A funeral policy must provide the beneficiary with the option of receiving a lump sum.
Warning The Association for Savings Investment SA (Asisa) says that only companies registered with the Financial Services Board (FSB) can sell funeral policies.
How quickly depends on the insurer, but there is normally an agreed turnaround time of 24 to 48 hours.
Or decreasing cover, where payout reduces over time in line with any debts you may have, a mortgage, for example.For example: * Old Mutuals Standard and Comprehensive plans have a cash-back benefit after every 36 premiums received.Members are usually a group of people from the same community who know each other well and who trust each other.They also give members and their relatives emotional and logistical support following the deaths of loved ones.THE claim process, the claim process can be onerous.The Funeral Payment offered by the Department for Work and Pensions can help pay for burial or cremation fees.Some specifics Providers each have their specific benefits and bonuses.See a range of Funeral Cover companies in South Africa on our online results page.Old Mutual promises to pay within 48 hours of receipt of documentation, says Stefan van der Westhuizen, the protection product development manager.
This is to prevent people from buying cover only when they know they are likely to die soon.
It is generally up to you to choose to increase your premium and cover each year, to ensure that the amount keeps up with inflation.With costs on the rise, more people are thinking about how they can pay for their own funerals just so their families dont have to worry about these sadly unavoidable bills at what is an emotional and stressful time.Other monkey fractions card game plans offer tiered levels of cover and the most basic might not cover certain costs.Make sure you receive a policy certificate with information about who is covered in terms of the policy, the amount of cover, the premium, as well as a clear breakdown of costs.Evaluating these plans requires a bit of simple arithmetic, often not even calculator-worthy, so here goes.These plans typically cover your chosen funeral directors fees and are available from funeral directors themselves or from specialist insurance providers.Considering the high cost of living over the last 10 years, are you adequately covered?Premiums may be fixed, or they may increase annually.If your policy ceases because premiums have not been paid, the right to have it reinstated once without any new requirements, such as a waiting period, provided this is done within three months from the date of the last premium payment.