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.

Join the conversation!

24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24


6 myths about male cancer

It is important to be aware of the most prevalent cancer diseases amongst men in our country.


You won't want to miss...

Who are the highest paid models of 2017?
10 gorgeous plus-sized models who aren't Ashley Graham
5 top leg exercises for men
10 best dressed men of 2017
Traffic Alerts
There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire 24.com network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.