You may have a plan for the day of the funeral or are in the process of securing a funeral plan to cover you and your loved ones for the day, but what happens beyond the funeral day?
Making sure that you leave a financial safety net to help your family when you are no longer around to do so can bring peace of mind, but where do you start?
Going beyond the day of the funeral
The pandemic revealed that most of us were not as prepared as we thought. Having to deal with the pain of losing a loved one and the financial stress is something that no one should face. The death of a loved one or a breadwinner can be the final blow. While funeral cover may be a beneficial solution to dealing with the costs of burying a loved one, it is vital to keep the financial future in mind. Some questions to ask yourself are:
Answering 'yes' to any of these questions is an indicator that you will need more than a funeral plan in place to make sure that all your basis are covered.
Start creating a financial safety net
A financial safety net can come in the form of policies and investments that are meant to help you and your family have something to fall back on. Having life cover is designed to cover longer-term expenses and is typically a larger amount. It is designed to provide for your loved ones once you are gone, taking them beyond the day of the funeral when it comes to handling financial responsibilities - especially when you have dependents.
The easiest way to think about it is this; if your passing would have a financial implication on your loved ones and/or make it difficult for them to maintain the lifestyle that they have now, funeral cover is not sufficient. Having things such as life cover, a legal will, investments in accounts and shares can give you peace of mind knowing that your financial legacy will take care of them long after you have passed on.
