Why is Funeral Insurance Important

Funeral insurance or more commonly known as funeral cover is a type of insurance where you pay a specified monthly premium to the Insurer and it pays out a lump sum when you pass away. The lump sum that you receive upon death will be equal to the amount you have chosen when you elected to purchase the insurance.

You can also take out family funeral plans which will cover your partner/spouse, child/children and other extended family members in the event of death.

Death is unfortunately a part of life and a reality that we all should plan for. The death of a family member is heart-breaking and dealing with the loss of a loved one can be very traumatic. If death is unexpected, it can cause so much more stress and pressure on dealing with the loss of your loved one and planning a dignified burial.

On average, South Africa is one of the countries with the highest funeral costs in the world, and depending on the family’s tradition and/or customs, the costs could quickly pile up to thousands of rands. The costs of funerals can easily ruin a family financially if death is not planned for.

Funeral policies help to cover the immediate costs of a funeral as you receive a specified amount when the insured on the policy dies.

Funeral products are flexible and offers a variety to suit a person’s specific needs.

Funeral insurance pay-outs are often much faster than other types of insurance, such as life insurance. It can help you to avoid incurring debt when your loved one passes away.