According to recent statistics from ASISA, death claims increased in 2020 compared to the previous year. The pandemic may have forced many of us to rethink how we plan when it comes to funerals and finances. But most important, what is being offered through a funeral policy?
If you ever wondered how you and your loved ones can benefit from a funeral policy, we help you break down the benefits of a funeral policy, how it will cover you and what for, and what features to check to get the most out of it.
Adequately covering funeral expenses
Unexpected expenses happen in life, but these can sink anyone's finances if there is no safety net in place. Having something such as a funeral cover offers many South African's peace of mind knowing that they don't have to worry about the financial aspects of organizing a funeral. However, being adequately covered is just as crucial.
Settling for the first funeral policy because of its affordability could end up costing you. Knowing if a funeral cover will adequately cover your needs is all about knowing your numbers. Understanding what it costs to cover all expenses that come with a funeral will let you know if a policy is the right fit.
Quick claims process
Hearing the news of a loved one passing away is heart breaking. The last thing anyone wants is having to go through a tedious claims process while they are grieving to receive a payout to handle funeral expenses. Therefore, insurers have made it possible for beneficiaries to receive the payout within 24 hours - 48 hours after placing a claim.
To avoid any frustration, it is critical to understand how the claims process works. Have the relevant paperwork that is needed to avoid having to go back and forth. MiWayLife policyholders can find the relevant claim information that is needed on our page for a smoother process.
It can cover you and family members under one premium
Whether your family is small, or a large one that is continuously growing, there is a policy for you. You can get access to funeral cover such as MiWayLife’s funeral cover that offers a plan which covers you, your spouse, 8 children, 4 parents/parents-in-law, and 8 extended family members under one premium. No one gets left behind.
Cover amounts vary to adequately cover you
There is more than one way we carry out a funeral based on our family traditions, religious beliefs or personal wishes. Being able to have the flexibility of choosing a cover amount that will help your loved ones to adequately cover all expenses is possible with funeral policy cover amounts ranging from R10 000 - R50 000. However, make sure to check with your insurer to see how much you can be covered for.
A common mistake that some people make is focusing on the premium that they will be paying. While it is good to check if you will be able to afford a policy, it is vital to see if the benefits that come with it and if it will be enough to cover you and your loved ones.