Purchased Funeral Insurance? 4 things to do now

So you have finally crossed Funeral Cover off on your to-do-list and now have a policy in place – great news! However, you may be asking yourself – what next? Don’t be tempted to just chuck it in your drawer to read later.

Often the purpose of a Funeral Cover policy is to protect your loved ones financially if you pass away.  And when it finally comes the time to be using it, your loved ones will be going through a really tough time. So, it’s important that they know what you’re covered for and where they can find it.

To help you figure out what to do next, we’ve pulled together some things you can think about doing now that you have Funeral Cover.

1. Tell someone about it

Consultation 2Maybe not the world, but at least one person! As you know, Funeral Cover is different from other types of insurance (say car insurance), where the person making the claim and getting the payout is not yourself. If no one knows that you have Funeral Cover, or don’t know who you’re insured with, they may not know that they can claim for it.

Make sure you tell someone you can trust, like your partner, beneficiary, or even a lawyer. That way, if something happens to you, they know that there is a safety net in place.

2. Keep it in a safe (but not secret) place

Different insurance policiesNo need to go all ‘secret squirrel’ on the documents, but now that your trusted someone knows that you have a Funeral Cover policy in place, make sure they can get all the details easily when they need to. When the time comes for them to make a claim, it’s likely that they’ll be going through an emotionally difficult time. Keep your Funeral Cover details along with other important documents like your will in a secure and accessible place. That way, your loved ones don’t need to figure out which drawer they are in.

3. Nominate a beneficiary

Signing insurance formWe highly recommend nominating a beneficiary as it allows your cover payout to be made to someone you choose, bypassing your estate and making the money available more quickly.

If you have named a beneficiary or somebody else owned your policy, then your Funeral Cover payout will go to them. It’s quick and easy to assign a beneficiary.

4. Don’t forget about it (it can happen)

Different insurance policies 3It might sound silly but don’t forget about us and your policy!  It’s a great idea to check in on your Funeral Cover from time to time.  Over your lifetime it's possible to pay more in premiums than your total cover amount, so you should consider whether Funeral Cover is the best option for your situation, with other possible options being saving or investing.