Add Funeral Cover To Your List Of Insurance Policies
Article by Veronique Jackdaw
Nothing in your life is certain, but death and taxes! That’s true, we’re all born, we work hard, play hard, pay plenty of taxes (on pretty much everything!) and at the conclusion of this rollercoaster ride we call life, we eventually depart this life. Very scary to think about it that way and not really the kind of conversation we wish to have over a lasagna and a few dvd’s, however an issue that we have to plan for.
If a loved one becomes deceased, it is indeed a very agonizing time. All the relatives and friends need to be informed and then you need to start with the actual funeral arrangements. Everything from the flowers to the casket and the food at the memorial service have a price and the very last thing you need to concern yourself with on top of all the strain and emotion is finding enough money to pay for it all. Your solution comes in the form of funeral cover!
Funeral cover is a stand alone policy and is typically offered to consumers once they obtain insurance coverage. You’ll be able to take it as an add-on to your life insurance coverage and then it is usually said that you have a life insurance policy with death benefits. It is on the other hand also possible to acquire the policy without having another type of insurance in place. You will usually have to go for some sort of a medical assessment before you will be able to obtain funeral cover.
If you have a family, having funeral cover in position is the responsible thing to do. And do not only plan for when you pass on, but also if one of your family members exchanges the part time for the eternal before you – having access to money to take care of all the arrangements and the burial will take a lot of strain off your loved ones.
The earlier you invest in such a policy, the better, because the cheaper it would be. Keep in mind that funeral cover falls in the same category as life insurance cover: long term insurance. This is completely different from car insurance for example. When it comes to motor insurance your premiums are basically consistent, based on the vehicle you are driving, the value of the vehicle etc. Sure, your premiums might be reduced a bit when you’re older and have proven to be a responsible driver, but it won’t decrease forever. Long-term insurance works a bit different – the longer you have to pay for the policy, the lower your premiums. Consider it this way: If you obtain a life insurance plan at 50 and might need the funds at 70, you have only 20 years’ premiums saved up. On the other hand, if you obtain this policy when you’re 20 that will mean you have 50 years’ savings. The same basic principle applies with funeral cover.
Make certain you have funeral cover in place as early as possible. We are all born with an expiry date; make sure that you are ready!
About the Author
For more information on funeral cover, go to http://www.cheapfuneralinsruance.co.za