lunes, 25 de marzo de 2013

Why would I be excluded from a Funeral Plan?

Research funeral plan options in South Africa, taking into account the qualification and exclusion terms.

Funeral plans are low premium insurance policies that are available to almost every individual. There are, however, a few minor limitations and exclusion terms to consider when applying for a funeral policy.

There are certain conditions that may exclude you from qualifying for a funeral cover plan. It is advisable to research these factors before applying, to ensure that you will qualify for funeral cover.

Qualification terms for a funeral policy

There are many funeral cover options available in South Africa. The terms and conditions of each available plan will differ from the next, be sure to select funeral insurance, best suited to your particular needs.

Funeral policy providers in South Africa offer varying qualification conditions. There are a few general terms that apply to most funeral insurance policies.

Applicants qualify according to age: You can only apply for funeral cover when you are between two predetermined ages, specified by the policy provider. The average age limits are between 18 and 76, or thereabout.

If you are living in South Africa, but you are not a citizen or a permanent resident, you do not qualify for funeral cover in the country. This condition is standard across all funeral policy plans in South Africa, and is non-negotiable. Proof of residence or a South African identification document will have to be produced for verification.

To qualify for funeral insurance it is essential that the principle member is actively employed and in ownership of a bank account.

Claim exclusions

It is important to be aware of the exclusion policies of funeral plans. There are certain conditions that may prevent your funeral policy from being paid out. Benefit claims can be withheld if the policy holder’s death is a direct result of any illegal activity. Peruse the terms and conditions of your funeral plan, these documents will clearly define your policy’s terms of exclusion.

Grounds for claim exclusions

Your funeral cover benefit will not be paid out if the claim arises from, or is the result of any criminal acts committed by you or an insured member.

If you or an insured member puts in a claim containing false or untruthful information, the benefit will not be paid out. Similarly, applicants who submit forms including misleading or deceitful information will not qualify for funeral cover.

You will be required to submit all of the compulsory documents, requested by your funeral policy provider, to facilitate the claim process. The insurance company reserves the right to request further documentation, should the submitted information not be satisfactory.

If a member has underpaid their premium, the benefit payable in respect of the claim will be reduced in proportion to the underpayment. Once you have taken out a funeral policy, it is imperative that you abide by the insurance company’s terms of service. Your monthly premium must be paid every month, but if you do happen to miss a payment, most insurance companies do offer a grace period of 30 days.

If an insured member is out of the country for more than three months, the funeral benefit becomes null and void.

If an insured member commits suicide within the first few years of cover, the policy will not be paid out. Each funeral plan will differ in the specified time frame.

Contact an authorised financial services provider to discuss a tailored funeral policy that will ensure the financial security of your family, in the event of your death. Look out for reputable insurance companies that have been in operation for many years of professional service. Speak to a qualified consultant to discuss qualification terms, and to explore the funeral plan options that are available to you.

You can find additional info at the following links:

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