5 things to look for in funeral cover
The cost of a funeral can range from R7,500 to much, much more. Having a backup plan – like funeral insurance – makes sure that you and your family are covered when you need it.
Here are 5 important things to look for in a good family funeral plan:
1. Who is covered by your funeral plan?
- As the main member of the funeral cover, your immediate family (spouse and children) will be covered on your policy.
- Extended family, such as parents, in-laws and your domestic help, can also be covered on your policy, provided you listed them as insured members.
2. How easy is the claims process?
- The claims process can be done telephonically.
- A dedicated claims consultant will inform you exactly what documentation you need to submit, send you the forms that need filling in and walk you through the claims process.
3. How soon do you receive your payout?
- With the necessary documentation, payout should be within 48hrs of submitting a claim and it being approved.
4. What other benefits do you receive?
Funerals are not a simple process, which is why it helps that there are other benefits that you can claim:
- Look out for a grocery benefit. This is a lump sum benefit which is payable to assist with the catering costs during the mourning process.
- Also look out for an airtime benefit. This will help you reach out to everyone that you need to, and make the necessary funeral arrangements.
- Ask if there are any double payouts. A good funeral plan plays out double in the event of the main member’s and/or spouse’s accidental death.
5. What about the tombstone?
- This would be in the form of the memorial benefit, which is another lump sum that is paid out to be used toward the tombstone or memorial service.
- This is typically a separate lump sum payment. Some insurers only pay this out one year after the funeral; but Virgin Money Insurance provides this lump sum payout along with the funeral claim.