Getting a family funeral plan is by far the most sensible way to go, as separate policies for each member of the family will cost an arm and a leg. You can even cover your parents or your children or both the parents and your children under the same policy and therefore, pay less. Should you feel the need for it, you can also cover your spouse’s parents, but only if it won’t financially inconvenience you should you add them to your family funeral plan. There are so many funeral plans to choose from today, so be sure to choose the right provider for your family.
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A family funeral plan is a funeral plan policy that covers your children, your spouse and yourself. In other words, you aren’t the only one who is covered; the family funeral plan covers the entire family which may or may not include your parents and parents-in-law.
A family funeral cover is a financial provision made to pay out cash, should you or anyone else covered by the family funeral policy pass away. If you have opted for cover through a burial service or undertaker, only the funeral expenses will be covered, and no cash will be received, which is why most people believe it’s best to make use of a funeral policy provider like Assupol as they pay out cash.
As death is very unexpected in most cases and can happen to anyone at any time, covering yourself and your parents might not be enough. Think about it, are you prepared should the unfortunate happen and one of your children pass away suddenly? Do you have enough money saved up to cover all the funeral expenses?
Crime, disease, and even accidents can cut the life of anyone short. A Family funeral plan removes the financial implications you will experience when paying for a funeral. The benefits on funeral plans may not always be a cash payout, but it can help in a time of grieving.
Don’t know what is a funeral cover? Read More.
Like any other funeral plan, the more people that are under the funeral cover, the cheaper it is to have each person covered. It is for this reason that a family funeral plan is the way to go when regarding cost. However, it’s very important to understand the cost implications. The family funeral plan, according to most funeral cover providers, covers the father, mother, and children.
Some policies will also include your daughter-in-law or son-in-law, but the payout will be much less than that of the core family members. The cost of the family funeral plan is determined by the age of the main member, who is assumed to be the eldest in the family. The amount calculated may vary from one insurer to the next.
Even though they are all part of the extended family, can one cover your parents and parent-in-laws under a family funeral plan? Yes, you will have to pay a little more to include them, but it is well worth the benefits. It can in some cases, cost as much as taking out an individual policy for your parents as they aren’t covered in a standard family funeral plan.
These costs can differ between the different policy providers but not always too much. That which determines the costs is the level at which you opt in for funeral cover.
Adding your parents or parent-in-laws should be considered, but also looked at carefully as most parents are now 65 years and older. Their age will affect the price of your family funeral plan and make the monthly premiums higher.
In other words, the older you are, the more likely you are to die before you claim. Funeral policy providers have to cover themselves from this by charging higher rates for older people. So, your family funeral plan is determined by the main member’s age, but by adding your parent-in-laws or parents will increase the monthly premium.