Money in the bank account of a deceased person may be able to be accessed following the service to pay for the funeral service in full or part. The bank will need a copy of the funeral account from the funeral director and, in some instances, will want to sight a certified copy of the death certificate before releasing the amount required to pay the funeral account.
Talk to the bank where the account is held about releasing the money to the funeral director in payment of their account. Your funeral director will be able to help with advice and paperwork required.
To make a claim against any Life Insurance policies held in the deceased’s name, funds and insurance companies will require a certified copy of the death certificate and, in many cases, they may not pay the balance of the fund and benefits of the policy until probate has been granted.
It may take some time to pay out to the beneficiaries and, in some cases, payment may need to be made for the funeral service while waiting for probate of the will. See Moneysmart for more information on Superannuation payments or contact your Superannuation Fund to obtain more information on making a claim.
Families who require financial assistance may find help in a funeral loan from NOW Finance. By taking out a loan, you can cover the cost of a funeral upfront then repay over a number of years.
NOW Finance Funeral Loan benefits:
Terms & Conditions:
For more information, contact your NFDA member participating in this finance scheme, or talk to NOW Finance.
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