Ensuring that all the information on your funeral policy contract is correct will guarantee no delays for any valid claims. It is important to understand your contract and know what to look out for.
General Policy Details
This section of the policy details your policy number, policy commencement date and effective date. The policy number must be provided when contacting your service provider for any queries or claims.
Main Member Details
This section of the policy details your full name, contact number, ID number and physical address. It is very important that these details are correct and up to date.
Additional Member Details
This portion details all additional members that you may have added to your policy. This contains their full name and ID number.
The payment section of the contract contains the date of payment, premium amount and your banking details. It is very important to ensure that payment is made every month to avoid your cover being suspended. It is advised to set up a debit order. You must inform your service provider when your banking details change.
Assured Amount and Premium Details
This section lists all the details of how much cover you have on yourself and any additional members. It also details the monthly premium you pay for each member.
Additional Premium Information
This part of the contract list your policy anniversary. The anniversary date is one year after the commencement date stated in the general policy details section of your contract. If any premium increases occur on your policy after the 12-month period, you will be informed in advance. The once-off admin fee amount will also be listed in this section.
It is very important to understand this section of the contract. It lists all the conditions under which your claim will be rejected. Some of the conditions may include suicide, death as result of a criminal act or death because of drug or alcohol abuse.
All funeral policies have waiting periods. This section explains that all members on the policy will only be covered in the case of an accident for the first six months of the policy. If any of the members die of natural causes during this time, they will not be covered.
This section lists the name and details of the person who receives the funeral pay-out upon the main member’s death. These details must always be kept up to date.
Any additional benefits will be listed here. Additional benefits may include a headstone- or groceries benefit. It will list the additional benefits for all the members on the policy.
Ensuring that your funeral policy contract is correct and kept up to date is essential to guarantee all claims are paid quickly and easily.