Relative to various other kinds of insurance, funeral insurance is so much more self-explanatory: you take it out so that in the event of your death, or the death of anybody else you wish to take out funeral insurance for, there will be a lump sum payment by the insurer to cover the numerous costs associated with the funeral – such as a coffin, the service, a headstone and so forth.
Funeral expenses can run to tens of thousands of rand and having funeral cover, or a funeral plan as it is also widely known, literally means planning to ensure that upon the death of the insured there will be sufficient funds available to pay for whatever a funeral might entail. Funeral insurance contributes to one’s peace of mind, relieving the deceased’s relatives and/or friends of the worry of how the funeral expenses will be funded.
When somebody dies, funeral arrangements need to be made quickly and the bills incurred usually need to be settled quickly -sometimes in advance of the funeral. Time is of the essence, and an advantage of taking out funeral insurance that is separate from one’s other life cover is that a lump sum cash pay-out is guaranteed within 24 hours after all of the relevant documentation has been submitted and the claim has been validated.