On 1/7/22, the Federal Government increased the Centrelink ‘exempt’ limit amount on Funeral Bonds to $14,000 for the FY 2022/23.

Existing or new Funeral Bond holders can now have up to $14,000 contributions per person invested in a Funeral Bond and this amount will be exempt from both the Asset and the Income test, for Centrelink Age pension purposes. Conditions apply, …

From 1 July 2021 the Funeral Bond exempt asset limit remained at $13,500. Funeral Bond holders can have up to $13,500 of contributions in a Funeral Bond and the whole balance is exempt from the Age Pension asset and income tests. Conditions do apply, so contact KeyInvest or Centrelink for more information.