Life Insurance Vs Funeral Cover

In life, the only certainties are death and taxes. Neither of these are pleasant subjects but it is crucial that one prepares for both. We dream for a long and fulfilling life that ends peacefully with our loved ones around us free from burden or worries. Although life can throw us a few unexpected curveballs. It is impossible to predict the future but it is possible to plan ahead to make sure that you have piece of mind knowing your family will be taken care of when that time comes.

Life Insurance Vs Funeral Cover

Life Insurance Vs Funeral Cover. What’s the difference?

Life Insurance:

A life policy normally covers death and alsofaqqqqqqq can include disability or critical-illness cover. A lump sum can be paid to beneficiaries or kept in a trust fund from which beneficiaries, who are minors, can draw money monthly. You can insure yourself or someone else under this policy. Therefore, if you depend on your spouse for financial support, you can insure them. Should the person whose life is insured die, the value of that cover would be paid out to people nominated by the policy holder. The monthly premiums for a life insurance policy are calculated based on risk profile, which looks at age, gender, job, health and lifestyle. Because of this, a medical exam may be needed. Assupol Life allows a policyholder not to take a medical test.

A key benefit to life insurance is asset protection. While most of your financial instruments have the prime benefit of asset protection. The core benefit of life insurance is that the financial interests of your family remain protected in the event of your critical illness or death whereby you are no longer able to work and provide.

Funeral Insurance:

When a loved one passes away, there can be many costs involved. First and foremost, your family will wanDoves()t to give you a dignified funeral. Funeral insurance is designed to assist your family when you pass. Other than preparing yourself, it is also wise that you prepare your family for the unexpected. As you lift their emotions of burden you will also lessen the financial expenses associated with the funeral. A funeral policy provides funds for costs leading up to and including the burial. This means that funeral policies need to pay out quickly when a claim is made. A funeral policy covers all the costs associated with a persons burial.

Everything, from the coffin to the flowers, cremation or burial plot has its price. Add to that groceries and catering for relatives and friends, additional seating or a venue for the funeral and airtime to stay in touch with loved ones and your death can quickly become a costly affair that your family might not be able to afford. Funeral cover is designed to ensure that your loved ones will be able to give you a respectful and loving farewell, without accumulating large amounts of debt.

Find the ideal cover for you:

You need to take in account what you are looking for. It is importantlifeinsurancesun to safeguard your family against any future burdens, from bond repayments, funeral expenses to day to day living expenses to keep your household running. Freeing your loved ones from debt that means that they can focus on adjusting to sudden change. The type of cover you choose depends entirely on your individual situation.

If you are looking to take out a life cover, you should start with getting an estimated figure on how much life cover you will need to buy, you can use our free Life Insurance Calculator do just that.

Likemoney sources SA’s most favored financial products by doing a social media comparison on the most liked products on the market rated by you the consumer, People with first hand experience.

Life Insurance Vs Funeral Cover
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Life Insurance Vs Funeral Cover
In life, the only certainties are death and taxes. Neither of these are pleasant subjects but it is crucial that one prepares for both.
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