With the cost of funerals on the rise, having the safety net of funeral cover in place for you and your family makes financial sense, especially in these uncertain times.
Funeral cover remains one of the most popular insurance options in South Africa, and while we’re spoiled for choice when it comes to insurance companies, there are some important factors to consider before committing your hard-earned cash.
If you’re considering funeral cover, here’s a few tips on what to look out for:
When does your cover kick in?
Ask about waiting periods before you sign up. How long will you have to wait until you are covered? Is cover immediate once you sign up or will you only be covered once your first premium is collected? These are important questions because a waiting period means that the cover is not active, and your family is not covered in the event of your death during this time. The Legacy Funeral Cover from Vuka gives you cover from the first day.
Claims and waiting periods
Be sure to discuss how soon your cover will pay out after the death of a loved one. Much like families, religious and cultural needs also differ. Ensure that the cover you choose has a pay-out period that takes time-sensitive practices into account.
Know your beneficiary
Be clear about who the beneficiary of your cover will be before you apply – this includes details such as their ID number, their relationship with you and basic information such as their phone number. This way you will have all the necessary details on hand to avoid any delays in the process.
Your monthly premiums
Before you sign up for funeral cover, check how long your chosen insurer allows you to skip payments for before your cover is terminated. It’s also key to understand how your premiums will increase over time. This will give you a better understanding of whether this particular insurer is the most affordable option for you and your family.
Learn about your insurer’s exclusions upfront
Compared to life cover, funeral cover tends to be far less restrictive, however this doesn’t mean there are no exclusions. Make a checklist before applying. For example, does your chosen policy cover death by suicide or accidental death due to participation in a dangerous sport? Does the insurer cover the cost of repatriation if you live in a different province from your family?
Even if you have no specific queries, ask your consultant to give you a detailed run down about the company’s funeral cover exclusions as a whole.
Funeral cover is a personal and necessary process that is aimed at helping you prepare for the unexpected.
With Vuka Legacy Funeral Cover, it’s now easier to get cover that suits your specific needs while providing a lasting legacy for your family. Click <here> to learn more.