Funeral bonds provide a way for individuals to plan and save for their funerals in advance, easing the financial burden on their loved ones during a challenging time.
An investor can make contributions over time in lump-sum payments or regular instalments. When the investor passes away, the money in the bond is paid out to cover funeral-related costs, such as caskets, cemetery plots, cremation, and other funeral services.
The funds can be assigned and paid directly to the funeral director, simplifying the process for the family. Unlike funeral insurance, there are no age or health restrictions applicable.