Whilst dying is the last thing any of us wants to think about. Ultimately, it is something that will affect us all. Which is why having funeral and a life insurance cover is important. Funeral cover will payout at the time of your death to help pay for your funeral and all the expenses. And normally take’s 24 to 72 hours to payout depending on your insurance company. The funeral cover helps your family not to stress too much about money for your funeral.
On the hand life insurance covers pays a lump sum. It can be any amount from R500 000 to R10 000 000, this money will help your children or family when you are no longer around. Or when you are not able to work due to the chronic illness or disability. The payout can be made for different occasions that you are covered for. It can be death, disability and also when diagnosed with chronic illness.
However this too depends on the insurance company. You might find that some companies before they offer you a cover, you might be required to you to take some test to see if you don’t have any chronic illness. Furthermore if your test comes back positive, the company will reject to offer you a cover. Other companies that offer cover even when you have any chronic illness.
In conclusion being covered for funeral and life insurance is important. And the younger you are the cheaper these policies become. So if you are working and have a little extra money, think about taking one or both of these out. Not only for your family, but for your peace of mind.