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 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

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

There are several reputable financial institutions that offer easily accessible personal loans at competitive interest rates that can aid families who require financial assistance when arranging a funeral for a loved one.