Before you put your name on the dotted line, it is important to consider what features to look for to make sure that you get the most out of your cover.
Will the cover amount be enough?
Funeral costs in South Africa can amount to anything between R23,500 to R86,000. It all depends on what type of funeral arrangements are put in place by your family. Craig Baker, CEO of MiWayLife, comments that, “Funerals are becoming more elaborate and expensive as people look for ways to have a funeral that is fitting for their loved one. For large families, the cost can easily exceed R200,000 when they begin to add the cost of grave, food, transport, and other funeral accessories that contribute a whopping R10 billion to the funeral industry.”
Therefore, you need to consider these costs when choosing a funeral cover. Choose a cover that has a payout amount that will make sure that all the funeral needs are covered.
How long it will take to process payments?
Asking your insurer how long it will take for your funeral policy to be processed so that the payout goes to your loved ones to start funeral arrangements is important. “For example, MiWaylife usually process a claim within 24 hours all of which can be done online. We encourage you to carefully read through the exclusions and waiting periods to help make the claim process less frustrating for your loved ones when it is time to place a claim,” adds Baker.
Getting a two in one cover
While most South Africans prepare themselves by having a funeral cover in place, most people tend to overlook what happens once the funeral day has passed on. Funeral cover tends to go hand in hand with life insurance which protects your loved ones once you are no longer around to do, especially if you were the breadwinner. You can use our life insurance calculator to find out how much life insurance you will need.
A cover that covers your beneficiaries
Family is all about protecting those that matter the most to you. Losing a loved one is one of the most difficult things that we face in life. The last thing any of us want is having to stress over the financial aspects of how we will bury them. There are life insurance policies that come with additional benefits such as built-in funeral cover that can cover you and your loved ones. At MiWayLife, we have this included in your life insurance with the benefit of being able to cover up to 8 family members.
Will you be able to keep up with the premiums?
When looking for the right funeral policy the devil is in the detail. While most policies are affordable at the inception of the policy, it is important to keep in mind that the premiums will increase each year. This is to ensure that the payout amount is competitive with the interest rate and will hold its value. Your insurer will inform you of the premium increase to help you make an informed decision.
