What To Look For In Your Funeral Insurance Policy
South Africa is home to about 15,000 funeral parlours, 70,000 undertakers, and 100,000 burial societies. These range from the professional to the downright suspicious. In the interest of providing a dignified celebration of your departed loved one’s life, while protecting yourself and your family from the high emotional and financial costs that come with planning a funeral, it’s best to know what to look for in a funeral policy.
What Goes Into Funeral Cover?
When looking at funeral cover, many people only consider the cost of the premiums. But there is often more to funeral cover than meets the eye. It is best to consider the offering of an insurer in its entirety as well as the reliability of the insurance provider.
Your funeral insurance can cover more than expenses specific to the funeral itself. Some of the benefits you can add to your funeral cover can include grocery and education benefits, terminal illness benefits, retirement benefits, and more.
What Affects Your Funeral Cover Premiums?
There are a number of factors that can have an impact on what you pay for your funeral cover. This can include your age, your line of work, and any pre-existing or genetic conditions, among other things.
If you want to avoid the nasty shock of being refused a claim in your time of need, make sure that the information for your claim application is complete and accurate. Keep in mind that you will be flat-out rejected for a claim if your policy lapses at any point due to non-payment of premiums.
Is It Too Late To Get Funeral Cover For Your Parents?
While many insurance providers shy away from providing funeral cover policies for individuals above the age of 55, there is a growing trend within the insurance industry to extend cover to older relatives of the insured as an added benefit. A handful of insurance agencies are even going so far as to provide funeral cover policies for individuals above the age of 65, even up to the age of 79. It is never too late to apply for comprehensive funeral cover and protect your family’s financial future.