The Bitcoin-Plated Coffin

Hey Scott,

We are starting up investment bonds for our child’s future (and plan to have more kids too). I noticed the provider also has a funeral bond option. Is it worth it for a guy in his thirties? Or should I put, say, $10,000 of cold, hard cash per person in my fireproof safe to cover such an event? As we know, Mr Death is awaiting his timeslot.

John

Hi John,

All this future planning has got you fired up, hasn’t it, mate?!

Well, you do not need to invest in a funeral bond.

Here’s why: any money you put in can only be used for your funeral. You can’t take it out earlier.

So, if you sink $10,000 into a funeral bond today, and let compound interest do its thing, your funeral in 50 or 60 years’ time will be absolutely epic! With the eventual bereavement bounty you will have you could afford to be carried out in a bitcoin-plated coffin as the Rolling Stones play a live acoustic set. (Oh wait.)

According to MoneySmart, funerals cost anywhere from $4,000 for something basic to around $15,000 for something fancier. Somewhere in the middle seems about right, right?

My advice: put your energy and efforts into ensuring that you and your wife have adequate life and disability insurance instead.

Scott.