A waiting period on a policy means that you will only be able to claim from your policy within a set time frame.
For example, most funeral covers have a 6-month waiting period which means you will only be able to place a claim from a policy 6-months after the date on which your policy was in effect. But is it possible to get a funeral policy without a waiting period?
Funeral covers with no waiting periods
Funeral covers in South Africa come with a waiting period. However, some policies have a built-in accidental cover feature that can payout for deaths caused by accidents to ensure that you are covered. Insurers have waiting periods as part of their policies to avoid situations where people make fraudulent claims to get access to the payout.
What happens if you die within the waiting period?
We don't know when we are going to die but planning ahead by having a funeral policy in place is some of the ways we can financially safeguard ourselves and our loved ones from life's unexpected moments such as sudden death. Should the death of a policyholder not be accidental, your insurer will begin the claim process which will assess that all was in order and that there was no foul play. Your insurer will also have to check if the policyholder is not guilty of non-disclosure to determine if the claim will be processed or denied.
Make sure that you will be adequately covered
There are many things someone might consider before taking out a funeral cover. Some of these features could be affordability, but it is vital not to skimp on getting quality cover. Having a quality cover means checking to see if the amount you are covered for will adequately cover the costs of a funeral. Knowing how much it will cost, especially when it comes to budgeting for unexpected expenses can help you and your family focus on giving a loved one a proper send-off instead of stressing about the financial aspects of the day.
