If your family consists of not only you, your spouse, and children but extends towards other family members, finding the right cover matters.
While you can find a funeral cover that covers you and extended family members under one premium, there are a few things to keep in mind. Here is what you need to know.
Taking out cover as a main member
Before anything else, it is crucial to have a policy for yourself. As much as you want to protect those that matter to you by offering them a dignified burial, it will also be important to have a plan in place for yourself which will help them shoulder the cost of your funeral.
However, taking it one step further by insuring that they are covered well beyond the funeral day is vital. Did you know that you can get life cover and a funeral cover under one premium? Having the best of both worlds can give you peace of mind knowing that your family is taken care of no matter what.
Covering your spouse
Creating a financial safety net for your significant other is something crucial that all couples need to discuss at some point. The same goes for taking out funeral cover. You can choose to each have a policy that can range from a minimum of R10 000 - R100 000 in South Africa. However, understanding the costs that come with a funeral can give you insight into what cover amount will be suitable for you and your spouse.
Cover amount for children
Creating an all-round financial safety net also means taking out a funeral cover policy. MiWaylife offers a policy that can cover up to eight of your biological, adopted or step children. However, by law, insurers can only offer a limited amount to cover children. For example, the maximum cover for children under the age of 6 is R10 000 and the maximum cover for children 6 years and older, but under the age of 14, is R30 000.
Taking care of the in-laws
The complex landscape of families means that many South African's find themselves not only supporting themselves and their immediate family, but they also have to take care of their in-laws. The older our parents get, the more we find ourselves creating means to make sure that they are taken care of.
Extended family funeral cover means that you will be able to cover your parents along with your in-laws for a cover amount of R50 000 or more. Having one policy that covers everyone also makes it easier for you to track your payments and pay one premium instead of multiple payments.
Adding extended family members as you go
You can get access to a life insurance policy that comes with funeral cover that can cover up to 8 of your biological, adopted or stepchildren. This also extends to covering 4 parents and 8 wider family members which means you can cover your aunt who says you don’t visit them anymore and your cousin that goes M.I.A for extended periods of time for as little as R149*.
That’s up to 21 extended family members. You have the flexibility of choosing an insurer who can offer a cover amount of R10 000 to R50 000 or more to cover extended family members as you go to make sure that everyone you love is taken care of.