Pre-paid Funerals

Pre Paid Funerals

Ethics & Conduct

Pre-Paying Your Own Funeral FUNERAL-LINK PREPAID FUNERALS Planning and paying for your funeral in advance may seem a difficult task to face, but like making a will, the ideal time to make these plans is well beforehand, without worry or stress. Why a Funeral-Link Prepaid Funeral Plan? Experience has shown the need to be able to plan for funerals in advance. To fulfil this need, funeral-link has created such a plan; which is a means of arranging your funeral, in advance and pre-paying for it at the same time. Benefits of the Funeral-Link Prepaid Funeral Plan You are able to choose your own individual funeral service. Your family and friends are relieved of emotional and financial burden. One only payment at today's prices - regardless of when death occurs may be an option. Peace of mind - knowing your affairs are in order. Flexibility - funeral arrangements can be altered if circumstances change. Should you move away from your current location your plan is portable and a funeral-link funeral director anywhere in NZ may access the funds held on trust. Your wishes and preferences are carefully documented and you receive a copy for your records. A Funeral-Link Prepaid Funeral Plan is excluded from WINZ asset testing when entering retirement home care. It should be noted this is not an investment in any way. You are paying for a service in advance, and therefore the expectation is that you would receive the funeral in return. Funeral-link offers two types of pre-paid funerals: A Fixed Price Plan and a Non Fixed Price Plan. Please discuss with your funeral director which one would best for you. Fixed Price Funeral Plan The fixed price funeral plan only applies to those choosing cremation as an option. The choice of crematorium is made by the funeral director. The fixed price funeral plan means that a price is agreed to by the funeral company and no more is paid at the time of the death. You can only pay a single lump sum amount into a fixed price funeral plan. Non Fixed Price Funeral Plan The non fixed price funeral plan means that you may or may not choose to pre-arrange your funeral. You have the flexibility of placing any amount set by yourself into the plan. This can be done in installments or a single lump sum. At the time of death the funeral home prepares an account using prices of the day. The amount held in the plan, which includes interest less fees, is then applied to the funeral account. If there is insufficient money in the plan to cover the funeral an account is sent by the funeral home to your executor or next of kin for the balance. If there is too much money in the fund, the balance is refunded to your executor. How do I join? Contact your funeral-link funeral director and make an appointment for an intereview. After discussions with them, your preferences are recorded. You are able to make decisions on the type of funeral you prefer, on burial or cremation, even on the choice of casket or coffin, also any other special requirements. It may be desirable to have the family present during these discussions. We then calculate the funeral cost at current rates. A contract for pre-payment of funeral services will be prepared. On your acceptance, the total sum is paid into the Funeral-Link Prepaid Funeral Trust Account, the funds are currently placed on call in a Westpac Trust account similar to those operated by most solicitors. At this point you have purchased the funeral on the conditions laid out in the Funeral-Link Prepaid Funeral Contract. A certificate of participation will be posted to you within 14 days. We suggest you keep this information in a safe place and advise your next of kin or solicitor of the funeral plan. Who meets all interest tax obligations? At the time of pre-paying your funeral, we obtain your IRD number and your tax status. Tax is then deducted at the correct rate by the bank on your behalf. We will provide you with an annual statement which will show the amount of interest that has been applied to the funds which you have paid us. Assurance Because this Funeral-Link Prepaid Funeral Plan is built on security, both emotional and financial, it is important to deal with a funeral home that follows the strict codes of ethics that are set by the Funeral Directors Association of NZ (FDANZ). All members of funeral-link are also members of FDANZ. The Plan is subject to audit and disclousre to the FDANZ as determined by its rules. Please note that FDANZ does not guarantee the funds held within the Funeral-Link Prepaid Funeral Fund. At A Glance No age restrictions are imposed. Guaranteed acceptance regardless of state of health (no medical questions are asked. Payment is made upon receipt of the funeral account and any remaining funds are refunded promptly to the family. Nationwide coverage through FDANZ Funeral-Link funeral directors. 21 day ability to opt out of the plan should you change your mind. Frequently Asked Questions What happens if I move overseas? The amount you deposited with Funeral-Link Prepaid Funerals is refunded to you less set up fees and annual administration fees. You receive no interest on any money was held. What happens if I change funeral directors within the same town? The amount you deposited with Funeral-Link Prepaid Funerals is refunded to your estate less set up fees and annual administration fees. Your estate receives no interest on any money that was held. Are there any age or health restrictions? Guaranteed acceptance regardless or age or state of health (no medical questions are asked). Why is this not an investment? You are purchasing a service in advance, Funeral-Link Prepaid Funerals are seen as the owners of any money held. What happens if the funeral company I signed up with goes out of business? Because the funds are held with Funeral-Link Prepaid Funerals Ltd your money is safe and secure and is not linked to any one funeral home until the funeral home applies for the funds upon your death. To do this they will need to provide a copy of your Registered Death Certificate and a copy of your funeral account. Can I switch from the fixed price funeral plan to the non-fixed price funeral plan? Yes, at any time you may switch from the fixed price funeral plan to the non-fixed priced funeral plan. What happens if I want to cancel my pre-paid funeral plan within 21 days of joining? You will receive the original amount deposited. You receive no interest on any money that was held. Are there fees associated with setting up the pre-paid funeral plan? Set up fee of $150 + GST for the Non-Fixed Price Funeral Plan Set up fee of $400 + GST for the Fixed Price Funeral Plan. - these fees are not released to the funeral home until the funeral has been held. If the funeral plan is cancelled (after 21 days) the funeral home is entitled to the set up costs immediately. Annual administration fees of $50 + GST a year or part year - these are not released to Funeral-Link prepaid Funerals Ltd until the funeral has been held. These set up fees and annual administration charges are not deducted from the balance invested until the funeral has been held. Directory of Funeral-Link funeral homes in your area.