Get a grip on funeral insurance
Death can happen at any time and it is best to be prepared with a funeral policy for yourself to help ease the financial worry for those you leave behind. While statistics show that there is an increase in crimes involving violence and car accidents during the holiday season, you do not want to leave your family with a burden at any time of the year.
The approximate cost of a funeral is R 8000 and R 10 000 which will be a very big burden for your family if you have not done the correct planning. Such a policy gives valuable premiums, prompt payout and enough coverage to ease the economical response by covering all costs regarding the funeral. It is quite unfortunate that people do wrongly underestimate the value of funeral and its policies provide insufficient fund to finish the funeral costs. You have to decide before you purchase a funeral policy that whether you want to be cremated or buried and calculate accordingly to cover these amounts, taking into consideration.
A South African funeral cost may rise to R20 000. The expenses associated with a traditional funeral include cleaning and animal slaughter. Normally transportation for the mourners is the deceased family’s responsibility. This alone is very expensive. The family faces a huge financial burden whether the economy is good or bad.
You may think you have enough to cover your funeral because you have money in the bank, but these accounts are frozen until such time as your estate has been settled. When a funeral provider needs the money right away, your relatives will be so happy that you purchased a funeral policy. You can buy one just for yourself, where money is available when you die, or a family funeral policy where money is available when you or an immediate family member dies.
You should contact local funeral homes and request a list of their services and costs in order to determine how much coverage you will need. Other expenses to be considered are the minister’s fee, programs, and cost of notice in the local newspaper, funeral vehicles, and guest accommodation. Knowing the real costs of a funeral will enable you to purchase enough insurance to satisfy financial concerns associated with you death.
It is a sad fact of life that the holiday season is one in which violent crimes and fatal traffic accidents are more likely to occur. Since this is the case, now is a good time to review your funeral policy, or to obtain a new one if you don’t currently have one in place. If you were to die without a policy (during the holiday season or any other time), you could be putting your family in danger of severe financial hardship.
A funeral policy is a good thing for you to have so that your next of kin will not have to cover your expenses. It also takes the decision-making away from them at a difficult time. Ahead of time you select either cremation or burial. Once you’ve done that, you’ll know the coverage you need because you’ll research what these cost. Most people have no idea and guess low. Make sure that the coverage you buy has enough coverage, pays quickly, and has premiums you can handle financially.
Be prepared to expect to pay up to R20 000 for a traditional South African funeral. This would include the typical rituals of cleansing and animal slaughter. In addition, the deceased’s surviving relatives are expected to foot the bill for transporting fellow mourners. These costs can be hefty and present an awesome financial burden for survivors even during the best of economic times.
You may think you have enough to cover your funeral because you have money in the bank, but these accounts are frozen until such time as your estate has been settled. When a funeral provider needs the money right away, your relatives will be so happy that you purchased funeral cover. You can buy one just for yourself, where money is available when you die, or a family funeral policy where money is available when you or an immediate family member dies.
An important element to be considered while estimating the coverage required from the funeral policy is getting the price list from local funeral companies and then add other elements like expense of hiring a priest, costs of rituals and rites, newspaper advertisement, expense of rental hearse and other expenses like providing necessary accommodation to guests. Doing a good exercise on your needs and necessary expenses required for funeral before deciding on a funeral policy will provide adequate coverage at time of need.
