Funeral cover for parents might not sound that important. Thinking about the death of your parents is never an emotionally easy task, but unfortunately, it is a reality we all need to face this some time or another. In most cases, older people do pass away before the younger generation, and thus, children want to give their parents a dignified funeral.
How Funeral Cover For Parents Work?
After a parent passes away, someone has to bear the costs of the funeral, and this usually goes to the children or other family members. It is usually a very costly affair where a simple funeral can easily cost R30 000 or more. It’s for this reason why a funeral cover for parents is such a good idea, especially when you as a child know that you won’t be able to afford a proper funeral for your parents.
How Much Does Funeral Cover For Parents Cost?
Today, your parents can be covered under their own plan even if you are paying for it yourself. Should you want to save money, try adding your parents under a family funeral cover. In this family funeral cover your spouse, children, parents and yourself are covered.
Family funeral cover can even be extended to your grandparents and parents-in-law. Now, you might feel that covering yourself is a waste of time as you are much younger than your parents, but since no one knows when they’re going to pass away, it’s better to be safe than sorry.
It’s for this reason that you should take out a funeral cover for yourself and your loved ones, whether it’s a single funeral cover for your parents only or family funeral cover.
Benefits of Funeral Cover For Parents
Always remember to read the fine print of any funeral cover, just to ensure that the funeral cover will cover your parents at a certain age. As people get older, their chances of dying of natural death increase a lot. That’s why it’s best to get funeral cover at a younger age as the premium is much less than what it would be, should you get funeral cover when you’re older.
It’s for this reason why getting a funeral cover as soon as possible is best. Should you start too late, the policy is risk-profile dependent with age being a major factor. We’ll then have to cut back on so many of the benefits just to afford the policy, and this leads to you not being able to give your parents the funeral they deserve or, the funeral you’d like to give them.
Apart from the cost impact of starting cover for your parents, you also have to realise that your parents may pass on at any time, more so than you or your siblings. Should there be a funeral cover waiting period in place, you may not be able to claim for the next 12 months.
With older people being more likely to have or get chronic diseases, you may be subject to a 24-month waiting period. So, should your father or mother have a medical condition that could lead to their death, nothing will be paid. The point is, signing up earlier has more benefits than signing up later because of the waiting periods.