Ten must-know facts when taking out funeral insurance
We are all aware that it makes good financial sense to take out funeral insurance cover. But there is far more than meets the eye when taking out this kind of cover, and being well-versed in all the finer details will only be to your advantage when the time comes to bury someone close to you.
Ten facts you need to be aware of when taking out funeral insurance cover:
- Choose a company that is underwritten by a registered long-term insurance company; the main reasons are because the insurance would then be guaranteed in the event of the death of the insured.
- Always ensure that you as policyholder are issued with a legitimate membership certificate clearly stating the name of the underwriter.
- Premium costs that are payable on a monthly basis as well as any benefits paid out together with other pertinent or important information needs to be clearly stated on the membership certificate.
- According to the law it is important that the master policy states that any funeral parlour or their affiliates are not in any way engaged and will not benefit from the underwriter or insurance company whatsoever, and that they are not the underwriters of the policy.
- It is important for funeral policy holders to be aware that they have an option to take out policy benefits either in the form of a funeral service benefit or a cash payment.
- It is essential for policy holders to know the date of commencement of the funeral policy.
- Consumers need to know exactly what is covered and what the exclusions are.
- Policy holders for funeral insurance need to be informed if there is a waiting period before the policy kicks in.
- Choosing reputable underwriters such as Santam, Absa, Liberty Life, Clientéle Life and Coronation Life are all good choices.
- Exclusions are always listed by the underwriter or the insurer usually varying from one company to the next.
There are many reputable funeral insurance underwriters in South Africa that are able to offer professional services for your insurance cover. The above are only a handful of many – to find out more about funeral insurance cover contact us today by filling in our online contact form to find out how you too can benefit from this essential cover.