Losing a loved one is a painful experience, but the last thing that anyone should be dealing with is finding ways to cover the costs of a funeral.
Being financially prepared by having a funeral policy and researching the costs beforehand can make it easier for families to shoulder the costs and spend more time remembering a loved one. Here is what you need to know.
Before you start
Funeral costs differ based on what you want and traditional practices that your family uses. Funeral costs in South Africa can be as little as R10,000 to R100,000 or more based on how elaborate the funeral is. Understanding what is needed for a funeral can make it easier to compare costs and also help you assess how much funeral cover is enough.
Funeral policies
Having a funeral policy is one of the affordable ways in which South Africans choose to cover funeral expenses. Knowing what type of funeral you are going for will make it easier for you to find an insurer who will be able to cover you for the amount that is needed.
It's also crucial to have a life insurance policy that will help your loved ones continue life after the funeral. MiWayLife offers a built-in funeral policy with your life cover to help you cover the costs of a funeral and beyond.
Create a secure place to store information
Billions of rands remain unclaimed from funeral and life insurance policies due to people not placing a claim. Furthermore, it leads to many frustrations for families that are going through such difficult periods. Therefore, having a way to ensure that all your policies are stored in a secure place with a list of pin codes and insurers you have taken a policy with makes it easier for your loved ones during the claims process. Having a will in place is one of the easiest ways to make sure that all that you have worked so hard to create and protect ends up with the right people.
Plan for unexpected expenses
Unless you have a will that states how you would like your funeral to be carried out, it is crucial to plan for unexpected expenses. Being caught off guard with small expenses can eventually add up. While knowing how much it costs to have a funeral in South Africa, it is also important to leave room for the ever-increasing funeral prices that could change over time.
Savings
There are some instances where someone will opt to have a savings account in place to handle their funeral expenses. Doing this requires someone who is highly disciplined to not touch what they have saved up. Furthermore, they will have to check if the account will allow them to keep up with the interest rate to ensure that it will be able to adequately cover them. Keeping this account up to date along with finding someone who you can entrust with the pin code to access the account can prove to be tricky especially if they pass on before you.
