Funeral Products
Paying for Funerals
Sorry business can be very expensive and could leave your family with money troubles.
Prepare for when sorry business happens.
Main ideas
- Safer ways to prepare for the cost of sorry business
- Why funeral insurance might fail you with sorry business
- Were you a member of Aboriginal Community Benefit Fund or Youpla?
Maggie's Story
Maggie bought funeral insurance over the phone, but the next day called to cancel the policy. She was placed under some pressure not to ‘burden her loved ones’, so did not cancel. The next week Maggie called again, asked to cancel, but was told to put her request in writing.
Over the next few years Maggie tried to cancel the policy, but was deflected and each time she felt overwhelmed. We helped Maggie to cancel the policy and get her premiums refunded.
Here are some safer ways you can prepare for your sorry business
- Save for your funeral – create a separate joint savings account so any money you pay is yours
- Funeral bonds – you can lock away some of your money for your funeral with a bond. Pay a deposit and then some payments until you reach your savings goal or even more.
- Super fund – Your super fund could be used to pay for sorry business, including if it has any life insurance policy. However, these claims can take a while and some super funds might not allow emergency release.
- Services Australia – check if you may be eligible for help 1800 136 380 or DVA 1300 55 1918
- Land Councils or Native Title bodies – check with your Land Council or Native Title body if your membership entitles you to some funeral benefits.
- Your Consumer Affairs or Fair Trading agency can provide more help in your local state and territory
Why funeral insurance might fail you with sorry business
- You have to pay premiums until you die.
- When you pay premiums, they’re not yours anymore and now belong to the insurer.
- Payments increase as you get older – they can take a lot out of your pension and leave you with very little.
- They get unaffordable and you are cancelled if you miss a payment – it has the highest cancellation rate!
- Sorry business could cost more than the funeral insurance benefit.
- You could be paying more in premiums than what the benefit is worth.
Were you a member of Aboriginal Community Benefit Fund or Youpla?
The Aboriginal Community Benefit Fund/Youpla collapse left tens of thousands without money for sorry business. If you were impacted, please read our fact sheet.
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