Life can be unpredictable. Sometimes unexpected expenses crop up and a debit order slips through the cracks. We get it. Things happen. But if you've ever wondered what happens when you miss a funeral cover payment, here's what you need to know.

Why Paying Your Premiums Matters

Funeral cover is there to help your loved ones manage funeral costs and other immediate expenses during a difficult time. However, your cover depends on your premiums being paid.

If a premium isn't collected successfully, your insurer may make additional collection attempts and notify you that your payment is outstanding. The sooner you address the missed payment, the better your chances of keeping your cover active. 

Can Your Funeral Cover Be Cancelled?

In short, yes. If missed premiums aren't brought up to date, your policy can eventually lapse and be cancelled.

Once a policy has lapsed, your cover falls away and claims that occur after cancellation may not be paid. That's why it's important not to ignore missed payment notifications.

What About Waiting Periods?

Most funeral cover policies have waiting periods that apply when cover starts.

With MiFuneral, accidental death is covered immediately, while natural death claims are generally subject to a six-month waiting period.

It's important to keep your premiums up to date because a lapse in cover can affect these waiting periods. Depending on how long the policy remains inactive, you may be required to serve waiting periods again before certain benefits become available.

Can A Lapsed Policy Be Reinstated?

The good news is that a lapsed policy can often be reinstated if you act quickly.

With MiFuneral, if your policy is reinstated within two months of the lapse date, your existing terms and conditions remain unchanged and you won't need to start a brand-new waiting period. If you were still serving a waiting period when the policy lapsed, only the remaining portion of that waiting period will continue to apply.

This means acting quickly can help you avoid interruptions in cover and prevent unnecessary waiting periods from applying again.

The Bottom Line

Missing a funeral cover payment doesn't automatically mean you've lost your cover, but it can put your protection at risk if the situation isn't resolved quickly. If you're experiencing financial pressure or have missed a payment, contact your insurer as soon as possible to understand your options and keep your cover in place.

Want funeral cover that gives you flexibility and support when your family needs it most? Get a quick obligation-free quote from MiFuneral today. 

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.