Funeral cover is something that many Australians avoid talking about, but it is something that everyone should consider. Funerals in Australia can cost up to $15,000 or sometimes more. This is a cost that you don’t want your family worrying about after you pass. Funeral cover will protect your loved ones from additional stress at what may be a traumatic time.
At what age should I get funeral cover?
The younger you are at the time you start your funeral benefit, the more you will have in your fund. If you can afford it, starting at a young age is the best way to protect your family.
For example, if you join APS Benefits at 29 years of age, you will start with a funeral benefit of $12,400. If you join at 54 years of age, you will start with a funeral fund of $3,300. You are welcome to make additional payments if you would like to increase your cover. To calculate how much cover you will receive with APS Funeral Benefits, click here.
APS Benefits funeral cover
When you become an APS Benefits member, you are automatically entitled to a funeral benefit. For just $3 per week, you will have peace of mind, knowing that your funeral costs are covered so that your loved ones don’t have to dip into their savings.
One of the main benefits of funeral cover with APS Benefits is that your funeral cover generally grows over time. As a profit for members co-operative, our annual surplus is generally returned to members by increasing their funeral benefit. This increase may be more than your subscription fees, meaning that what you put in will be provided to your loved ones one day.
For example, if you are entitled to a funeral benefit of $15,000 and an annual bonus of 2% is declared; the value of your benefit will increase to $15,300. Then, if in the following year, another annual bonus of 2% is declared, the value of your benefit will increase from $15,300 to $15,606. It is important to note that whilst your cover can increase through potential annual bonuses, it can never decrease, and your $3 per week subscription will never increase, and is only payable until age 70, after which your membership is free.
What happens after I pass?
When you join APS Benefits, you will be asked to name your beneficiary. This might be a family member, spouse or a close friend. You can change your beneficiary at any time. When you pass, your beneficiary will contact us and within 24 hours we will transfer your funeral benefit to their nominated bank account. They will then be able to use these funds to cover the cost of your funeral. If your benefit is more than the cost of your funeral, your loved ones can use this money as they wish.