subject: Funeral Policies- More Affordable Choices For All [print this page] If you spend any amount of time watching television or surf the internet, you would have certainly noticed a rise in the amount of insurance advertisements, whether this be life insurance, funeral policies, car and household insurance or business insurance. The insurance industry has transformed drastically through the years, as before insurance policies were generally sold to those people who had a considerable amount of cash flow and could afford to part with money following every month in order to pay money for an insurance coverage.
The most popular forms of insurance coverage is life insurance and particularly funeral policies. There are lots of several types of funeral policies on the market, all serving a number of different needs and budgets.
The need for funeral policies
The price of a burial can tally to a considerable amount when one takes into thought the price of coffins, tombstones, transportation of the body and the family to the grave site, the churches fees, the cost of a grave site, not to mention flowering and catering. Coffins on it's own cost from R 10 000, for a basic coffin, already giving you a sign of what the total cost will be.
Due to the fact that a majority of people don't have this kind of funds at their immediate disposal, a form of savings plan's necessary to make funds available when the time comes. However lots of people believe that they can save money when the time comes this money may be used to pay money for their burial, however what most fail to realise is that all assets and accounts are frozen until an investigation is completed and everything is cleared, meaning that family members will be unable to touch the money in your banking account.
A funeral policy allows the ones you love to have accessibility money necessary to pay for your burial right away. When you send them a copy of the burial certificate and a copy of the identification document of the beneficiary to the insurance carrier they'll start handling the claim.
Depending on the size of the funeral policy taken out and the total costs of the funeral, frequently a one time payment of cash can nevertheless be left for the beneficiary. Most funeral policies also enable you to make provision for your loved ones, so that they shall be left with enough income to cover their living and schooling costs.
This is especially important when you are the sole provider in your family or if you have small children who still have their whole schooling career ahead of them.
Before taking out a funeral plan it is advisable to sit with your partner (should you be married or in a committed relationship) and determine a financial plan for the future of your loved ones. Go over what your primary worries are and what you anticipate are going to down the road and work out from there how much funeral coverage you will need.
After you have determined this you are able to carefully evaluate the many funeral policies available to you then pick the one which suites you best.
