Death Cover
Death Cover
Death cover is a term often used interchangeably with Life Cover and Life Insurance.
There are 3 types of death insurance products:
- Funeral Plans
- Whole Life Insurance
- Term Life Insurance
Funeral plans or funeral insurance is used to settle financial related matter in the event of your death. Funeral plans could cover these costs:
What is a funeral plan and life insurance?
A quick overview of funeral cover and life insurance:
- A funeral is covered by a funeral plan (burial or cremation of the deseased)
- Whole life or term life insurance reffers to a policy that offers long term financial relief to the family of the deseased.
- Life insurance may also cover disability, such as the loss of an eye, a finger, hand, leg or the inability to work after an accident or illness.
Funeral plan
- Removal of the deceased from the place of death
- Use of a mortuary
- Official documentation needed to register the death
- Placement of funeral notices in newspapers
- Cost of the hearse
- Coffin
- Flowers and wreaths
- Undertaker
- Cremation of the body
- Burial
- Grave equipment
Life insurance
Both whole life insurance and term life insurance have the following purpose:
- To pay out a death benefit
- To provide money to pay off the mortgage of the deceased’s house
- To provide an income for your spouse and children
- To payout the spouse and children of a business partner
- To pay possible taxes
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