What is a beneficiary?
A beneficiary in funeral cover is the individual or individuals named to receive the benefits or payout from the funeral insurance policy when the policyholder passes away. The beneficiary is usually a family member or close friend who will use the funds to cover funeral and related expenditures.
Why is having a beneficiary important?
Designating a beneficiary for funeral cover is essential as it ensures that the money goes to the appropriate person to manage funeral expenses. It alleviates the financial strain on family members during a difficult period, expedites the payout process, and provides confidence that the policyholder’s intentions will be honoured. Additionally, it avoids legal conflicts among family members over the benefits. This ensures that funeral costs are handled efficiently and according to the policyholder’s wishes.
What if the beneficiary is outside SA, should they travel to SA during the claim stage?
No, they can make the claim from their home country by simply contacting the insurance team.