Estate planning is all about making sure that all your assets - like your money, house, and personal belongings - end up exactly where you want them after you pass away. This is why creating a Will is the most important aspect of estate planning, but don’t underestimate the importance of funeral cover.

Why funeral cover is important

When you pass away, all your bank accounts are immediately frozen until your estate is wrapped up. This process can take many months to finalise and, if you don’t have a Will, can take up to even longer, in many cases, years! Either way, this means your family can’t access any of your money. It’s during this extremely challenging time that they’ll want to give you a dignified farewell but won’t be able to use what was in your bank account.

This is why having funeral cover is such an important part of estate planning. Funeral cover is an insurance policy that pays out a set amount to your nominated beneficiary within days of your passing. This way, they can cover all the costs associated with putting you to rest. Also, if you also have a life insurance policy, they won’t have to dip into that payout to cover the cost of your funeral.

Get the best of both worlds with MiWayLife

Wondering if you should get a funeral policy or a life insurance policy? With MiWayLife, you don’t have to choose. All of our comprehensive life insurance policies include a funeral benefit that pays out fast. You can even get funeral cover for your extended family members, all for one premium!

As we’ve mentioned, your bank accounts are locked the moment you pass away. This can put your family in a tricky position, possibly unable to pay for even the most basic expenses, such as groceries, until your estate is wound up. However, if you have a MiWayLife life insurance policy, your beneficiaries will receive a payout, often within weeks of filing a successful claim. Depending on the amount of cover you choose, this can tide them over until the wishes in your Will are carried out – or even help pay for “big things”, such as your children’s education or the outstanding balance on your bond.

The bottom line

While good estate planning starts with a Will, funeral cover is very important, as is life insurance. Happily, with MiWayLife, you can secure both life insurance and funeral cover – all for one affordable premium – for maximum peace of mind.

Did you know:

You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.