If you are wondering how you can cover all your loved ones without blowing your budget through the roof, here is what you need to know.
There are many definitions of what family means to you. It may not be limited to your spouse and children, but it can go beyond that. Extended family members can form part of the loved ones that you cherish. However, if you are wondering how you can cover all your loved ones without blowing your budget through the roof here is what you need to know.
Can I take cover for everyone?
People tend to find themselves at financial crossroads when their family is faced with a crisis. Putting off a funeral policy or leaving the process of taking out a life insurance policy until it’s too late has left many South African’s stressed when it is time to bury their loved ones. However, it is possible to take out a life insurance policy that can ensure that you and your loved ones are protected.
There are life insurance policies that have been created to cater for people with extended family members that they have to take care of. Not only will it give you peace of mind that your extended family members will be covered, but it is affordable in the sense that you will only have to pay one premium.
How many people can I cover?
Although the recent trend of #Breadwinner made some good chuckles of the struggles of what it is like to be a breadwinner over social media, it was the perfect highlight revealing what many South African households must face.
You can get access to a life insurance policy that comes with funeral cover that can cover up to 8 of your biological, adopted or stepchildren. This also extends to covering 4 parents and 8 wider family members which means you can cover your aunt who says you don’t visit them anymore and your cousin that goes M.I.A for extended periods of time for as little as R149.
How much will they be covered for?
Most insurers have a standard amount in which they cover your loved ones. Extended family members that are 18 years and older will be covered for R50,000. However, children who are under the age of 6 are covered for R10,000 and children who are 6 years old but under the age of 14 years old are covered for R30, 000. This will differ from insurer to insurer. Therefore, it is important that you check the terms and condition of your policy.
Having peace of mind is priceless, which is why making sure that you have your bases covered can ensure that should your loved ones lose a breadwinner they will be protected financially.
There are many definitions of what family means to you. It may not be limited to your spouse and children, but it can go beyond that. Extended family members can form part of the loved ones that you cherish. However, if you are wondering how you can cover all your loved ones without blowing your bill through the roof here is what you need to know.
