FAQs and What You Need to Know
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We are VERY conscious of the need for complete security and transparency with this most important matter. Money paid for prepaid funeral plans is protected by law but it is ‘light-touch’ regulation; it is not governed under Financial Services or similar. The protection we put upon money paid to us goes well beyond what is required by law.
We have the Tapper Funeral Service Prepaid Funerals Trust which is a financial vehicle that is an entirely separate entity from the funeral company. The Trust is governed by Trustees the majority of whom must be completely unrelated to the funeral company; the Trustees must be professional and act while investing the fund with the same degree of caution that they would with their own money. A professional Investment Fund Manager advises the Trustees where to invest the money to ensure complete security. The Trustees are advised by an Actuary who reports upon the ability of the Trust Fund to cover its eventual liabilities and who has the power to require the company to add money to the Trust Fund should the Actuary have reason to believe the fund is insufficient. Independent Accountants audit the performance and legitimacy of the Trust Fund’s work and again report to the Trustees.
100% of the money paid towards funeral plans is paid into the Trust Fund; no administration charges are taken from the fund, which is left to grow without deduction until the death occurs. The Trustees meet on a regular basis to ensure ongoing good order.
Most companies operating funeral plan trusts funds deduct administration costs and take surplus money (surplus based upon the company’s expectation of future funeral costs) – we therefore believe our Trust Fund to be a safer haven for prepaid funeral plans than can be found in the market today.
The Trust Fund is an entirely separate entity and is therefore unaffected whether Tapper Funeral Service exists or not.
Absolutely not. Unfortunately the industry has grown into one where very large commissions and incentives are paid to sales people/companies with the sole aim of selling funeral plans. We will NOT engage in this practice as the commission can only be paid from one place – the plan money.
The funeral plan can be transferred to an accredited funeral director near your new home. However, there may be additional costs depending on local prices.
Yes – many people purchase a funeral plan on behalf of a relative or a person that they are responsible for.
Yes. We will need to discuss the length of time and terms thereon.
The plan is guaranteed to cover all costs specified in the purchase agreement but subject to some conditions when third-parties are to be paid. The fees to some third-parties such as crematoria and minister/celebrants are managed by linking them to an industry standard for a minimum payment; other third-parties that are specifically selected (e.g. newspaper announcements or cemetery fees) will be linked to CPI inflation so that the amount provided for that particular service grows over the years. The cost of medical certificates for cremation in particular is unknown prior to death and is likely to change in years to come; it is therefore possible that fees may become payable for medical certificates.
Third party costs are outside of our control and we believe the above is the fairest way to deal with an intangible cost in the future.
Yes – all you need to do is contact us about any changes you wish to make. There may be an additional cost if new features and services are added to the plan. If you choose to cancel the plan up to 14 days from the date of purchase you will receive a full refund. If a plan is cancelled after 14 days, a refund of the original amount paid will be made, excluding any interest and after deducting administration charges.
Your Funeral Plan remains in place but there may be repatriation costs. If you have travel insurance you will be covered for this expense. In extreme circumstances, the Funeral Plan may be cancelled (subject to conditions).