Save on Funeral Plans by Investing Right
April 19, 2016
How does one save on a funeral plan? Unfortunately, the time will come when you lose a loved one and need cover.
We all know how painful a time this can be. But on top of the feeling of loss and emptiness, there is the arrangement of a funeral.
For you to organise a funeral takes time, expertise and a lot of money. The body will need transport to the funeral home and the place of burial.
These are not even half of the items which will be required. We’ve not even touched on the subject of catering for the people who will attend the funeral service.
Most people resort to holding fund-raising if they have not set aside any funds for these expenses. Others will resort to borrowing money.
Smart people get a Funeral Plan to cover the costs –
Smart people sign up for funeral cover. In this way, you will have the full amount you need to cater for all funeral-related expenses without having to fall around trying to find the money.
Every month you pay an agreed premium, just like with any other insurance product.
In the event you or any other beneficiary of the policy die, the agreed amount will be paid out. Funeral insurance products allow you to cater for the changing value of money. Even if the cost of a funeral rises in future, you’re still covered.
Selecting the right plan
Now that you know how important it is to have funeral insurance, the next question is how to choose a funeral plan.
It is important to study the various plans carefully as some are expensive and may not cater for all funeral costs.
Others snare you with attractive benefits but make it impossibly expensive to quit once you pay the first premium.
There are two main providers of funeral cover: funeral directing service providers and insurance companies. These will give you the option of paying monthly or paying a single lump sum in advance.
If you would like to save, opt for paying the lump sum as the first one attracts interest that can go as high as 26% of the total amount.
What does my plan cover?
Another way of ensuring you get value from your funeral cover is by finding out exactly what the policy covers.
Some packages may appear attractive and demand high premiums. However, they will not cater for such important basics as the burial plot or the cost of transporting the family to the burial site.
The last thing you need after faithfully keeping your policy active over several years is to find that it doesn’t offer comprehensive cover when you need it the most.
How safe is your money?
There is on more consideration to take into account before you sign. How secure your money is with the funeral plan provider?
Is the provider registered with the local funeral planning authority and has the governing body sanctioned their products?
You should also consider what will happen to your money in case the provider goes out of business.
To get Funeral Cover Quotes complete and send the form above the article
All info was correct at time of publishing