FUNERAL

PRODUCTS

FUNERAL

PRODUCTS

Do you think you have been ripped off by a funeral fund or funeral insurance?

Some funeral products are not savings plans! This means that all the money paid over the plan amount does not go back to families or community for sorry business. There are sometimes also limited payouts for families affected by suicide.

Do you think you have been ripped off by a funeral fund or funeral insurance?

Some funeral products are not savings plans! This means that all the money paid over the plan amount does not go back to families or community for sorry business. There are sometimes also limited payouts for families affected by suicide.

Things to know about
Aboriginal Community Benefit Fund (ACBF) or ‘Youpla’

  • ACBF is not a savings fund. If you are an existing ACBF customer and you stop making payments, you could lose your cover and not get any money back
  • You could end up paying more than the actual cost of your funeral and the extra money wouldn’t go back to your family or community
  • There are limits on pay-outs in the event of a suicide
  • ACBF is now called 'Youpla'

Things to know about
Aboriginal Community Benefit Fund (ACBF) or ‘Youpla’

  • ACBF is not a savings fund. If you are an existing ACBF customer and you stop making payments, you could lose your cover and not get any money back
  • You could end up paying more than the actual cost of your funeral and the extra money wouldn’t go back to your family or community
  • There are limits on pay-outs in the event of a suicide
  • ACBF is now called 'Youpla'

If you stop paying, you might not be able to get anything back at all!

TRACEY'S STORY

Tracey Walsh is an Aboriginal and Torres Strait Islander woman living in Victoria who gave evidence to the Banking Royal Commission about her experiences with the Aboriginal Community Benefit Fund (ACBF).

In about 2005, Tracey signed up to ACBF at her workplace because she didn’t want her family to have to fork out money for her funeral.

Tracey thought she was signing up to an Aboriginal company because ACBF used the word ‘Aboriginal’ and had the rainbow serpent and Aboriginal colours on their documents.

Tracey wanted to support an Aboriginal company and the salesperson, who she thought was Aboriginal, told her how good ACBF was for Aboriginal people. Tracey likes to support other Aboriginal people and feels more comfortable dealing with her own people.

However, Tracey discovered that ACBF was not an Aboriginal company and that she had paid over $11,000 for her funeral fund which was only worth $8,000. Tracey also found out that it was not a savings plan, like she thought, and that her family could not get back all of the money she had paid in. Even though Tracey didn’t earn much money and had paid much more than $8,000 into the fund, ACBF would keep all the extra money.

After Tracey made a complaint about ACBF to the Ombudsman and after she was invited to give evidence at the Banking Royal Commission, ACBF agreed not to make her pay any more money and she now has a funeral fund worth $10,000.

If you have already paid more than the amount of the maximum pay- out, you may be entitled to stop making payments and keep your policy

On 3 July 2018, the CEO of ACBF gave evidence to the Banking Royal Commission stating that ACBF will agree to let existing customers stop payments and keep your policy, if:

  • you purchased the plan around or after 2004
  • you are having money troubles
  • you have already paid more in premiums than the maximum benefit
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