With so many forms of insurance cover out there, it can be confusing to know what the right fit for you and your family is, especially when it comes to life and funeral cover.
Often, we believe taking one form of cover protects us against all eventualities, but that isn’t always the case.
Do you know the differences between funeral cover and life cover?
If not, we’ve got you covered!
Funeral Cover
This type of cover takes care of the immediate cost of a funeral for you or a loved one. The expenses that come with giving a family member a worthy send off without burdening those left behind in debt can be a difficult balance to achieve.
Families can use the funds received from a reputable Funeral Cover Provider to pay for all aspects of a funeral – from repatriation to burial, after-tears events and tombstone costs.
Funeral policies are generally paid out within 48 hours provided the necessary criteria for the claim are met.
Life Cover
Life cover is a long-term safety net set aside for your beneficiaries’ wellbeing.
This payout usually caters to expenses like education costs and other repeat costs such as your bond or home rental fees, especially if you are the primary breadwinner. It can also be used to settle unresolved bills so that your family is not left paying out debts under your name and gives them the ability to support themselves when you are no longer around as their provider and care giver.
Life cover payouts can take anywhere from a few days to a few months, depending on the details of the claim and the requirements of the insurance provider.
Find an affordable funeral plan that suits your family’s needs here.