What Is What Is Funeral Cover ?
Funeral cover provides peace of mind, knowing that funeral expenses will be taken care of, allowing the family to focus on grieving and honouring the memory of their loved one.
Benefits of Funeral Cover
Purchase a policy
When purchasing a funeral cover policy, you will select the coverage amount, which represents the lump-sum payment that will be paid upon your death. You will pay monthly premiums to the insurance company to maintain coverage. Premiums may be level (remain the same throughout the policy) or increase with age.
Many funeral insurance policies have a waiting period (e.g., 6 or 12 months) after the policy becomes effective, during which the full death benefit will not be paid in the event of a natural death. Accidental deaths are typically covered from the start of the policy. If the policyholder dies during the waiting period due to natural causes, the insurance company may refund the premiums paid.
Claim approval and payout
Funeral cover policies generally have a fast claim processing time, as the funds are needed urgently to cover funeral expenses. Once the claim is approved, the insurance company will pay out the lump-sum benefit amount specified in the policy to the nominated beneficiary or family members
Income Protection is a way of securing your financial security in the wake of not being able to earn due to accident, unemployment or illness.
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