A Fixed Price Funeral Plan is a funeral that is paid for in advance, at a fixed price. This means that once you’ve worked out all the details and have confirmed the costs, you will sign an agreement between yourself and Tobin Brothers Funerals.

You will then pay for your funeral as agreed in your plan, and we will place the payments into a third-party fund, which is only paid to Tobin Brothers at the completion of your funeral service.

Tobin Brothers Funerals will ensure your wishes are carried out as you had arranged with us, and no additional costs will be incurred.

This means you not only alleviate your family having to plan and pay for your funeral, but will also save money by paying today’s prices.

A Pre Paid Funeral is any funeral that is paid for in advance.

While a Fixed Price Funeral Plan is a pre-paid funeral, the term pre-paid is sometimes used when referring to funeral bonds and insurance products, though these differ considerably in how they function.

With funeral insurance, the idea is that you are paying for your funeral to be covered in the event of your death, however, limitations in your coverage or any lapses in payment may render you liable for further costs. For this reason we do not consider his a ‘pre-paid funeral’ as such.

Another option that can fall under the ‘Pre Paid Funeral’ banner is funeral bonds, which allow you to invest money for the purpose of paying for your funeral in the future.

While it is a great idea to plan your funeral ahead of time for many reasons and funeral bonds provide funds for future funeral expenses, there is no guarantee that these funds will cover the full cost of the funeral, due to inflation or poor returns.

A Fixed Price Funeral Plan means a fixed amount is paid now, for a funeral in the future, with no further costs incurred despite any price increases in the future.

A Prearranged Funeral is when you simply plan your funeral ahead of time, letting your wishes be known and enlisting Tobin Brothers as your funeral directors for when the time comes.

However, as opposed to a Fixed Price Funeral Plan, payment for services is made once the service has taken place. The pricing in this case is not fixed and all funeral-related expenses will be charged at the rate they are at the time of the service.

Yes. Your money is securely invested into a third-party fund in accordance with the Funeral Act 2006. The funds cannot be accessed until the death has occurred.

As we approach 100 years of business, this scenario seems less and less likely.

However, should Tobin Brothers cease to operate for any reason, another Funeral Director would fulfil the Funeral Service obligations as the funds are securely invested with an impartial investment institution in your name.

Regardless of how the investment performs, the contract guarantees no further costs unless additional items or services are requested.

When it becomes impractical for Tobin Brothers to carry out the Funeral, the investment can be reassigned to the person’s estate or transferred to another Funeral Director.

If the death occurs outside of Tobin Brothers usual operating area, there may be additional costs for transportation, documentation, and other miscellaneous expenses.

It is possible to add “Travel Care” to the Funeral Plan contract, but this applies only to travel within Australia.

Speak with our staff to find out more about travel care.

Yes. The contract can be amended in writing.

If a less expensive item is selected, funds are refunded at the time of the Funeral Service. If additional services are required, they are invoiced at the time of the Funeral Service.

No, because the investment cannot be redeemed.

The investment companies are regulated by external bodies preventing them from cancelling and paying out policies prior to death. If necessary, refunds can be paid into the estate at the time of death.

There is an initial cooling off period of x days, but after that funds are only payable upon death.

Speak to one of our staff if you are unsure about this.

• Pay in full - the price is fixed.
• Take out one Contract as an "either/or" Funeral Plan.
• Pay by instalments or,
• Pre-arrange the Funeral - no payment would be required until such time as the Funeral is required.

An either/or contact allows for a couple to provide for the cost of the first Funeral, thereby alleviating financial burden on the surviving partner.

Yes, the initial instalment must include the Administration fee, any Cemetery/Crematorium fees, the GST payable and $500.00 to open the investment.

The balance may be paid in regular instalments for up to 3 years.

As the investment cannot be accessed, it cannot be used to generate income for you.

A Fixed Price Funeral Plan will not affect any pension payments and is not subject to the Income or Assets test.

Some clients find that investing funds in a Fixed Price Funeral Plan is an effective way to reduce their financial assets if required.

Fixed Price Funeral Plan (Assigned Investment)

• The Funeral service is accurately priced and the total amount is invested.
• The investment is assigned to Tobin Brothers Funerals, who receive the interest to offset ongoing Funeral cost increases.
• When death occurs, the Funeral is conducted.
• If the funds are not sufficient to meet the cost of the Funeral there is no extra charge to the executor or family.
• An assigned Funeral bond, pre-purchased cemetery plots and cremation deeds are exempt from the Assets test regardless of their value.

Funeral Bond (Unassigned Investment)

• You may invest an amount to meet Funeral expenses, and you receive the interest on those funds.
• A specific Funeral Director is not selected, nor are specific Funeral arrangements made.
• When death occurs, the investment is paid to the executor to contribute to the Funeral expenses.
• If sufficient funds were not invested initially or the investment does not perform reasonably, the executor or estate is liable for any shortfall in funds.
• An unassigned Funeral bond is only exempt from an assets test up to the value specified by Centrelink. (Refer to the www.centrelink.gov.au)
• Centrelink must be informed if a Funeral bond is taken out, no matter how much is invested.

It is strongly recommended that you read the fine print carefully before contributing to Funeral Insurance.

Please see our article about Funeral Insurance for more information

You can always look to our blogs section for more information about Fixed Price Funeral Plans and other funeral related information.

Further independent information can be obtained from the Australian Security Investments Commission (ASIC) website.