Nobody can escape death and one needs to
be ready for it financially. Funeral Cover is a type of insurance which is just
like life insurance but provides the coverage after your death to provide death
expenses.
In this blog, we will discuss some of the
most used terms in Funeral Cover before you purchase one.
Policy owner
the most used term is Policy owner. It refers to the person who is purchasing the policy and not necessarily he has to be the beneficiary. You can cover someone else and still become the policy owner. You have all the right to change the beneficiary.
the most used term is Policy owner. It refers to the person who is purchasing the policy and not necessarily he has to be the beneficiary. You can cover someone else and still become the policy owner. You have all the right to change the beneficiary.
Beneficiary: The beneficiary is the person
who will receive the Funeral Cover payout money. The nominated beneficiary is
named in your schedule and can be changed anytime. Minimum age qualification
required is 16 years or older. There aren’t too many restrictions on which the
beneficiary can be.
Premium: Premiums are nothing new!
Premiums are the amount of money you pay your insurance company to be insured.
The amount to be paid is decided by the Funeral Insurance Company. Companies
like Cigna Funeral Cover offer flexible options to suit everyone’s financial
situations.
Funeral Benefit
If you want to know the amount you are going to receive, this is the term to be used. However, paperwork can be quite complex, but once it is done, you are entitled to the insurance money.
If you want to know the amount you are going to receive, this is the term to be used. However, paperwork can be quite complex, but once it is done, you are entitled to the insurance money.
These are the terms used in Funeral Cover
which are used.
No comments:
Post a Comment