The Albanese Labor Government has announced an enduring resolution for people impacted by the collapse of the insurance provider Youpla Group.
The Youpla Support Program will begin on 1 July 2024, and is expected to help more than 13,000 people recover from financial loss and provide certainty to families.
This initiative meets the Government’s commitment to address the failure of the previous Coalition Government.
The new program will be for people who held an active policy on or after 1 August 2015.
This date reflects when the Commonwealth removed Youpla policies from Centrepay, acknowledging the risks posed to vulnerable customers.
Under the program, eligible recipients will be offered the choice of a resolution payment – assessed at 60 per cent of the premiums paid up to the value of the insurance. Eligible recipients will receive a low risk prudentially-regulated funeral bond or opt out for a cash payment.
To assist eligible recipients, financial counselling will be offered to help them better understand the options available under the Youpla Support Program.
The $97 million program will run for two years, receiving applications until 30 June 2026.
The initiative follows the interim Youpla Group Funeral Benefits Program, announced by the Albanese Labor Government in July 2022, which allows the families of former members to claim a grant to cover immediate funeral expenses.
The interim program has allowed hundreds of families to conduct Sorry Business with dignity.
Ensuring a smoother transition and providing more certainty for former Youpla Group policy holders, the interim program will continue to accept applications until 30 June 2024.
People can register to receive updates and more information about the new Youpla Support Program by visiting niaa.gov.au/youpla or contact the National Indigenous Australians Agency on 1800 079 098.
Quotes attributable to Minister for Indigenous Australians Linda Burney
“Losing loved ones can be one of the most traumatic events, made harder still for those First Nations people affected by the collapse of the Youpla funeral fund.
“As soon as we came into government, we responded quickly with an interim support program. Since then, we’ve ensured the needs of First Nations people, communities and key stakeholders have been front and centre in designing the Youpla Support Program.
"This measure will hopefully bring peace of mind to thousands of families impacted by the collapse of the Youpla Group.”
Quotes attributable to Minister Stephen Jones
"We understand the importance of Sorry Business and the devastating impact of this company’s failures on the community.
“We are pleased to be able to support the varying needs of different First Nations peoples and communities through the Youpla Support Program”