(1) For paragraph 765A(1)(y) of the Act, a funeral expenses policy is not a financial product.
(2) In this regulation:
funeral expenses policy means a scheme or arrangement for the provision of a benefit consisting of the payment of money, payable only on the death of a person, for the sole purpose of meeting the whole or part of the expenses of, and incidental to the person's:
(a) funeral; and
(b) burial or cremation.