Prepaid Funeral Plan FAQs

Foresters Financial is a proud Australian member-owned investment and insurance financial services organisation with over 170 years of putting our members financial security first. Originating from a concern about the lack of financial and social support in times of extreme hardship, the Ancient Order of Foresters was established in Victoria in 1849. Foresters Financial is registered under the Life Insurance Act 1995 (Cth) and regulated by the Australian Prudential Regulation Authority (APRA) and the Australian Securities and Investments Commission (ASIC). Foresters Financial is registered as a public company limited by guarantee under the Corporations Act 2001 (Cth) and holds an Australian Financial Services Licence which authorises it to deal in, and provide general financial product advice on, a broad range of investment products.

Funds held in the Foresters Funeral Benefit Fund may only be invested in a manner as specified in the Fund Rules and the Life Insurance Act 1995. Foresters Financial is also regulated by the Australian Prudential Regulation Authority (‘APRA’).

As you have entered into a prepaid funeral contract with a specific funeral firm, you are subject to the terms and conditions of that contract and as such, any changes to the contract, including altering your contracted funeral director, are subject to the specific contract conditions. As these can vary between firms, we suggest you discuss any changes and how they are to be made with your contracted funeral firm in the first instance.

No. Under current legislation there is no limit in the amount you can invest in our Prepaid Funeral Plan if your investment is made in conjunction with a prepaid funeral contract. The total amount will be exempt for the purposes of the assets test. For more information, please visit www.servicesaustralia.gov.au and seek specialist advice.

If your funeral director ceases to trade, the value of your Prepaid Funeral Plan is protected as the monies held in the Funeral Benefit Fund are in your name. There is also provision in the contract for the service to be conducted by another funeral director. Funds will only be released to pay for your funeral costs upon evidence that the service has been provided, and cannot be used for other purposes.