When Should you Buy Funeral Coverage?
Should I buy funeral coverage now? This question is a tough question to answer. As for many other insurance policies out there, I would urge you to pay for it as soon as possible. However, funeral coverage is slightly different. Let us take a look at why.
Now, if you are under retirement age and have a life insurance policy in place, you might not need to have funeral coverage in place. In some cases, this is because your life insurance policy is going to cover funeral expenses. You will, however, want to check out the terms and conditions of your policy to make sure. If it does, you are not going to need funeral coverage. It’s important to know not all life policies will have a funeral benefit. Some life policies do not pay beneficiaries quick enough. To arrange a proper burial, money must be available within 48 hours. This immediate access is where funeral cover can be significant.
Funeral Coverage Options
You will also want to buy funeral coverage when you are unable to obtain a life insurance policy or if a life insurance policy is not cost-effective. The older you are, the more expensive funeral insurance becomes. We do not suggest you wait until after retirement to take out a funeral policy.
You can’t predict the day that you are going to die. Anybody could die tomorrow, as morbid as that may sound. However, on the other hand, you may have twenty or thirty years left in you still. As a result, paying for a burial insurance policy at a younger age may not be the most cost-effective solution. Many policies will have a “paid up” benefit. In essence, this means you stop paying at one point or another. However, I still suggest you do it. It will give you peace of mind knowing that your funeral expenses will not be a problem. Yes, you may end up paying for your insurance policy over many, many years. However, it is better to pay a small amount each month, and funeral insurance tends to be a minuscule amount than to have your family stuck with a huge lump payment for your funeral that they will struggle to meet. Most people do not understand how much it costs to bury a person.
When you are purchasing an insurance policy, it is vital that you check the terms and conditions of the policy that you are buying. This info is so you know exactly what you are getting for your money. Unless you are relatively old, I do suggest that you steer clear of fixed-term insurance policies for burial insurance, this is because they are not all that cost-effective. You will also need to ensure that you are renewing your policy every so often, which is not ideal because the last thing you want to do is have your burial insurance policy lapse and end up with no coverage for your funeral expenses.
Remember; if you wish to get the best possible deal on your funeral insurance, particularly at a younger age (around the age of 65), then do make sure that you shop around. The best way in which to do this is by using an online insurance comparison search engine. We help you find the best funeral products for your needs. This way you will be able to enjoy fantastic quotes on your insurance policy from some of the largest insurance providers in South Africa. Visit AVBOB Homepage