Timing your cover payout

2014-04-13 11:13

You might think that you don’t need funeral cover because you have a life assurance policy.

But the life assurance policy does not always pay out immediately and in many cultures, you are expected to have the funeral within one or two days of death.

Elad Smadja, the head of Bancassurance product development at Liberty, says the key distinction between life insurance and funeral cover is the time it takes the provider to pay out claims after a death has occurred.

“In the case of a funeral plan, claims are generally settled within 48 hours of receiving all the necessary claim documentation. Life cover, on the other hand, can take several days, weeks or even months to pay out claims,” he explains.

» Get City Press newspaper today for more advice on life assurance and funeral cover.

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