Keep Your Family Informed of Your Life Insurance
It is important to inform your family about any insurance coverage you have, such as funeral and/or life insurance policies. These policies are great investments that can reduce financial responsibilities in the case of your death. If your family understands the policies you have, their rights, and how to file claims, it minimises stress and makes life easier.
According to a 2022 report by the Financial Sector Conduct Authority (FSCA), South Africa confronts a big challenge in terms of unclaimed life insurance benefits, which account for an estimated R88.56 billion in unclaimed financial assets. Life insurance benefits make up 38% of this total, highlighting a critical issue for families and beneficiaries.
Financial Security:
When policyholders pass away, families need awareness of these insurance policies to ensure financial security. By ensuring your family knows about your policies, beneficiaries, and claim processes, they can cover immediate costs like funeral expenses, debts, and ongoing living expenses.
Easier Claims:
Without awareness of your policies, claiming benefits can be tough. Your family might struggle to find documents or contacts. Keeping your family informed with a file containing insurance policy details simplifies claims.
Peace of Mind:
Discussing your insurance with your family enables better financial planning and decision-making aligned with your intentions. Open communication provides peace of mind, knowing your family will be cared for when you are gone.
Moso Consulting Services can help you protect your family’s financial future with a wide selection of comprehensive life insurance options, including funeral cover. Call us now on 011 768 6406 or email: info@moso.co.za
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