Insurance enables you fund aged parents funeral ceremonies

Burial ceremony and the associated expenses are a huge burden to many families, particularly in this part of the world. When it is for aged parents, the glamour and fanfare that follows it not only hits the purse but becomes issue of worries when the where withal is not there.

Many a times, people are forced to go borrowing or sell their properties to meet a burial expense, which therefore makes this natural demand an important expense that should ordinarily be provided for.

Here insurance has come with a reprieve not just to give you rest of mind to go about your normal business, but to provide you with the needed fund to give your aged parents a befitting burial without having to worry. Check out here some of the funeral policies in the market.

Custodian and Allied Life said that in some families, death even at old age which is supposed to be a thing of joy is rather a thing of sorrow, anguish and lamentation just because during the active years majority failed to plan for the in inevitable – Death

The Custodian Funeral Policy is a solution to the general financial helplessness of most individuals on the death of their loved ones. Traditionally, in most parts of Nigeria and indeed Africa, it is normal for the dead to be given a befitting burial especially when the dead attained a ripe age before death. The Custodian Funeral Policy could be arranged by anybody to cover the funeral expenses of self, spouse, parents and parents-in-law. To eliminate the effect of inflation, the policy could be arranged with an escalator clause. The policy requires no medical tests.

Leadway Assurance Family Benefit Plan Plus (LFBPP) product is a multi-life policy designed to cover funeral expenses for the assured lives (spouse, parents and/or parents-in-law that are named in the policy) and the policy holder (person who purchased the policy). The policy helps to alleviate and bury the worries associated with the funerals for elderly loved ones.

The company explained that the policy provides funeral benefits in respect of all the assured lives as long as their death preceded that of the policyholder. The policy also provided other benefits including offering additional monthly payments to the beneficiaries of the policyholder in the event of his demise. The Family Benefit Plan Plus, in his own words, was one of the ways in which Leadway Assurance was making life beautiful for its customers.

ARM Life said when the death of a loved one occurs, many are caught unawares. They struggle to provide for a befitting funeral (because they don’t have enough) and subsequently have problems following up on their personal financial plans. Have you ever wondered? If something happened to you or your loved ones, there would be additional financial pressure. Who will pay for the funeral without difficulty? The Memorial Plan takes care of the expenses.

ARM Life Memorial Plan helps to ensure that you and your loved ones have enough money for a farewell that is expected. A Memorial Plan provides so much more for you and your family. See why: When you start with as low as N10, 000 every year, you get a tax free lump sum of all your investments on the demise of the person for whom you have bought the protection. In the case something happens to the policy holder before the policy reaches full term, ARM Life will continue to make the contributions for the rest of the term and make it available to the beneficiary at full maturity: Enhanced protection provides additional cover for repatriation, remembrance and hearse; we will pay you an additional amount of 30 percent of your protected amount in time of need and you get up to 100% of your total protection for a spouse and parents/parents in-law.

A Memorial Plan gives you peace of mind and one less thing for you and your family to worry about. When the eventuality happens, you are sure the burden of your expenses is reduced; and Life, as we know it, continues without any financial problems.

Royal Exchange Prudential Life offers Funeral Policy that takes care of the funeral expenses of the insured. There are two plans – the Basic Funeral Plan and the Commonwealth Funeral Plan.

Analysts at Savemoney say when a loved one dies, worrying about finances, taking out loans and haggling over funeral costs is the last thing you want to do. Funeral cover may seem like a morbid monthly cost, but it can shield you and your family from financial crisis after losing a loved one. It’s clear the importance of funeral cover.

There are a number of funeral cover products on the market, and a number of dodgy dealers just looking to make a quick buck.

Many life insurance policies have funeral cover built into the product.

Before you take out funeral cover check your life insurance policies to make sure you don’t duplicate your monthly premiums for funeral cover.

One of the benefits of a funeral policy is that the payout time is prepared for the unlikely event of a death and a funeral, so unlike many other policies your funeral cover policy will usually pay out within 48 hours.

Your monthly premiums will naturally differ according to what you want the funeral pay out to be. It’s always advised to shop around for quotes before going with a product.

When deciding on a funeral cover product, first prepare some questions; imagine what you would require and what would be important to you in the case of a death in the family.

Modestus Anaesoronye