We all want to show love and respect when a loved one passes away by being able to afford to pay for a dignified funeral. This may cost you some money, so it is important to plan for a funeral.
The Funeral benefit on your policy pays out money on approval of a claim and can be used to pay for expenses associated with a funeral when an insured life passes away.
When you pass away you want your funeral to be how you would like it. Planning for it in advance can help your family through a difficult time. Without a funeral plan your loved ones would have to make difficult decisions when time is short and emotions are high. Your funeral may not be something you normally like to think about but if your wishes are unknown there could be disagreements and overspending by family members making tough choices during a difficult time. Work with your financial adviser to plan for your or your loved ones funeral event. Work out the potential costs related to the funeral ceremony and the events before and after it. By doing so, you are making sure that your family will be prepared for such an event.
Metropolitan is making a dignified funeral accessible to your whole family in one plan. The plan can cover:
You may cover up to a maximum of 20 lives including yourself as the plan owner.
There are people who play an important part in your funeral plan should you pass away:
The one you trust to arrange your funeral.
The person(s) who may get the remaining money when you pass away.
The person who will take over your plan when you pass away.
The person who takes over the plan has to be:
Inflation is the rising cost of goods and services over time. An example of how the cost of goods and services increase over time can be explained by looking at the cost of something like bread and how it changes over time. See the example below:
The Value Protection benefit (also sometimes referred to as the Automatic Inflation Management benefit) automatically increases your premium and cover once every year on your plan anniversary. Your first plan anniversary date is 12 months from the beginning of the month in which you paid your first premium. The cover levels of all your benefits will automatically increase.
This will help to protect your insurance cover against future increases in the cost of a funeral (inflation).
Sometimes waiting periods apply when a person takes out insurance. A waiting period is a period of time in which an insured life is not insured for some or all events. Waiting periods apply to each insured life. The waiting period starts from the first day of the month in which Metropolitan receive your first premium. Waiting periods differ and it is therefore important to understand the length of the waiting period that applies to your insurance.
The reason for having waiting periods is that they make premiums more affordable for you. Waiting periods discourage people with life-threatening illnesses from signing up for life insurance and claiming benefits immediately. As a result of waiting periods, medical examinations are not necessary and premiums are more affordable for everyone.
When taking out a Funeral Plan with Metropolitan, the insured lives are insured for accidental death during the waiting period. Insured lives are not insured for death due to natural causes during the waiting period.
Waiting periods can apply when you:
If you make changes to your plan, a new waiting period may apply. The new waiting period will apply to the change only. The waiting period will apply from the first day of the month in which we received your increased premium. For example, if you increase your cover level, a new waiting period will apply to the increase in your cover level only.
Exclusions refer to situations when Metropolitan will not pay any benefits. Situations that result in exclusions include:
Suicide and self-inflicted injury
If any of the following contributed to an insured life dying in an accident, no benefit will be paid:
If an insured life dies in an accident as a result of the insured life breaking the law, no benefit will be paid.
Providing incorrect information
The insured life passes away in another country
Residence in South Africa
Your plan ends when:
When your plan ends, all cover on this plan also comes to an end.
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