Funeral policies are a strategic financial decision that can add both peace of mind and financial comfort during a death. There are a few factors to consider ensuring that your claim is not compromised in any way.
MiWayLife does not advise taking out multiple funeral policies. Death is an emotional topic and keeping your funeral policy simple reduces the stress in a large way. With this being said, there are a few things to consider when choosing the best funeral policy for you or your loved ones.
An effective funeral polic
Do your research before taking out a policy. There are a lot of different policies for varying amounts. When doing your research, it is important to consider your needs in alignment with what you can afford. It is a common mistake to overspend on multiple premiums to ensure you have cover, when all you really need is a single effective plan. In addition, managing a number of policies can become cumbersome and difficult to manage.
Pay special attention clauses and fine print. Take note of anything that may exclude a claim from being paid out, for example, a waiting period.
Don't allow your policy to lapse. Policyholders should never default on a payment. Rather inform your financial service provider about your inability to pay so that they can help you restructure your payment plan to an affordable amount. Failure to pay your premiums can result in a canceled plan.
Finally, it is suggested that you let someone know about your decision to take out a funeral policy. Some people file policy documents away and forget about them. When the individual passes, there is no knowledge of a policy having existed.
MiWayLife offers expert advice on which funeral policy is best suited for your situation. Don't let the fear of death affect your cover.