Funeral Insurance Policy Benefits
Taking out a funeral insurance policy could provide many valuable benefits for your family during their time of need.
If youve ever spent some time considering funeral insurance, youll know that a burial plan serves to cover the cost of a funeral from the coffin and flowers to catering for the mourners. But did you know that funeral insurance can also offer affiliated benefits that provide additional support to you or your loved ones, over and above covering the costs of a funeral?
Funeral plans available today can often be augmented by a range of additional benefits that provide financial support to family members during this difficult time. In the period following a death, the last thing a bereaved individual wants to think about is finances but its often during this time that pressing financial needs arise.
Simply covering the costs of a funeral may not be enough. Read on to discover the types of benefits that a good quality funeral plan can provide, and to find out why these are important.
Why do I need additional funeral plan benefits?
The cost of a funeral is not the only expense incurred when a loved one dies. Often the assets and cash of the deceased are frozen after their death, and these funds are not available to family members until later in some cases, this may be several months.
In the interim, its up to the bereaved family to cover costs that may be incurred. These may include travel and unveiling costs incurred by the death, as well as everyday expenses and living costs that may usually have been covered by the deceased. Thus, some funeral plans offer supplementary benefits that pay out upon death, and aim to provide a safety net when cash isnt readily available.
Optional funeral plan benefits
One such benefit is an unveiling benefit, which provides for the cost of a memorial service after the death. An unveiling ceremony is often a vital part of the burial procedure, but it, too, incurs costs. Adding an unveiling benefit to your funeral plan will ensure that funds are not only available for a funeral, but for this important ceremony too.
Another worthwhile benefit is a grocery benefit, which serves to cover everyday expenses for a set period of time after death. The grocery benefit pays out a fixed monthly sum, usually for 12 months after death, which can be used to cover everyday expenses. This cash could offer immense relief to family members who are temporarily unable to cover essential costs.
A vehicle access benefit is also offered by a number of funeral plans in South Africa. When it comes time to arrange a funeral, it may be necessary for you or your loved ones to have access to a vehicle. This benefit will provide vehicular access for a set period of time, and beneficiaries may also be given a free tank of petrol, as well as unlimited mileage for the duration of usage.
These are optional benefits that you, as a policyholder, can choose to add to your funeral cover. In most cases, an additional fee will be added to your premium for these benefits. Other benefits that you can choose to add include cover for your spouse or partner, parents, parents-in-law, step-parents and/or your children, disability cover, and accidental death cover, which usually pays out double benefits.
Creating an individualised funeral plan
When choosing a funeral policy, ensure that it offers the additional benefits you desire. Also, check that the policy includes an automatic annual benefit increase, in order to keep up with the rate of inflation. Its important to choose the benefits that you most need, but which also match your budget.
Your insurance requirements will differ according to your stage of life and your income. If youre unsure about choosing a funeral policy, speak to a qualified consultant. Its vital to choose the right level of cover and the correct benefits to ensure your and your loved ones peace of mind.
by: AlterSage
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