Paying For A Funeral

Members of the NFDA understand that, for some families, planning the funeral of a loved one is the hardest thing they will ever do. Dealing with the death of a loved one is already a stressful time, and having to think about the possible financial burden of paying funeral costs is going to prove an unwelcome additional worry. This can be a needless source of stress for families of the deceased where a pre-paid funeral plan or bond is not in place.

Bank Account

Bank Accounts

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.

Superannuation & Insurance

Superannuation & Insurance

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.

Financial Assistance

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:

  • Borrow $4,000 to $25,000 to cover some or all of the funeral costs
  • Remove money worries when you’re grieving and your mind is elsewhere
  • Repay a NOW Finance funeral loan over 18 – 60 months
  • Fixed, competitive interest rates
  • Flexible repayment options; weekly or fortnightly repayments available
  • Funeral loans can be paid directly to your funeral director
  • Simple and friendly application process

Terms & Conditions:

  • Finance provided by NOW Finance. Australian Credit Licence Number 425142.
  • A full credit and financial assessment would need to be completed prior to acceptance of any offer or product.

For more information, contact your NFDA member participating in this finance scheme, or talk to NOW Finance.

 

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