Funeral Cover with No Waiting Period?
Funeral cover with no waiting period should be looked at very carefully. This is not an industry standard and should set of some alarms. It might be a less comprehensive funeral plan – or even a scam. Below we will explain to you why there is a waiting period on decent funeral plans.
Some people might assume the waiting period on a funeral plan is there to trick clients. This is most definitely not the case. Finding a funeral plan with no waiting period will be like finding a needle in a haystack.
The waiting period is there to protect the funeral cover provider from unfair claims. If a funeral plan had no waiting period, people would rather wait until the last minute to take it out. Essentially everybody would wait until they are on their death beds before they take out the policy. If you think about it, this actually makes a lot of sense.
Remember, with most trusted funeral insurance providers, this waiting period will only be for natural death. If you die as a result of an accident, this waiting period will not apply. Unforeseen death can happen to anybody at anytime.
Funeral cover providers will actually compensate for the waiting period. With most comprehensive funeral plans, if you die as a result of an accident, the cover will double. This means if you take out a funeral policy and get murdered a month later, the insured amount will double. If you have R10 000 cover, it will double to R20 000. The exact amount of accident cover will be subject to the provider.
When you apply for funeral insurance, you will not have to go for any medicals. The burial insurance provider will give you the benefit of the doubt. They do not require you to complete any medical questions. This means that even if you are unhealthy, you can still apply for funeral insurance. However, if you pass away due to natural causes, it will only be cover after the 6 month waiting period. Most funeral insurance plans do not exclude HIV applicants. Most comprehensive funeral plan providers will offer funeral cover for HIV patients.
So in short, funeral cover providers will usually not offer funeral cover with no waiting period. This will help to protect them from illegitimate claims.
If you need more information regarding funeral cover with no waiting period, feel free to ask us. Complete the basic contact form and we will get back to you as soon as possible.
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