A funeral plan pays out in the event of the death of the insured persons, providing the beneficiaries of the policy with the funds they need to pay the funeral expenses of the deceased. Immediate and extended family members can be included on the same policy.
Funeral insurance policies often include benefits like unveiling benefits to cover the cost of a tombstone and grocery benefits that pay a monthly cash amount to policy beneficiaries for a stipulated period of time.
All funeral policy providers should be underwritten by a registered long-term insurance company that is registered by the Financial Services Board. Protect yourself against fly-by-night providers and read our blog on the questions you should ask before you buy funeral cover.