Funeral Cover

With a funeral insurance policy, your family can afford to give you a dignified funeral with the polished coffins and artful and colourful floral arrangements in this funereal home.

Funeral Insurance: Is It Worth It?

It’s easy to get caught up in the chaos and routine of daily life and daily expenses. We budget to pay off home loans, pay for our children’s school fees, repairs to household appliances – but what about the lives of our loved ones after we are no longer in their lives. Apart from trying to maintain all that you’ve built for your family, they would now have to make serious financial considerations concerning your funeral. Grief often seems more complicated than the solemn ceremony of a sincere send-off, but that doesn’t mean that planning a funeral is a simple thing either. There are many reasons why a funeral cover policy can provide relief to your family and the sooner you enter into one such policy, the greater the funds they will be able to access upon your death. Consider our breakdown of the costs of the essential elements of a funeral and decide for yourself whether your family could benefit from a funeral insurance policy.

 

Basic Funeral Cost Breakdown

  1. Service fees for the funeral director and staff

There is a list of basic service fees that are part and parcel of interacting with funeral parlours. In other words, these are must-pay fees. These compulsive basic service fees include services that are common to al funerals. These fees do not include religious and culture practices. Basic funeral services would include things like planning the funeral events, securing necessary permits and copies of death certificates, preparing notices, sheltering the remains, and coordinating the arrangements with the cemetery or other third parties.

 

  1. Further services and merchandise

As mentioned earlier, any religious or cultural elements to a funeral would result in extra charges for the family of the deceased. Apart from those, however, the funeral parlour may also charge for further services like the transportation of the body, use of the funeral home for viewings, the memorial service, use of equipment or staff for graveside services, use of a hearse, the casket, and cremation or internment of the body.

 

  1. Advance fees

Some products and services require payment in advance. You may either have to buy these products and services yourself or pay a little extra to your funeral home to purchase them on your behalf. These can include flower arrangements, obituary notices, pallbearers, officiating clergy, and musicians. If you’re paying for these additional services through your funeral home, be aware that, according to the Funeral Rule, the funeral home must disclose in writing that they may charge an extra fee, although this doesn’t mean they must reveal the exact amount of their mark-up. The Funeral Rule also states that funeral provider must inform you of any refunds, discounts or rebates from the supplier on any of these cash items.

 

Protecting Family Finances From Funeral Expenses

As you can see, a funeral is no small – or cheap – business. Between the basic funeral arrangements and further (but still necessary) services as well as the overwhelming burden of grief, there is a lot for a family to grapple with during an already trying time. And this is why having the right funeral insurance cover to your name can save you and your family a lot of stress, a lot of grief, and a lot of family finances. The mission of Get Insurance is in the name – we look for the best funeral insurance for your budget. Apply for funeral cover quotes today!

A young man helps his parents apply for a funeral policy. Funeral cover for parents can be an add-on benefit of your own funeral policy. Ask your insurer about the basics of your funeral policy today.

Understanding Your Funeral Cover Policy

How well do you know funeral cover? Most people don’t think much about it until a parent takes ill or a child or spouse suffers a terrifyingly close shave. Funeral insurance provides a cash pay-out in the event of the death of the insured, so that the family has a financial resource to draw upon when arranging the funeral. But there is more to a funeral policy than the pay-out. This article unpacks the basics of a funeral cover policy, so you can make the right choice for your family.

Funeral Cover Or Life Cover

A lot of folks don’t understand that there is a simple difference between funeral cover and life insurance. To cut a long story short, funeral insurance lives up to its name in that it is a cash pay-out that intended only the cost of a funeral. Meanwhile, the cash pay-out from a life cover policy can be used to pay off debts that outlived the insured. If there are no outstanding debts for the beneficiary to take care of, this money can give their household a much-needed financial boost, especially in the event of the main breadwinner passing away.

It generally considered best to have both a life cover policy and a funeral policy.

