Even those of us who prefer not to speak about our own deaths cannot deny that it is inescapable.
With the high costs involved in a funeral these days, it is also inevitable that paying for your funeral will put a strain on the finances of your loved ones.
FUNERAL COVER allows you to pay for your funeral ahead of time so that your relatives do not have to cover the expense themselves.
Do I Need a Funeral Cover Policy in South Africa?
A funeral policy is not mandatory. The proceeds may be used as an alternative way of settling taxes, the cremation or burial, the casket, urns, flowers or any medical costs that may have been incurred as a result of the passing. However, many other policies do not pay out a lump sum such as you would need to cover the cost of a funeral. The rising cost of funerals means that you may not earn enough interest from a savings account to keep up with the increasing costs. Paying for a funeral out of your estate is not feasible at all due to the long period of time it takes to wind up an estate.
Funeral insurance companies collect fixed payments at fixed intervals and in return you qualify for a variety of benefits. Your insurance provider will place these contributions in either a trust fund or invest it so that it pays out when you die.
To get the best value for your money, it is important to gather quotations for FUNERAL COVER plans. This allows you to select the policy that suits your budget as well as your expectations best. For more information about FUNERAL COVER, please contact Total Risk Administrators SA today.
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