Do I Need a Funeral Plan?

Are you considering taking out burial cover? Here’s why you may need funeral insurance for you and your loved ones.



For everyone, death is an inevitable part of life, yet the costs of a funeral are seldom taken into account. Contemplating this expense is indeed one of life’s more unpleasant considerations, but it’s an essential part of sensible financial planning – particularly for those with dependents.



If you’re not sure whether you need a burial plan, this article will provide valuable insight. Below, explore the types of individuals for whom funeral insurance is recommended. Continue reading to discover whether you fall into any of these categories – and, if so, how you can find an affordable burial plan that will provide the dignified funeral you or your loved ones deserve.



Individuals who require funeral plans



• Primary breadwinners



If you’re the primary breadwinner in your household, it’s essential to have burial cover in place – especially if you have little or no life insurance. Given the high costs of a funeral, your burial could place unmanageable financial strain on your family. Even if you do have life insurance, a burial plan will provide vital financial assistance within just days of the death: Most funeral policies pay out within 48 hours, enabling family members to make arrangements swiftly.



• Those with dependents or dependent relatives



Anyone with dependents should have a funeral plan in place. Dependents may be young children, a spouse or partner, children who are full-time students, children who are mentally or physically disabled, or any other relative who is financially dependent upon you. Having funeral cover will ensure that your loved ones are able to give you a dignified burial that they otherwise wouldn’t be able to afford.



• Single adults without financial provisions



As a single, independent adult, you may feel that having funeral insurance is unnecessary. But take a minute to consider who would pay for your funeral should the unexpected happen. If you don’t have sufficient savings or insurance, the expense of a funeral will fall onto your family’s shoulders. Your parents or relatives will be responsible for this cost and, if they’re unable to afford it, may be left even more distressed during an already devastating time.



• Those without life insurance



A life insurance policy may make provisions for your funeral, so if you don’t have life insurance, the cost of your funeral will need to be covered by your estate. However, upon your death, your cash and assets are likely to be frozen – sometimes for several months. This means that your family will be responsible for covering funeral costs until such time as they can be reimbursed by your estate. But will your family have ready cash available for the funeral? If not, the cost of your funeral will only add to their strife and frustration.



• Pensioners or those with elderly parents



Did you know that many funeral policies enable you to cover your parents, parents-in-law or step-parents? This is usually done at a small additional amount, and enables you to provide the dignified burial your parents deserve. Alternatively, if you’re a pensioner yourself, you could qualify for a senior’s funeral plan that provides sufficient funeral cover at an affordable rate, usually with the option of covering your spouse or partner too.



Finding an affordable funeral plan in South Africa



In South Africa, a range of funeral plans are available to match the requirements and budgets of different individuals. By speaking to a qualified advisor, you can find the right funeral plan for you and your family, thus ensuring that your loved ones are protected during their time of grief.



By selecting a reputable insurance provider, you’ll obtain funeral cover that is affordable, adequate and offers the benefits you need. You’ll also be able to tailor the policy to your particular requirements, opting for the additional benefits you desire, or trimming the cover to match your needs.



For most people, funeral plans are a sensible, cost-effective way to plan for life’s inevitabilities. Find out about an affordable funeral policy today, and give your family the peace of mind they deserve.