When it comes to long-term financial planning, it’s crucial to consider getting a funeral plan. When considering which plan to choose, make sure that you select one that’s flexible enough to suit your specific needs. The easiest way to do this is to choose a funeral plan that has a number of optional benefits you can add onto the core cover depending on your situation.
But what level of cover is right for you? Answer this by investigating the possible optional extras you could add to your policy.
Here are some common add-on benefits to funeral plans:
Groceries
If the deceased is a primary breadwinner, the surviving family members could face a huge burden with trying to make ends meet after the funeral is over. A grocery benefit typically pays a monthly cash amount that you can use for essential everyday expenses including food, cleaning supplies and other urgent costs.
Vehicle access
Organising a funeral can be logistically demanding and very time-consuming. Especially if you’re hosting visitors from out of town, you may need to find a way to transport them (and yourself) to and from the funeral parlour. The vehicle access add-on gives you the use of a vehicle over the time of the funeral. If you do go for this option, make sure that you have enough mileage included in the package so you avoid paying extra if you have to travel long distances.
Disability insurance and life cover
Many funeral policies come with the option of covering permanent disability and not just death. This can be an excellent way to protect yourself against the loss of income if you’re injured or become ill and aren’t able to work anymore.
Related to this, a life cover benefit pays out a fixed amount upon the death of the insured. Especially if the deceased is a breadwinner, this is a good way of making sure that dependants in the family are financially secure going forward. This money can be used to cover long-term expenses such as children’s education.
Memorial
An unveiling benefit is designed to cover the additional expense of a memorial ceremony. This type of ceremony usually takes place a while after the funeral has happened – at which time you may not be able to cover the costs involved. The unveiling benefit can also be used for purchasing a tombstone, which can be very expensive even for the most basic option.
Family cover
Some funeral policies include options to cover additional family members as well as yourself, such as your spouse and your children. Other policies will allow you to also cover your parents and your parents-in-law as well.
Choosing the appropriate level of cover will depend on your circumstances and finances. When choosing a funeral policy, ensure that you are getting sufficient coverage in return for your premiums. Then maximise your cover by choosing the right optional funeral plan benefits for your needs.
Hollard Funeral offers flexible funeral insurance with a range of optional add-ons. Not sure which level of funeral cover you need? Read more about our funeral plans, or get a quote for funeral cover online.
