You can choose whether you prefer a lump sum or gradual payments starting from as little as $50 per month.

Here's how the Sureplan process unfolds:

• Contribute either as a lump sum or through regular payments.

• Potentially receive an annual bonus based on fund earnings.

• Upon your passing, your contributions and bonuses are disbursed to your nominee to cover funeral costs.

• Consider adding your executor, trusted friend, or solicitor as the beneficiary besides your current funeral home. This allows you and your executor to work with a different Funeral Home if needed. This could be because you have moved to the city since you started the Sureplan fund, or the funeral arrangements must be adjusted. 

Any remaining funds in the Sureplan account after the funeral has been paid for, are transferred to your Estate for probate processing. 

 Once you've finalised your preplanned funeral arrangements, storing this information with your documents and informing family or friends of its location is advisable. Consider having your nominated Funeral Home keep a copy on file for added security. Please review and make necessary adjustments anytime.

If you would like to discuss this option, please contact us, or Sureplan for your local representative who will guide you through the process. 

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Other financial support options

You may be entitled to Services Australia assistance if you receive Services Australia support payments.

Financial institutions may also release funds from the bank account of a deceased person to pay for their funeral expenses. Ask your dependant’s financial institution if this is an option.

What are death, funeral and burial expenses?

Necessary or required expenses associated with death, funeral or burial may be eligible for release.

If you're applying to pay the death, funeral, or burial expenses of a dependant, you must meet three eligibility conditions:

1: the person has recently died.

2: your relationship with the person met the criteria of a dependant.

3: the expenses you're applying for solely relate to your dependant's death, burial, or funeral.

Where the expense has already been paid by borrowing money, you still must have met these criteria for the expense that has occurred or is due to occur. You also need to meet the additional eligibility criteria for the borrowed amount.

Expenses that may be eligible

Expenses that may be eligible if they are required to pay for the death, funeral, or burial include:

• The death certificate fee

• professional service fees required for the funeral or burial, including hiring costs, celebrant or clergy fees, flowers, and public advertising

• burial fees, including the coffin, casket, cemetery fees and burial plot

• cremation costs, including the urn

• interment (burial) fees for cremated ashes

• transportation of the deceased to and from the funeral service or the city or country of burial.

Expenses that are not eligible

Expenses that are generally not eligible, as they are considered to be the result of personal decisions rather than the necessary funeral or burial expenses, include:

• expenses associated with a wake

• expenses for a headstone

• payment for a monument

• expenses that are not considered essential to conduct a funeral or burial, such as dove releases or entertainment

• pre-payment of your funeral expenses.

Evidence

If you're applying to pay for expenses associated with the death, funeral, or burial expenses of your dependant, you will need to provide:

One of the following documents as proof of death

• • a copy of your dependant’s death certificate (this includes a provisional death certificate)

  • a copy of your dependant's coroner certificate

  • a letter from your dependant’s registered medical practitioner or funeral provider on their letterhead, signed and dated, stating

    • the dependant has passed away

    • the date of death

    • the medical practitioner's Australian Health Practitioner Regulation Agency number (for registered medical practitioners only).

• A quote (no more than 6 months old) or invoice (no more than 30 days old).

If the dependant is not your spouse or your child under 18 years old, you need to provide evidence that supports you were in an interdependent or substantially financially dependent relationship.

Where the expense has been paid by borrowing money, additional documents are required to support the borrowed amount.

Quotes or invoices

To assess your application, the Superfund will also need evidence of the expenses you're asking to release from your super account. You must provide an itemised quote or an invoice specifying each death, funeral, or burial expense. A quote or invoice that shows a single cost is insufficient. It must be itemised.

If your quote or invoice is incomplete or doesn't meet the evidence requirements, the processing of your application may be delayed or not approved. You may also need additional evidence to support your application.

Death, funeral or burial expenses paid by borrowing money

Where the expense has been paid by borrowing money, there are no timeframe limitations around the date on the invoice or quote.

How funeral insurance plans work

A funeral insurance policy gives your family a lump sum payment to pay for funeral expenses when you die.

You pay monthly or fortnightly premiums (ongoing payments) for a fixed amount of cover. Usually, you can choose from $5,000 to $15,000 coverage, which will be paid to your family when you die.

With funeral insurance, you are not saving for funeral costs. You are buying insurance to meet those costs at a later date.

Funeral insurance costs a lot in the long run.

You keep paying for funeral insurance until you die. If you're considering a funeral insurance plan, think about:

• 1. How much you'll pay for the next 10, 20, or more years could add up to much more than your funeral costs.

  2. Your future income — You could struggle to afford premiums on the Age Pension.

  3. Whether you can afford higher premiums—they will go up after you turn 50 and every year with inflation.

Not all funeral insurance plans are the same. Shop around and compare funeral insurance quotes before you sign.

Pros and cons of funeral insurance

Pros

• Immediate cover, but with exclusions — Most policies will only cover accidental death in the first few years.

• Helps people who struggle to save — It may suit you if you aren't sure if you can save for funeral costs.

Cons

• Premiums can increase a lot over time — Big increases can occur after you turn 50. Premiums can become unaffordable when you're living on a pension.

• No refund on premiums you've paid — If you cancel your policy or can't afford the premiums, you'll probably lose your money.

• Your premiums could cost you more than your funeral. If you live another five to ten years, you may end up paying more in premiums than the cost of the funeral.

• Exclusions apply in the first few years — If you die from a terminal illness in the first few years, you may not be covered. Check the policy's terms and conditions.

• You don't get the money right away — In some cases it can take a while for your family to receive the insurance payout to cover funeral costs.

Cheaper ways to cover funeral costs

There may be cheaper ways to help your family pay for your funeral. Consider alternatives to funeral insurance, including:

• a pre-paid funeral

• a funeral bond

• using your superannuation

• saving for your funeral using a high-interest savings account

See Paying for your funeral for more information about your options.

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