Life is unpredictable and it is important to take care of your family financially, which you can do by saving each month and taking out insurance policies that will look after your family.
One such insurance product is funeral insurance. If the worst were to happen, your family will be able to use the money from this insurance to pay for your funeral and with family funeral plans, you can include your extended family as well.
Here are the top reasons as to why you should take out funeral insurance.
Your Funeral is Paid for
Funeral cover pays for your funeral and with a family funeral cover plan, it will also pay for the funeral of a loved one who you have added to your policy. On your death, your family will receive a lump sum pay-out, which will be enough to cover your funeral, so that your family does not have to pay from their pocket.
With funeral cover, you will not need to undergo a medical examination like you would have to with life cover. However, ensure that the policy does not have any exclusions regarding pay-out. There are funeral insurance plans that will pay-out within 48 hours of death if it is due to natural causes, other deaths may require further investigation.
Funeral Cover is Affordable
Many think that funeral cover is expensive, however, you will find that it is quite affordable. The monthly premiums for funeral cover are much lower than other insurance products, so you can give your family peace of mind without breaking the bank.
There are some funeral cover options which are based on your income and the premiums will only increase when you add more people to the plan.
Covering the Extras
People often underestimate the cost of a funeral, but they are expensive. Not only do you need to consider the cost of the actual funeral but also the extras like a headstone, transport for family, flowers, catering and so on.
When your family can easily cover these expenses they can grieve peacefully without the extra stress of money hanging over them. Having funeral insurance in place will then protect your family from incurring debt.
Don’t Give Your Family Debt
If you are the main breadwinner in the family, then you might be worried about getting your family into debt when you pass away. Also, you might be worried about having to pay for a funeral of a loved one because it will be too expensive for you to handle. This is where a family funeral cover comes into play.
If you pass away, then your family won’t need to bear the financial cost of a funeral and if a loved one that has been named on your policy dies then you will be able to give them the funeral they deserve without having to go into debt yourself. This is the biggest benefit of funeral cover and in the long run, it will save you money.
If you already have life insurance in place, you may find that you will need to wait a while before the plan pays out. However, funeral cover pays out quickly and often within 48 hours of death. Your family can then arrange the funeral sooner rather than later. Your family will then not have to worry about finding the funds to pay for your funeral. A fast pay-out means everything can happen sooner and the grieving process will be easier as the finances will be taken care of.
Having funeral cover in place for you and your family means that the financial burden of funeral expenses is lifted. Funeral cover offers affordable rates and fast pay-outs so that you or your family can grieve in peace without extras worries.