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.
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.
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.
Your family could find themselves in a difficult financial situation after your death, since banks will not allow access to your accounts until your estate has been taken care of. In addition, funeral directors will want their fees in cash, and if your family cannot access money from your account, this could present a significant difficulty. There is a solution, however, which is to obtain a family funeral policy. This type of policy will pay out whether you or any member of your immediate family dies. The main benefit of this type of policy is that it protects you more fully than an individual policy, which pays only for you, the policyholder.
It is important to make an accurate calculation of the amount of cover needed for a funeral so that the financial needs of your family are met at the time of your death. The first step is to request local funeral companies to send you their price list. Using these, factor in additional costs associated with a funeral such as hiring a priest, programs, newspaper announcements, hiring a hearse, and guest accommodations. Setting aside time to do this will help you when choosing a funeral policy that will ease some of the burden for your family that comes with 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.
In the absence of proper planning your family will have to face heavy financial burden as an average funeral cost ranges from R8000 to R10 000. To ease this a funeral policy ought to have reasonable premiums, quick and prompt payment system and enough coverage making it easy to meet the entire funeral related expenses. It is rather frequently seen that policy buyers tend to estimate these expenses very low and ultimately is inadequate to cover the full funeral costs. Therefore, while taking a policy, it is necessary for you to decide the mode of funeral primarily whether cremation or burial then arrive at the estimated cost and amount necessary for coverage after considering the inflation part.
A normal and traditional funeral expense may come to R20 000, covering cleaning charges, rituals and beasts. In addition, necessary transportation has to be arranged for the mourners, which may cost considerably. This transport cost may be a more burdened one for your family, even if you are good in financial situation.
Your family could find themselves in a difficult financial situation after your death, since banks will not allow access to your accounts until your estate has been taken care of. In addition, funeral directors will want their fees in cash, and if your family cannot access money from your account, this could present a significant difficulty. There is a solution, however, which is to obtain a family funeral policy. Funeral insurance will pay out whether you or any member of your immediate family dies. The main benefit of this type of policy is that it protects you more fully than an individual policy, which pays only for you, the policyholder.
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.
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