534111) of the Welfare Fund Ltd. The Welfare Fund Public Trust Fund is endorsed as a Deductible Gift Recipient by the Australian Taxation Office. Donations of $2 or more are tax deductible in Australia. Your use of this website is subject to the website Terms of Use. Any advice provided is general only and does not consider your objectives, financial situation, or needs. You should carefully read the relevant Product Disclosure Statement (PDS) and Target Market Determination (TMD) to ensure the product is right for you. A copy of each PDS and TMD is available on this website or by contacting us. Fair Wealth Fund acknowledges and pays respect to the traditional custodians of the lands on which we work, live, and play. ABN 25 155 698 105.
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