Funeral Fund.
Do you have a Will that details your wishes regarding what happens to your Estate? What about your funeral expenses? Have you made provisions for your funeral? Or is this something your family will need to organise during what may be an already difficult time?
Opening a Funeral Fund is a convenient way to save for your funeral expenses that offers peace of mind: knowing there’s a plan for contributing to funeral and related expenses. On notification of your death, the balance of your Funeral Fund is paid towards the cost of your funeral with any residual amount returning to your Estate.
You should know.
- $100 minimum investment is required
- Additional capital contributions may be added up to a maximum amount determined by the Federal Government (Centrelink)
- Interest is calculated on the daily closing balance of your account
- Interest is credited on the last day of each month
- Funds may only be withdrawn to pay for the funeral expenses or to the account holder’s Estate
Getting started.
If you have questions, please reach out to us. We are always happy to help.
Key features.
- Peace of mind knowing your funeral expenses will not burden your family during a time of grief
- No transaction or maintenance fees.
(Other fees and costs may apply. See our Fee Schedule) - Quick access to funds when they are needed for funeral expenses
- Contributions are exempt from Centrelink income and assets tests (subject to special conditions)
- Any residual funds (after funeral expenses have been paid) become part of your Estate
- Every dollar you invest is assisting the Uniting Church SA
Forms & Resources.
Rates & Fees.
Investment Application.
Information Disclosure Documents.
The following documents contain important information for personal and other retail investors. Before applying for an investment product or service from UC Invest you should read and understand the information provided in these documents and consider the appropriateness of the product or service having regard to your particular objectives, financial situation and needs.
Ways to Transact.
You can add money to your Funeral Fund account at any time by Direct Debit, Electronic Funds Transfer (EFT), BPAY® or cheque
Get in touch with our investor relations team.
Contact us today and Catherine or Lou will be happy to assist you with your query.
Frequently Asked Questions by Investors About Funeral Funds.
Funeral Fund (FAQ)
What is a Funeral Fund?
A Funeral Fund is a dedicated investment designed to help cover your funeral expenses. It allows you to set aside money now, so your family isn’t burdened with those costs later.
Who can open a Funeral Fund?
What is the minimum and maximum investment?
- Minimum investment: $100
- Maximum investment: Set by the Federal Government and may change over time.
Link – ATO – Funeral Bonds (refer to the Funeral Bond Allowable Limit section)
Can I add money over time?
Yes. You can contribute additional funds at any time, up to the government limit.
How can I add funds?
You can add funds in several ways:
- Bank transfer (EFT) from your account
- Scheduled regular transfers
- Telephone Transfer Service (if enabled)
- Cheque or manual deposit
All funds must come from a bank account in your name.
How is interest calculated and paid?
Interest is calculated daily on your balance and paid monthly.
Is the interest rate fixed?
No. The interest rate is variable and can change over time.
Are there any fees?
No. There are no transaction or ongoing account fees.
Can I withdraw money from my Funeral Fund?
No. Under no circumstances can funds be accessed during your lifetime. This investment is strictly set aside for funeral expenses.
How are funeral expenses paid?
When the time comes, the funeral home can send an invoice directly to UC Invest. Payment is then made from the Funeral Fund toward those expenses.
What happens if funeral costs are more than the balance?
The full balance of the Funeral Fund will be paid toward the funeral, and any remaining amount will need to be covered by the family.
What happens if there is money left over?
Any remaining funds after funeral expenses are paid will become part of your estate.
What if the Funeral Fund isn’t used for funeral expenses?
If the funds are not used for funeral costs, the full balance will be paid into your estate and managed according to estate processes.
Are there Centrelink benefits?
Funeral Fund investments may be exempt from Centrelink income and asset tests, subject to specific conditions and limits.
What should I consider before opening this investment?
This is a long-term arrangement. You won’t be able to access the funds during your lifetime, so it’s important to only contribute money you are comfortable setting aside permanently.
How quickly are funds available when needed?
Funds can be released promptly to help cover funeral expenses once the required documentation (such as an invoice) is received.
Can I view my Funeral Fund online?
Yes. If you have access to UC Invest Online, you can view your balance and transactions.
Can I manage my account over the phone?
Yes. If you’re registered for Telephone Transfer Service (TTS), you can make contributions or request certain account changes by phone.
Where can funds be transferred from?
All contributions must come from a bank account in your name. This is a security requirement.
Are returns guaranteed?
Returns are not guaranteed, and Funeral Fund investments are not covered by government deposit insurance.
Is a Funeral Fund right for you?
You want to plan ahead and reduce financial stress on your family
You’re comfortable setting aside money you won’t access
You want a simple, dedicated way to cover funeral costs