Why You Need Funeral Cover For Your Parents
A funeral is no simple thing and it certainly isn’t cheap. You have to buy flowers and wreaths, make sure there’s enough food for all the guests, pay for a burial plot, a headstone, a coffin and then later the burial or cremation. And while you are shelling out all this money, you have to bear the burden of your grief as well as that of your family, a burden which is only exasperated by having to haggle with funeral homes and the credit providers you must borrow from to finance this entire endeavour.
Folks often shy away from discussing funeral cover, especially with their own parents. But this is an incredibly important conversation to have, especially if your parents have retired or are over the age of 65. So, let’s set our awkwardness aside and pick apart this uncomfortable topic.
What Is Funeral Cover?
Funeral cover doesn’t sound appealing, nor does it sound like something we need in our younger years. That said, perhaps it is time to change our perception of what funeral insurance means. Rather than see it as a sum of money we need at the end of this mortal coil, it should be recognised as a monthly investment into the future financial wellbeing of your loved ones. This is an important plan to have in place both for yourself (to spare your family this trauma) and for your parents, if there is no plan in place already.
What You Should Know About Getting Funeral Cover For Your Parents
- Know what you’re getting into.
Many life cover policies already include some form of funeral cover. So, if you already have life cover, check your policies to avoid the possibility of paying multiple premiums for funeral cover. Finally make sure the funeral cover you’re planning on taking out is licensed by the Financial Services Board.
- Take note of waiting periods.
The older the applicant, the longer a waiting period for approval may be. These waiting periods are determined based on a number of factors, such as age and pre-existing conditions. However, this is not necessarily the case for all funeral cover providers.
- Don’t wait until it’s too late.
Ideally, you shouldn’t wait until your parents have reached retirement age before looking into funeral cover for them. As with life cover, it’s best to investigate this type of insurance sooner rather than later as insurance providers will be more likely to up the premiums depending on any pre-existing health conditions at the time of the application. However, just because your folks have reached the age of retirement, doesn’t mean there is no funeral cover for 55+ year-olds.