Why would I need funeral cover?
A dignified funeral can be a tremendous source of comfort and reassurance to mourners. But the fact is that funerals are expensive.
Funeral insurance cover provides the family of the insured with a cash sum to pay for funeral expenses and other urgent costs, saving them from burdensome expenses when they are most vulnerable.
Many people argue that if they have life insurance, they can’t see they need to funeral insurance as well. However, even if your finances are stable at the time of your death, cash from your estate may not be immediately available. A funeral insurance policy will pay the beneficiaries a cash lump sum, ensuring that vital expenses can be paid without delay and that funeral arrangements are not compromised by a shortage of available cash.
Compensation for lost income
If your family depends on you wholly in part as a source of income, your death will have particularly serious financial implications. Having to fork out for an expensive funeral at this time will only deepen their financial misery.
Many funeral plans also come with additional benefits, such as a grocery plan or access to a vehicle. This makes the initial hassle of arranging a funeral much easier and will help your family in the longer term, too.
Extended cover
You should not, however, only consider funeral cover for yourself. Many policies allow you to extend cover to your spouse and children. Parents and parent-in-law can also sometimes be covered. And while it may not be pleasant to think about the death of a loved one, these considerations are an important part of sound, practical long-term financial planning.
Speak to an insurance broker about taking prudent steps now to manage your finances responsibly and ensure your loved ones have the necessary resources at hand in the event of your death.
Hollard is a leading provider of funeral insurance cover in South Africa. A Hollard insurance broker will help you to plan for inevitable life events.
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