Knowing how an accelerated funeral benefit impacts you, if you have a funeral cover or planning on taking out one, could be one of the best things that can happen to you.
We break down how an accelerated funeral benefit impacts your funeral policy when it comes to the claim process.
Accelerated funeral cover
Having this feature creates less of a hassle for loved ones who are looking to claim from a policy. An accelerated funeral benefit is a promise made by an insurer to make sure that the policy pay's out in a short period so that your loved ones can carry on with the funeral arrangements.
How it works is that once you have submitted the information that is needed to process your claim, a payment will be made within 24 - 48 hours depending on your insurer. For MiWayLife policyholders, this feature automatically comes embedded with your life insurance policy, meaning you have a 2-in-1 policy (a funeral and life policy under one premium.)
Once you have submitted your claim, a 10% value of your life insurance cover amount will be paid out to your loved ones as an accelerated funeral benefit to help them take care of funeral-related expenses.
Example:
If you are covered for R500,000 with MiWayLife, you will automatically have the accelerated funeral benefit embedded. Meaning that when your loved ones place a claim on your life cover, 10% (R50,000) will be paid out within 48 hours to help your loved ones pay for the funeral expenses.
Always remember to keep your policy updated and make regular payments to avoid disappointment when it is time to claim. It is also good to keep all the required documents that are needed by your insurer in one file to avoid delays or confusion during such difficult times.
