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Why Funeral expense Insurance?
No one likes to think or talk about death and funerals. It hurts. The reality is that everything is becoming expensive including funerals. Many families face financial pressure in paying for the funeral when a family member dies, especially if this person is the bread winner. So why not put funeral costs to rest through an easy and affordable cover for your employees.
Funeral Expenses Insurance (also known as last expense Insurance) reimburses the cost of funeral expenses in the event of the death of an employee. Members of the covered group can include members of a nuclear family (spouse and children) and the biological parents of both spouses.
The policy enables employers, welfare societies and other affinity groups to provide means of financing funeral expenses when a member passes away. The cover is available to employees of the organization or members of a formal registered group.
The limits of cover for a group will be set according to the preference of the policy holder subject to maximum cover offered under group funeral. Once cover limits and premium payable has been agreed, these limits will be applicable to all members across board.
The policy may provide for a waiting period (from the date of commencement of the policy) within which claims arising out of death as a result of sickness are excluded. There is however no waiting period for death caused by accident.
WHAT YOU NEED TO KNOW
How Does Funeral Insurance Work?
Funeral Insurance is paid in the form of a lump sum benefit which is used to pay immediate expenses, such as your funeral service or any outstanding debts the employee or member may have. The organization will choose the appropriate coverage limit to suit its employees or members, and pay premium. In the event of a claim, the organization will receive the lump sum benefit.
Why Do You Need Group Last Expense Insurance?
1. No loss of working time to raise funds for funeral expenses of a departed colleague. 2. No contributions required from the employer on the death of an employee. 3. This is a good way of retaining satisfied staff. 4. The employer is seen as mindful and caring for important staff needs. 5. Premium paid by the employer is an allowable expense for tax purposes
How do I make A Claim?
Once notified of the claim, we will provide you with a Claim Form which you will be required to complete and return with the following documents - original or certified copy of a valid burial permit od Death Certificate, certified copy of the deceased ID/Passport or letter of surrender of ID, certified copy of birth certificate for children and Police Abstract for all accidental deaths. Generally, the claim will be settled within 1–2 business days on receipt of the completed claim form and supporting documents. Sometimes this may take longer if the documentation is inconclusive. Where this is the case, we will seek additional information to process the claim as promptly as possible.
What Are The Policy Exclusions?
The underwriter shall not be obliged to make any payments in respect of any condition or event arising directly or indirectly from or traceable to - breach of any criminal law by you or anyone acting on your behalf or with your permission or knowledge or by anyone claiming a benefit under the policy, self-inflicted injury or attempted suicide within the first one year from the date of commencement or reinstatement of the policy, driving a motor vehicle while over the legal alcohol limit, intake of illegal drugs, active and wilful participation in war, civil commotion, riot, terrorism activity, or rebellion and radioactivity or nuclear explosions