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Funeral Insurance

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Dying is a time of severe stress for everyone involved. Thinking about dying and what will happen after you die is not pleasant. If you do not have a family, your parents or other relatives will likely be responsible for paying for your funeral costs. If you are a parent, your children will be left behind and you do not want them to be deprived of anything because money that was for them was spent paying for your funeral. Funeral insurance can help your loved ones from being free from the responsibility of paying for a casket or other funeral expenses.

Most funeral insurance plans are sold as term life insurance policies. Some funeral insurance policies will expire in as few as five or ten years and others may expire in twenty or thirty years. You may be able to find an insurance company that sells you a funeral insurance policy that will expire when you reach the age of 100. Since you are most likely going to die before you reach that age, most policies are set to expire at that age. However, you should carefully read your policy before you buy it because some policies may expire when you reach the age of 80.

You will have to decide how much coverage you want for a funeral insurance policy. Most policies will be valued anywhere from R5,000 to R50,000 or slightly more. The premiums will significantly increase as the coverage increases because you are not normally required to take a medical exam in order to purchase a policy. For example, your monthly premium could be as much as R100 for a policy worth R30,000. In order to keep the policy in force, you will have to make all of your insurance payments on time.

Most plans will require that you enter the name of your beneficiary. If your beneficiary is deceased at the time of your death, you can elect to enter the name of a contingent beneficiary. You will want to make sure that your insurance policy reflects the correct names of your beneficiaries. Be sure to find out how to change the name of your beneficiary if you need to do that. If you get divorced and you want to make a child or other relative a beneficiary, you should ask about this before you buy the insurance policy. Some companies may ask you to send a divorce certificate and then require that you apply for a new insurance policy.




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