Funerals can be expensive because of all the different products and service fees that you’ll need to account for. A common funeral may include any of the following expenses:
The funeral director’s charge
Transportation
The coffin
Employing charges for a church or other venue
The expense of a burial ground plot and headstone
Flowers
Food and beverages for the wake
It may not be something you want to think about now, but if you passed away, it would be expected that your loved ones provide the finances for the ceremony. This is where funeral insurance can assist
What Does A Funeral Policy Provide?
Funeral cover policies offer your family a lump-sum payment the day you pass away. They can use this money to pay for your funeral and any other immediate costs. Depending on the level of cover you select, your family might get a payout of up to R25 000– which is generally paid within 24 hours of supplying the necessary claim information.
Entry age requirements do vary from service provider to service provider, but normal funeral cover is offered to all South Africans between the ages of 21 to 80. It’s simple to get covered immediately. You will not require a medical check and you won’t be asked any questions about your medical history.
Conclusion
If you’re looking for means to maintain your household’s financial security after you’re gone, funeral insurance is a simple but reliable solution to help protect them. Many people think of this as one final present to their loved ones.
If you found this article interesting, you might also be interested in Life Insurance.
Choosing the right funeral service provider to provide you with funeral cover in South Africa is very important. In this country, the funeral cover is provided as a part of a package that includes other funeral arrangements, which include the casket, transportation and cemetery plots. To select the right funeral cover in South Africa, there are several factors to consider. These include the premiums to be paid, the type of policy available and the type of coverage provided.
When looking for funeral cover in South Africa, one should consider the level of cover required by the family. For example, some families require additional benefits, like a fixed benefit plan, or a refundable funeral benefit. Some insurance providers also offer a lump sum benefit. The lump-sum benefit is a predetermined amount of money that will be paid to the beneficiary, upon the death of the insured individual. Other types of benefits may be available, depending on the covered party.
Before purchasing the funeral cover, one should consider whether the amount of the premium is equal to or greater than the monthly benefit that would be paid at the time of death. Most funeral policies come with an annual return of premium and a one lump sum benefit. This is usually the maximum amount that can be paid out upon death. Although this may be a fixed benefit, it can also be a variable benefit.
In addition to the premiums to be paid, several other factors can affect the premium cost. One factor is the waiting period, or the time allowed for the policy to take effect. Most funeral policies come with an eight-week waiting period, although some companies may allow a longer waiting period. The length of the waiting period can affect the premium cost and the benefit paid upon death. A longer waiting period allows for more people to be covered under the policy.
When getting a quote for funeral insurance in South Africa, it is also important to check how much the policy will cover. It is common for a company to provide an estimate of what they expect to pay in the case of a funeral benefit, but they will not provide a detailed sum in writing. This means that the consumer should base their final figure on the amount that they have been quoted and what they can afford to payout.
Finally, it is important to know whether the total includes any sort of services like embalming, burials and even the caskets that are used in burials. Burial repatriation is usually covered as a funeral benefit. It means that the family can decide to cremate the body of the deceased in their backyard for the family to use in future memorial services. The cremation can be done at home or a nearby location. Burial repatriation can be paid for either wholly or in part by the beneficiary – depending on their financial situation at the time of death.
