Life is full of surprises, and while we focus on enjoying the good times, it's also important to prepare for the unexpected. One of the most challenging things for families is coping with the loss of a loved one, something that can be made even more stressful by financial strain. The reality is that funerals are expensive but other end-of-life costs can really add up, often catching families unprepared. MiFuneral knows this, which is why all policyholders have the option to include our Final Expenses Benefit.

What are “final expenses”?

When we think about end-of-life costs, the first thing people think about is a funeral. But final expenses can extend beyond that. Your loved ones might face travel expenses for family members coming from afar as well as accommodation and catering costs. As your family's daily life continues, regular expenses like groceries, electricity or rent will still have to be paid. They could also be surprised by unexpected expenses – things like medical or grief counselling costs, pet care or outstanding personal debts.

While all that’s happening, it's important to remember that your family won't have access to your bank accounts after your passing. These are all frozen until your estate is settled, a process that can take months, even with a Will in place. Sadly, it’s these types of expenses plus a lack of access to your funds that often cause family members to dip into your funeral cover to make ends meet instead of giving you a dignified farewell.  

MiFuneral’s Final Expenses Benefit is a financial safety net

If you have a MiFuneral Policy and have chosen to include our optional Final Expenses cover, your family will receive a lump sum payout of your choosing. This benefit is not intended to cover the cost of the funeral but is available to protect your loved ones against any other end-of-life expenses. Better yet, just like our Funeral Cover, it pays out fast – within 48 hours of filing a successful claim.

Another way MiFuneral Policy can help support your family in the event of your passing is via our optional Income Support Cover. Again, this benefit is separate from the Funeral Cover included in your policy. It provides a monthly amount of your choosing to support your loved ones for 12 months after an approved claim. 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, it’s a great solution. Also, nothing is preventing you from opting to include both benefits - Final Expenses Cover as well as Income Protection Cover - to 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 financially protected, consider creating a safety net with MiFuneral’s optional Final Expenses Cover. This way, you can get back to living life to the fullest with complete 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.