Funeral covers are one of the most popular policies in South Africa. With many affordable options available out there, there is one mistake that can end up costing you and your loved ones. Here is what you need to know.
Are funeral covers enough?
The cost of a funeral in South Africa can range from as little as R10,000 - R86,000 or more, depending on how elaborate it is. Understanding the various expenses can help families plan better to handle a funeral. It also prevents you from dipping into savings or adding a strain to your finances when something unexpected such as death happens. But is it enough?
Plan for the day after the funeral
The one biggest mistake that most people make when it comes to taking out a funeral policy is not thinking about the day after the funeral. The sad truth is, life continues with its expenses. It is something that leaves many families struggling financially, especially if they have lost a breadwinner.
Funeral and life cover policies serve different purposes. Having funeral cover is a great way to help loved ones carry the cost that comes with a funeral. It also gives your loved ones breathing room to mourn and heal instead of stressing about finances during such as difficult time. MiWayLife offers a life insurance policy that comes with a built-in funeral policy to help you create a financial safety net that will take care of all of their needs.
Combining both under one premium can be an affordable option for people who want to provide an all-round financial safety net for their loved ones once they have passed on. It also means that you won't have to keep track of multiple policies and payments.
Features to keep an eye out for
Not all policies are created equally. However, knowing what features to look out for will help you make a better decision. Finding something that will match your needs is crucial, therefore, speaking to an insurer can also give you insight into whether a policy will be the right one for you.
