When a loved one dies, it can be an emotionally difficult and confusing time. funeral insurance can help ease the financial burden of funeral costs, giving your loved ones one less thing to worry about during such a difficult time.
But with so many different funeral insurance policies on the market, it can be hard to know which one is right for you. This guide will help you understand funeral cover and how to find the best policy to suit your needs.
What is Funeral Insurance?
Funeral insurance is a type of life insurance that pays out a lump sum upon the death of the policyholder. The benefit can be used to cover funeral costs, such as the cost of a funeral director, coffin or cremation. It can also be used to cover any other expenses such as the cost of a headstone or flowers.
Why Do You Need Funeral Insurance?
Funeral costs can be expensive, and they are only likely to increase in the future. A funeral insurance policy can help ease the financial burden of funeral costs. This helps to give you peace of mind that loved ones won’t have to bear the brunt of these costs.
How To Find The Best Funeral Insurance Policy?
When searching for cover, it is important to compare policies from different insurers to make sure you are getting the best cover at the most affordable price. There are a few things you should look for when comparing policies:
- The level of cover: Make sure the policy provides enough cover to cover the costs of your funeral.
- The premium: premiums can vary greatly, so it is important to compare prices from different insurers.
- The excess: Some funeral insurance policies have an excess. This is the amount you will need to pay towards funeral costs before the insurer pays out the benefit. Make sure you are aware of any excesses that apply to a policy before you purchase it.
- The waiting period: Most funeral insurance policies have a waiting period. This is the length of time you must hold the policy before it pays out a benefit. They range from one month to two years, so make sure you are aware of any waiting periods.
- The claims process: Make sure you understand how the claims process works before you purchase a policy. This will ensure that you are able to make a claim quickly and easily if you need to.
By following these tips, you will be able to find the best funeral insurance policy to suit your needs and budget.