The cost of a funeral can range from R7,500 to much, much more. Having a backup plan – like funeral insurance – makes sure that you and your family is covered when you need it. Here are 5 important things you can find in a Virgin Money Insurance funeral plan:
1. Who is covered by your funeral plan?
• As the main member of the funeral cover, your immediate family can be covered (like your spouse and children).
• Extended family, such as parents, in-laws and your domestic help, can also be covered on your policy, provided you listed them as insured members.
2. How easy is the claims process?
• The claims process can be done telephonically.
• A dedicated claims consultant will inform you exactly what documentation you need to submit, send you the forms that need filling in and walk you through the claims process.
3. How soon do you receive your payout?
• With the necessary documentation, expect a payout within 48 hours of your claim being approved.
4. What other benefits do you receive?
Funerals are not a simple process, which is why it helps that there are other benefits that you can claim:
• Look out for a grocery benefit. This is a lump sum benefit (payable monthly) which assists with the catering costs during the mourning process.
• Also look out for an airtime benefit. This will help you reach out to everyone that you need to, and make the necessary funeral arrangements.
• Ask if there are any double payouts. A good funeral plan pays out double in the event of the main member’s and/or spouse’s accidental death.
5. What about the tombstone?
• This would be in the form of the memorial benefit, which is another lump sum that is paid out to be used toward the tombstone or memorial service.
• This is typically a separate lump sum payment. Some insurers only pay this out one year after the funeral; but Virgin Money Insurance provides this lump sum payout along with the funeral claim.
Now onto the basics you need to know when taking out funeral cover:
- A family funeral plan will pay a lump sum over to your beneficiaries in the event of your death and to yourself in the event of any of the other insured family members passing away.
- This lump sum might also be doubled if the main member or the nominated spouse on the policy passes away, ensuring that your family is well taken care of (product dependent).
- The money that you receive after the death of a loved one is then used to cover the expenses of the funeral arrangements.
A few other pointers:
• There are waiting periods – natural death has a 6-month waiting period for immediate family and 12 months for extended family.
• There are maximum entry ages – 70 for immediate family and 75 for extended family.
• A good funeral policy has extra benefits, such as paying for airtime, groceries and tombstone benefits.
So although it might seem complicated and overwhelming, family funeral cover isn’t all that difficult at all. Virgin Money Insurance has your best interests at heart.
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The InsuranceFundi Team