What on earth is Funeral Policy Cover?
Funeral policy cover is an insurance cover obtained to cover the money necessary for burial on one's death. The policy value will be settled in 2-3 days after lodging the necessary documentation with the insurer and the payout amount is free of tax.
There are varying levels of funeral policy cover from R5000 up to R50 000. These insurance policies are obtainable by a number of insurance companies and are even available from certain retailers and financial institutions, so admission to such policy is easy and hassle-free. Insurance policy premiums could be as low as R38 a month and can cost up to R200 or maybe more based on the options chosen. The primary member could also insure his family and extended family. In these instances the monthly premium will be higher. The principle member usually have a waiting period of 1 year, but on accidental death the insurance policy is payable immediately. Some insurance plans will allow extra benefits to be included, like the payment of a tombstone between the values of R5000 and R10 000, whilst the payment of groceries for one year, to the value of R1000 per month can also be added. These funeral policy covers are made to aid the family in not being in short supply of cash on the death of an insured. As payout of cash normally happens in 48 hours, this means that the family members can go ahead in the funeral arrangements without fear of not being able to pay. Some funeral parlours may also act on behalf of the family in finishing any arrangements to be covered on the release of the cash by the insurer.
As the funeral policy cover advantages vary from one insurer to the other, it will be in your interest to research such benefits versus policy premiums before you commit yourself to the first insurance plan offered you. Your situation and that of ones own or even your extended family ought to be taken in account also in terms of the needs of the surviving members. The value of acting responsibly and ensuring that the right policy is taken out to protect your family from financial trouble can't be highlighted enough.
For more information on life cover, go to http://city-visor.ru/blog/view/26701/living-without-surplus-stress-requires-insurance-protection