Dealing with the loss of a loved one is one of the hardest things a family can go through, and financial worries shouldn't add to that burden. This is why we think everyone should have a funeral policy. Still, there are often many other costs that arise when someone passes away, which can catch families off guard. At MiFuneral, we understand this, which is why we offer all our policyholders the option to add extra benefits like Final Expenses Cover and Income Support Cover.

What is MiFuneral Policy’s Final Expenses Cover?

Final Expenses Cover is a lump sum payout of R50,000. Your family can spend it however they wish but it’s intended to cover any end-of-life expenses that extend beyond the cost of a funeral. These include medical bills, outstanding debts, pet care and travel expenses for out-of-town family members. Also, if you’ve underestimated the cost of your funeral, your family won’t have to dip into their own savings to give you a dignified farewell. Just like our Funeral Cover, this benefit pays out fast – within 48 hours of filing a successful claim.

What is MiFuneral Policy’s Income Support Cover?

Income Support Cover provides your family with a monthly income for 12 months after your passing.  You get to choose the amount, and it can go a long way towards helping your loved ones adjust to their new normal without having to worry about how they’ll pay the bills. The first income payment will be at the end of the benefit month in which we admit the claim. Then, the remaining income payments will be made at the end of each following month. If you’re worried that your family might spend a lump sum all at once and want to ensure they have access to a reliable short-term income, we think it’s a great solution.
  
Get the best of both worlds 

At MiWayLife, we’re all about flexibility. You know your family. You know your needs. This is why you get to choose your MiFuneral Policy benefits to create a custom financial safety net. If you think your loved ones would benefit from receiving an extra lumpsum payout that’s separate to your funeral cover, opting for our Final Expenses Cover benefit is the way to go. If you’re worried that they might spend this amount all at once and want to provide them with a steady amount over a period of months, then our Income Support Cover benefit is a great choice. However, there’s nothing stopping you from choosing both benefits to create a more comprehensive financial safety net and enjoy maximum peace of mind.

The bottom line

End-of-life expenses can extend beyond the cost of a funeral. If you want to ensure your family is fully financially protected, consider creating an ever-bigger safety net with MiFuneral's optional Final Expenses Cover and Income Support Cover. With both benefits, you can then get back to enjoying precious moments with the people you love knowing you’ve got maximum peace of mind.

Did You Know:

You can now take out affordable funeral cover with us online in a few simple steps. No calls and no agents! Discover the digital way to enjoy full peace of mind by buying a MiFuneral Policy cover online.