There are lots of reasons why you’d really want funeral cover and some of them might even surprise you!
Chances are you’ve spent bit of time thinking about the “big days” we might expect in life, things like our wedding or the birth of our first child. But have you thought about your funeral? While it’s not something most of us like to dwell on, funeral planning is important. For starters, a funeral, even a very modest one, will cost money. From the cost of cremation or burial to catering, all these things need to be paid for but this is where a funeral policy becomes important.
Be prepared
Being financially unprepared for the cost of a funeral, be it your own or someone close to you that relies on you financially, can create an avoidable burden during a time when emotional stress may already be running high. Having a funeral policy, however, provides a financial safety net, ensuring that you or your loved ones are not left struggling to cover the expenses associated with a final farewell. From funeral service charges to burial or cremation costs, having a policy in place guarantees that these expenses can be taken care of, relieving your family of financial stress during an already challenging time.
Get immediate access to funds
One of the biggest advantages of funeral policies is the prompt access to funds. Unlike other types of financial arrangements that may take time to process or, worse yet, incur interest (here’s looking at you loan sharks!), a funeral policy can give you access to a quick payout that doesn’t have to be paid back. This means your family can settle the necessary expenses promptly, allowing them to focus on grieving and supporting one another. For the record, many people don’t realise that, when they pass away, their bank will immediately freeze their accounts until their estate is finalised. This process can take years, so if you were thinking that you don’t need to worry about having a funeral policy because you’ve got money in the bank, you might need to think again.
Get even more protection with MiWayLife
Much like a funeral policy, a life insurance policy is a smart way to create a financial safety net that ensures your loved ones receive a timeous payout in the event of your passing. This is why MiWayLife gives you the best of both with our 4-in-1 life insurance policy that also includes a funeral cover benefit.
Let’s break it down shall we?
For one low monthly premium, you’ll receive comprehensive life insurance for a sum of your choosing that increases by 5% each year. You’ll also get a terminal illness benefit that will pay out 50% or 100% of your life cover should you be diagnosed with a terminal illness and are likely to pass away within a year. As far as funeral cover goes, your policy will include this benefit too - and it pays out fast - within 48 hours of receiving the required claim information. This benefit is set at 10% of the total available life cover, meaning that if you took out a life insurance policy that gave you R300 000 worth of cover, you’d receive R30 000 in funeral cover. (Just note that our funeral cover benefit is capped at R50 000, regardless of how much life cover you buy.)
You’ll also be able to get funeral cover for your wider family if you cover them as additional insured lives by your policy. Just keep in mind that
each additional member will increase your premium.
The bottom line
At the end of the day, having a funeral policy is not just a financial decision; it's a compassionate and responsible choice that provides a sense of security and support during a difficult time. If you don’t have one already, why not chance that today?
Did You Know:
You can now take out life cover that includes funeral cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
