August 2016 – Deals on Tap

A financial burden is the last thing you need when a loved one passes away. Funerals can be rather expensive, so buying a funeral policy can relieve financial pressure in the event of a death. Taking out funeral cover for you and your family should never be seen as a grudge purchase. Wouldn’t you want to protect your family against the financial burden of funeral expenses?

So why do you need funeral cover?

Are you the sole breadwinner in the house? Does your salary pay for things like your home, groceries, water, electricity, school fees, etc.? Think about what would happen if you were not there anymore. Your family would have to deal with losing you, and they’ll have to take care of your funeral. If there is no funeral plan or money that’s readily available, your family will also have to deal with the pressure of paying for your funeral.

A good funeral plan can give you peace of mind – you know that there will be money to pay for your funeral, or for the funeral of a family member that you’ve covered in your funeral policy.

How much does a funeral plan cost?

If you are a married male between the ages of 30 and 40 years old, and require funeral cover of R15 000 to R20 000, you can expect to pay anything between R70 and R110 per month. Some of the benefits that you’ll enjoy from reputable insurance companies are:

Funeral cover for your spouse, children (up to four or five), and extended family members
No medical tests or medical questions asked
You could extend some covers to include your parents, parents-in-law and domestic workers
Successful claims should be paid out within two working days
Deaths related to HIV/AIDS could be covered
With some policies, double the maximum compensation amount will be paid out if a death is due to an accident

What does a funeral plan usually cover?

A funeral policy can offer short-term funding for the costs of arranging and providing a funeral. It usually covers things like caskets, tombstones, flowers, transportation, catering, etc.

In most cases, a funeral plan will pay out a lump sum at the time of the claim. This is paid to a nominated beneficiary (e.g. your spouse), who can then manage the funeral expenses. Good funeral cover can provide a dignified funeral, especially if money is needed quickly.

What are the advantages of having a funeral policy?

If one of your family members passes away, a funeral policy will pay out a lump sum, so they can be buried with dignity
There is no added pressure on your personal finances in the event of a death in your family
The amount of cover on a funeral plan is usually lower than a life insurance policy
If the amount that gets paid out is more than the funeral costs, the balance of the money can be used for other family needs
Your family will not have to worry about any of the financial burdens associated with a funeral.

Death is never something we like to think about, but it’s the circle of life and something that definitely needs to be planned for.

Most of us really do rely on our cars to get things done, but unfortunately, a lot can go wrong in the process. Even though you might be a safe driver, someone else on the road could collide with you. And even the best drivers can still be involved in an unfortunate incident that happens unexpectedly and unintentionally: an accident.

Your car could get damaged, you could get hurt, or other people could get injured. Anything can happen on the road. And that’s exactly why you need car insurance. A good insurance company will help you cover the cost of repairs to your vehicle, or the damages done to someone else’s car. Insurance can also provide financial support if your car is vandalised, stolen or completely destroyed.

The statistics for hijackings and road accidents and the cost of vehicle repairs in South Africa provide enough evidence for the importance of car insurance. If you are an uninsured driver, you alone are responsible for covering the cost of repairs to your car – or even buying another one if it’s a complete write-off.

Still not convinced? Here are three reasons why you need car insurance:

Save time and inconvenience

If you were involved in an accident, your insurance company will assist you through the unpleasant post-accident process – e.g. guiding you through the claim, working with another driver’s insurance company, helping you find a reliable repair company.

Have peace of mind

Let’s face it, there are a lot of bad drivers out there – from the texting drivers to make-up-applying speedsters. A reliable car insurance policy offers you financial protection from their driving mistakes.

Save big later by paying small now

A relatively cheap car insurance policy can protect your finances from big and unexpected expenses. Your insurance company can also help protect you and your assets from liability lawsuits, and may offer benefits like:

Installation of a vehicle recovery system
Lifetime guarantee on all approved vehicle repair work
24-hour roadside and medical assistance.

Before you get insured, it’s a good idea to get detailed car insurance quotes from a few companies. There is cheap car insurance and there’s ridiculously expensive car insurance. Shop around and make sure you sign with a reputable company. And remember that you have the right to demand all the information you need to make an informed decision.

Deals on Tap

Month: August 2016

Funeral Cover: Why do you need it?

Car Insurance: Why you need it