How to Cash In a Funeral Policy
February 15, 2016
The whole idea of a funeral policy is to get paid out a sum of money after the death of a person. This money is awaited with great anticipation as it is going to pay for a funeral, which can be impossibly expensive if you don’t have a plan in place or if you have foolishly decided to cash in a funeral policy before death.
People need to know however, that a funeral plan is a risk insurance product. This means that the premium you pay will be used to cover the risk of you passing away.
Many people wrongfully assume that a funeral plan is an investment policy, but it isn’t. This means that if you cancel the policy, you don’t get paid out any money whatsoever.
Cash in a Funeral Policy – Keep Paying Your Premiums if You want a Payout
The moment people allow their policies to lapse or they cancel them, their cover is forfeited and no claim will be paid. It is for everyone to make sure they understand their insurer’s rules about being reinstated if they have missed paying a policy.
So how do you cash in a funeral policy when you have never missed a payment and your next-of-kin has passed away?
If you have had a death in your family, you will need to submit a claim to get your money back. There are other steps that can help you with making a claim.
- Ensure you submit a claim making use of the official claim forms. Your funeral cover provider will be able to provide you with these claim forms
- Fill the forms in as accurately as you can and don’t skip any questions as this will simply delay the process
- Don’t forget to sign the form, because without a signature it won’t be processed
- Attach all the documents they require – these include documents such as the death claim form as well as a certified copy of the death certificate and ID document – speak to someone about any other documents required as the claim won’t be processed without the proper forms and documents
- Make sure you submit your claim form and documentation to the right address
- Once they are happy with everything and your claim has been processed, they will send you your money
Cash in a Funeral Policy – The Funeral Claim Experts
Got a question about the claims process? For more information and for help, Assupol, a leader in the insurance industry, has earned the trust of their customers for over a century already. They understand the claiming process like the back of their hands.
For death claims, you can simply download their claims form on their page and fax it to them. If thats not possible, Assupol have a number of offices around the country where you can hand in the forms as well.
Assupol will tell you that if you want the claims process to go quickly, you must provide them with all the required documentation within the right time. They were the first to introduce the 48-hour claim turn around, and now this has become the norm with most other funeral cover service providers.
Assupol has a specialised claims department who will assist you with any queries you have. Their slogan is ‘Serving those who serve’ and as a result they have thousands of satisfied clients.
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All info was correct at time of publishing