Financial assistance for victims of the collapse of Indigenous funeral insurance provider Youpla will open this week for eligible families.

Federal Indigenous Australians Minister Linda Burney and Financial Services Minister Stephen Jones on Monday revealed the new benefits program which would, from Wednesday, enable familes to apply for emergency financial assistance.

Youpla was placed into liquidation in March this year, leaving thousands of Indigenous Australians the provider had actively targeted without funeral insurance.

While compensation is not yet on the table, the assistance package will be open to support about 500 families need to bury loved ones but were left without insurance due to Youpla's collapse.

Financial Counselling Australia financial capability coordinator and Wangkumara-Barkandji woman Lynda Edwards said the fund was welcome.

https://www.nit.com.au/towns-hit-hardest-by-indigenous-funeral-insurance-firm-youplas-collapse-revealed/

"Sorry Business is a fundamental cultural practice that was stolen away and replaced with financial and cultural crisis," she said.

"The Save Sorry Business Coalition and many other First Nations advocates continue our deep conversations with ministers Linda Burney and Stephen Jones to achieve an enduring resolution for the families and communities harmed. No one should be left behind."

To be eligible, a person with an active policy as of April 1, 2020 must have died on or after that date.

Payments will be made within two weeks of an eapplication being approved and the scheme will run until November 30, 2023.

Indigenous Consumer Assistance Network director and Kuku Yalanji Elder Daphne Naden said more work was needed to support the remaining 30,000 victims.

"This first step is very much welcome as it will take a lot of pressure off the families that are suffering right now."

Data released on July 5 by Youpla's liquidators showed at least 20,000 people across Australia were affected, including nearly 10,000 from Queensland.