Funeral cover is a life insurance that pays a specified amount of money in the event that someone close to you dies, ensuring that you can cover the cost of the funeral and so that your family does not have to struggle financially during this difficult time.
A nominated beneficiary will receive the pay-out in the event of your death.
A beneficiary is the person that you have listed on your policy as the person to receive the pay out when you die. It is important to have a beneficiary to make sure the funds are allocated to an individual to assist with the funeral.
This is entirely up to you. You might want to have your partner or spouse as the beneficiary.
Your cover starts when your first premium has been paid.
This may mean that you may not be covered for the specific month. It is important to contact your life insurer to make alternative arrangements. If more than one premium is not paid, the policy may be cancelled.
You are entitled to an annual premium refund of 10% of your total premiums paid, as long as every premium in that year was paid in full. The projected premium payout amount and expected payment date are accessible on your user profile. The refund will be paid directly into the bank account that you use to pay premiums.