When a loved one dies, the last thing anyone needs to worry about, are their finances as well, so it's wise to make plans in advance, writes Nokwazi Mngoma.
Mourning the death of a loved one is always painful. If you aren’t financially prepared when this happens, it can make the experience even harder to deal with. But with the right preparation, you can make sure that your burden isn’t made any heavier.
Know the costs
A standard burial covering a coffin, grave, catering, transport and tombstone can cost around 15 000
00. If you include extras like a tent and sound system, overall costs can escalate to 25 000
00.
It’s important that you review your specific policy regularly, to make sure it can still help you organise the type of funeral you want for yourself or your loved one.
Plan wisely
There are many unexpected costs that arise during preparations for a funeral, so it’s an enormous help to have a funeral policy that can cover the bulk of your expenses. Mbongeni Xulu, a financial advisor, said: “Being financially prepared will give you one less thing to worry about during this time of sadness.”
Decide what type of funeral you would like to offer your loved one – or have for yourself – and then choose a policy that will make your wishes a reality.
What are the options?
Depending on your personal preferences, you can choose from various types of funeral assistance: life cover, funeral policy and a community burial society or stokvel.
• Life cover: The purpose of life cover is to help your family members maintain their standard of living when you are no longer around. Payouts generally take a few weeks.
• Funeral policy: This is designed to cover arrangements in the days building up to and shortly after the funeral. Payout is normally within 72 hours of a death.
• Stokvel: Members of a church, school or other social group often start a burial society or neighbourhood stokvel as a savings plan. The advantage is that it also provides emotional support, not just money to participants.
Jet offers customers funeral insurance, whether or not they belong to Jet Club. Choose from very affordable family or individual funeral plans offered by Jet Financial Services.
Are you covered?
To find out more about Jet Club funeral benefits for you and your family click here.