Why you should have a funeral plan

The only certainties in life are death and taxes.

Yet the death of a loved one is an event most of us are not prepared for, either emotionally or financially. In what follows, we will look firstly at some of the emotional effects of the death of a parent and then at the financial consequences.

Losing a parent – the emotional consequences

One of the most tragic moments in life is, without doubt, the loss of a parent. Your parents are often the most valuable people in your lives, the ones that gave you life, guidance and unconditional love. The loss of a parent may affect you in various ways, including:

Loneliness: You suddenly feel all alone, with the only people who understood you gone forever.

Missing Your Parents: You miss everything about your parents, even the smallest things. You miss hearing their voice or calling them to tell them some news.

Appreciation: You suddenly appreciate your parents more than you did when they were alive. This can be very painful.

Family Gatherings: These are not the same without your parents. They were the ones who taught you how to celebrate life’s milestones. Now holidays and special occasions may bring melancholy and make you feel hollow.

If you have suffered a loss recently and are struggling to deal with your emotions, click here.

It is worse without a funeral plan

The loss of a parent or loved one, as discussed above, is often emotionally devastating. In these times, the last thing you need is the financial pressure of funeral costs as well. This is where the funeral plan plays its part.

Few people realise the costs (and “hidden costs”) of a funeral. While funeral costs vary depending on cultural traditions and religious rites, estimates range from R10 000 to over R100 000 for the funeral. Some of the significant costs include:

• Burial or cremation – R5 000
• Coffin or casket - R1 000 to R15 000
• Tombstone – R1 500 to R20 000

Additional expenses include the venue, food, drink and other service items and transport. The cost of these items varies greatly. Clearly then, funeral costs are substantial. 

There are three main reasons for having a funeral plan

Leaving your family high and dry!

If you do not have a funeral plan – you will be leaving your children with a huge burden once you pass on. It is perhaps easy to ignore this responsibility, after all, you will not be around to face the consequences. However, you will have to live with the knowledge that you are leaving your children with this burden at the time of your passing. 

Delaying the funeral!

If you do not have the funds to pay for all the funeral expenses, the funeral may have to be delayed, which is greatly distressing for the family and disrespectful to the deceased.

Immediate payout!

Even if you have life insurance or people owe you money at the time of your passing, it is good to have funeral cover. Life insurance policies take time to payout. Debts due to the estate will take even longer to be paid. Funeral policies payout almost immediately. They will take care of the immediate costs while the estate is being wound up.

The benefits of a funeral policy are obvious. For a low monthly premium, you will spare your closest family members from the harsh reality of high funeral costs, at a time when their real need is to mourn and come to terms with their loss. There can be no better gift to your children when you inevitably pass on.

For information on dealing with a deceased estate, click here. 

Find out more about a funeral policy from Legal&Tax

Remember, your companion to ensuring dignity in death is Legal&Tax Service. Speak to our experts for advice on our funeral plans that bring peace of mind to loved ones left behind.

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