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In the news
Plan your finances to avoid drowning in debt due to funeral costs
The loss of a family member is not only an emotionally challenging experience but it can also be a period of financial difficulty due to excessive costs associated with organising a funeral.
Lee Bromfield
Funeral costs can run up to thousands of rands due to necessities such as travel, groceries and a coffin, to mention a few. In cases where the deceased or their family did not plan ahead by arranging funeral cover, individual members of the family sometimes have no choice but to take up debt to cover the cost of the burial.
According to Lee Bromfield, CEO of FNB Life, "the trend of taking up more debt to cover funeral costs is relatively widespread. However, it is something which can be easily avoided through proper financial planning, which will not only take care of the burial costs but also prevent long-term financial anxiety."
Bromfield outlines some of the key considerations in order to avoid being overly indebted due to funeral costs:
Look for family cover
Understand the type of cover you are taking for your family
Consistently pay your monthly premiums
Make sure you use a reputable insurer who pays out
Update any changes to your personal information
"The loss of a family member is a heavy burden which should not be made worse by the anxiety of seeking finance for a decent burial. At FNB Life, we encourage clients to look for a solution which meets their individual and family needs - hence we cover up to 21 people, have the simplest claims processes and payout the majority of our claims in 24 hours. Proper planning is crucial in ensuring that your family members get a decent burial that will not cause long-term financial strain," said Bromfield.
