Insurance and funeral bonds can allow you reserve you funds into financial instruments providing both exemption from asset assessment in some circumstances. It frees your family from the financial worry of paying for your funeral and gives you piece of mind knowing your family can focus on more important issues like paying tribute to your memory.
A funeral bond investment is exempt from both the Centrelink and the Department of Veteran Affairs Assets and Income Test. Therefore your investment may provide for improved social security benefits depending on your circumstances.
The key benefits of funeral bonds are:
- Removes the financial burden and worry from your loved ones
- Peace of mind knowing your contributions and accumulated bonuses are capital guaranteed
- Investments up to $11,500 will generally be treated as an asset exempt from Centrelink’s Asset and Income tests
- Any excess balance after paying for your funeral costs will be returned to your Estate
Department of Veteran Affairs