Funeral Cover Benefits

Different providers include different benefits in their funeral policies, the only constant being the pay-out to cover the costs of a funeral. Depending on your insurance provider, your policy could include the following benefits:

  • The number of lives covered: A single plan will only pay out in the event of your death. However, many insurers also offer family plans, which also cover the spouse and a certain number of children. Some funeral policies even offer the added benefit of covering selected members of your extended family. Other insurers offer specific funeral cover for pensioners or parents over 70.
  • Waiting period for natural death: Almost all funeral insurance companies will insist on a waiting period of at least six months from the policy’s acceptance date.
  • Waiting period for accidental death: Many insurers offer to waive the condition of awaiting period in the cases of accidental deaths. We may make plans in case of accidents, but accidents are, after all, merely the result of things not going according to plan.
  • Premium waiver: A funeral policy may also give you the option to keep your family insured for a certain period after your death. Another premium waiver option offered, allows you to maintain your funeral cover in case you are retrenched.
  • Memorial benefit: Again, this is specific only to certain funeral insurance providers. This is a separate cash benefit that is paid out five or 11 months after the death of the insured.

 

Sometimes a funeral policy goes above and beyond, offering more benefits to protect the financial wellbeing of your family. If you want to find out what funeral cover policy is the best for you and your family’s future, apply for a quote today.

Old couple enjoys a walk on the beach. They know the difference between funeral cover and life insurance, and are able to live out their golden years to the fullest, knowing their family's financial needs are taken care of.

Which is Best: Life Insurance or Funeral Cover?

When it comes to your family’s future, you probably think you’ve got it all covered. After all, you want to make sure that your loved ones have everything they need should anything happen to you. When it comes to financial planning, the question then becomes: should you be considering funeral cover, life insurance or both?

Most people take out funeral cover first as it pays out funds immediately to help take care of the urgent costs of a funeral. Some people, however, believe that life insurance is all they’ll need to protect their family’s finances.

So, what is the difference between life insurance and funeral over? We investigate the specific virtues of each policy, the differences between the two, and why you should consider having both.

Funeral Cover

Funeral cover is insurance that provides funds for the short-term needs of your family. In the event of your death, a lump sum is paid out to your family, which is usually within 48 hours upon sending all relevant documents to your insurer. With these funds, your family can cover all the expenses related to the funeral itself as well as some they’ll need after the funeral. Funeral cover with no waiting period is just one of the many advantages of funeral insurance.

Remember that protecting their future means preparing for the unthinkable. Plan wisely with funeral cover.

Life Insurance

Life cover provides funds that cater to the long-term effects of a death, for example, life immediately after the funeral. The value of a life cover policy is usually three times your annual salary and, in some cases, is paid out as a once-off lump sum. The purpose of this policy is to help settle any outstanding debt (should there be any) and provide financial support for your dependents.

4 Main Differences Between Life Insurance and Funeral Cover

  • A standard life policy and funeral cover will pay-out when you die. Funeral insurance is always seen as the most affordable choice. However, it can be more expensive, for example, if you took the same amount out as your standard life cover.
  • Once the main member passes, funeral cover requires only the relevant documents to approve a valid claim. The death certificate of the deceased is required. A life cover goes through a long claim process where your family needs to complete forms and provide medical reports as well as details of how the death occurred.
  • In some cases, funeral cover can be for smaller amounts. One of the biggest selling points of life cover policies is that they cover bigger amounts.
  • Funeral plans are available for you, your spouse, children, and extended family members all under one policy. A life cover policy, on the other hand, is mostly for one person or a married couple and only pays out to the nominated beneficiaries.

Which One Should You Get?

You should get both. Although they are two very different products designed to do different things, one is not interchangeable for the other. For your family, your death will be one of the most devastating things they will ever endure. The last thing you want them to worry about is the high cost of a funeral. If you’re not sure about which to choose, search online for the best funeral cover quotes.

What many don’t consider is the life after the funeral. If you are the breadwinner in your family, your dependents need to carry on living without your support. They need to pay for things such as home loans, school fees, outstanding debt, electricity and water bills. This is why life insurance is so vital at assisting your family in sustaining a life long-term.

You want to leave behind as much as possible based on the monthly premium you can afford. A life insurance calculator can be a great tool at assisting you in getting an idea of how much you’ll be covered for. This will be based on your gender, age, education level, home loan, dependents, and income.

Your family matters and caring for them is your priority. Making the necessary plans now can save them a lot of stress and suffering in the future. Start today with funeral cover. Get a quote!