Prepaid funerals are a fairly new concept, so we get that some people don’t know much about them, or might have misconceptions about them being a scam.
Here at Bare, we’re pretty passionate about teaching people the importance of end-of-life planning and opening the conversations around death, and organising a prepaid funeral is an empowering way to take control of your own farewell.
So here are 5 things you might not know about prepaid funerals.
1. Your money is secured in a funeral bond, which is only accessible after your death.
No, we don’t hold all your money in our own accounts. Instead, your funds are paid into a funeral bond.
Funeral bonds are managed investment products that help you save towards the cost of a funeral. The money invested is held in an independently managed funeral fund that can only be released after the account holder has died.
With a Bare prepaid funeral plan, your funds are held in a funeral bond with Lifeplan Australia Friendly Society until they are needed to pay for the funeral.
2. A prepaid funeral can save you and your family thousands of dollars.
Compared to the average cost of a funeral ($7,500) and the average lifetime cost of funeral insurance ($15,000), a prepaid funeral can save you thousands of dollars.
The average price of a Bare prepaid funeral is less than half of the average funeral, so you can pocket the savings to give to family, donate to charity, or spend it on yourself during your golden years - maybe it’s time for that trip around the world?
3. It’s easier than you might think to book a prepaid funeral.
Did you know that you can book your prepaid funeral in less than five minutes? You can give our incredible prepaid team a call on 1800 202 901 or visit our Prepaid Services here to book with us, plus we have an online live chat function where you can send any queries.
Once you’ve chosen your preferred farewell and your preferred pricing plan (pay upfront or monthly instalments), you have yourself a prepaid funeral ready to go.
We understand that a prepaid funeral is a big purchase. That’s why if you change your mind, we have a 30 day cooling-off period where you can get a refund.
4. The longer you wait, the more you could spend.
The average cost of a funeral has doubled in the past 10 years, and prices just keep going up. The unfortunate reality in 2022 is that life is getting more and more expensive, with the current inflation rate at 5%.
There is some good news; with a Bare prepaid funeral you can lock in today’s prices forever. The average price of a Bare prepaid cremation is around $3,300*.
*This is the average price of a Bare prepaid cremation correct as of February 2024. This is subject to change and prices vary depending on your location.
5. You don’t just have to prepay for your funeral, you can also plan it.
If you’re already getting your affairs in order and preparing for end-of-life with a prepaid funeral, why not also make a plan and record your funeral wishes?
By recording your thoughts and wishes for your funeral, you can help your friends and family create a celebration of your life that reflects who you are, the way you would want it.
After you’ve written out your funeral wishes, you need to keep a record of them which is easily accessible for friends and family. It’s best to email or print a copy soon after you have written them, so you don’t forget to pass them along.
If you’ve specified your funeral wishes before you pass away, this means less decision making and less stress left on your grieving family, and our team can help bring your wishes to life.
If you’d like more details or if you have further questions to ask, our friendly prepaid concierge team would be happy to talk you through the process. Feel free to give us a call on 1800 202 901, or learn more by clicking the link below.
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