Also known as death insurance, a funeral plan is a policy a person takes out to cover all funeral bills when a loved one has come to pass.
You cannot predict when you or someone are going to die, but you can prepare for the financial burden of such an unfortunate event. When you have a funeral cover, you are protected against substantial financial loss, as well as you will have assistance to plan a memorable memorial for your loved one. Where to start when planning a funeral? Have you ever thought about it?
Now, with the funeral cover, you do not have to worry about anything. Assist you every step of the way, and you can mourn your beloved in peace.
If you the policyholder dies, the cover will be placed on the one closest to you if they still won’t cover.
When you do the necessary research before buying a funeral policy, you will notice that most companies offer you up to an average of R100,000 coverage. Some insurance companies require that you need to undergo a medical examination, but not to worry, most companies do not require you to do it.
Some things will have an increase or decrease on your premium like for instance whether you want to be buried or cremated, your age and gender. You can also choose payment options like weekly, every fortnight, month end or a once off yearly installment. The majority of people decide to make a payment at the end of each month due to the affordable monthly premiums of funeral cover.
So, how does a funeral insurance plan work?
You sign a contract with an insurance company of your choice to provide you with finances in case you are a loved one dies. You choose a certain amount of cover, and the insurance company will calculate a monthly installment. Once a loved one dies, you can claim the company, and you will receive a lump sum to settle all the bills regarding the memorial service. As long as you pay your premiums at the beginning or end of every month, you will be covered, and there will be no problems with claims. Some companies also assist you with planning a funeral, especially if you do not know where to begin.
You will find when searching for the best funeral plan, that there are a variety of companies in South Africa willing to provide you with coverage. All you need to do is to find the company ready to meet your requirements.
Please read through the following tips below:
If you have a life insurance plan, read through your contract to see if you are not already covered for funerals as well. Some companies included this option with their life policies. If you are already covered, then it is unnecessary to buy additional cover. Discuss getting funeral cover with your family and gather all their requirements as well. Get quotes from various companies, compare them with one another and take the one with the most benefits for less. You should read through the fine print before signing off.
It is necessary to have a funeral cover, so make the right decision today and have peace of mind tomorrow.