Pre-paying your funeral with Olsens makes good financial sense. Not only will the price you pay today be the final price but you’ll also avoid leaving your loved ones with the financial and emotional burden that might come with planning your farewell.
What is a pre-paid funeral?
A funeral plan is a safe and structured way to plan and pay for your farewell in advance to avoid leaving your family with a difficult financial burden. In fact, it can work out to be less costly than funeral insurance.
Your funds are held independently under strict regulation until your wishes have been delivered, or transferred if you decide to use another Funeral Director.
Funeral plans are sound financial planning tools that protect your family by fixing the price of your farewell, allowing flexible payment terms, maximising your pension entitlements and setting a cap on the cost of your farewell.
Custom funerals give you the unique opportunity to say your own farewell to those you love most. Our dedicated Consultants are there to support you and help you create a fitting farewell.
We can assist by bringing clarity to your choices, suggest creative and personalized ideas and guide you, without rush, to ensure your special funeral makes both economic and emotional sense.
Pre-paid vs funeral insurance
Don’t spend your money on funeral insurance before comparing the financial benefits to pre-planning.
|Pre-paid Funerals||Funeral Insurance|
|Premiums||Provides for the full funeral costs regardless of the date of death||More expensive for older people and premiums can often exceed the benefit due|
|Inflation||Locks in the cost of the funeral at today’s prices||You must select the sum insured which may or may not be sufficient to cover future funeral costs|
|Choice||You can choose the type of farewell you want||Your family will still have to handle all the funeral arrangements|
|Payment||Pay upfront or by installments||No benefits received if payment of premiums cease or are not up to date|
|Benefits||Exempt from Centrelink assets test and deeming rules. May help qualify for age pension or part pension||Does not affect pension or social security benefits|
Provides for the full funeral costs regardless of the date of death
More expensive for older people and premiums can often exceed the benefit due
Locks in the cost of the funeral at today’s prices
You must select the sum insured which may or may not be sufficient to cover future funeral costs
You can choose the type of farewell you want
Your family will still have to handle all the funeral arrangements
Pay upfront or by installments
No benefits received if payment of premiums cease or are not up to date
Exempt from Centrelink assets test and deeming rules. May help qualify for age pension or part pension
Does not affect pension or social security benefits