Avoid overspending on funerals
ALEXANDRA – While losing a loved is a traumatic experience, citizens are urged to spend carefully when arranging a funeral.
While funerals are expensive, citizens of Alex are urged not to overspend when giving their loved ones a dignified send-off as this could lead to financial burden.
Chief executive officer of FNB Life, Lee Bromfield said people should rather plan ahead for funerals to avoid overspending.
“Losing a loved one is a traumatic experience that can have a devastating effect on your physical and emotional well-being. Therefore, managing expenses for a big event like a funeral during this difficult time often proves to be challenging for many people,” Bromfield said.
He added that one should think carefully when deciding on the policy cover amount they want as this will determine their flexibility and limitations.
Bromfield further said that when arranging a funeral, people should plan and budget in order to keep their spending in check.
“Doing research on the kind of funeral you want for your loved ones will give you an idea of what you will be able to afford, depending on how much you are insured for.”
Bromfield urged people to have conversations about topics such as death and funeral policies.
“Talking to your family about your policy and the type of funeral you want will ensure that there is no confusion on what constitutes a dignified send-off.”
He advised people to not conform to societal pressure by arranging funerals that they cannot afford as this could lead to debt that could further compromise the family’s financial well-being.
Failure to review your policy amount can lead to under insurance. “When taking out a policy, people should always leave room for inflationary increases.”
Bromfield said people should avoid borrowing money when arranging a funeral and should only do so when it is really necessary.
“If you really have to borrow money for a funeral due to unforeseen circumstances, use a trusted credit provider that will not charge you far more on interest than what is legally acceptable.”
Edited by Stacey Woensdregt
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