By African Unity Life
From the day you received your first paycheque, you’ve been told to financially prepare for the future. You may think that now that you’re in your golden years, you’ve prepared all you can. However, this may not be the case if you have yet to financially prepare your family for your passing. If you have dependants who rely on you for their financial wellbeing, this becomes even more important.
This can be a difficult process because nobody wants to think about their own passing. But thinking about it now may make it much easier on your family members in the future. If you feel as though you need some guidance on how to financially prepare your family for your passing, we at African Unity Life have some helpful advice for you.
To start with, make sure you have funeral cover
As you age, it becomes increasingly important that you have a funeral plan. You need to make sure that you don’t leave your family having to pay for your funeral at a time when they are grieving for their loss. The added financial stress of planning and paying for a funeral could leave your family members struggling to cope. African Unity Life, as underwriters for funeral cover, know how much a policy of this nature can help a family during a difficult time.
While your funeral may not seem important to you, it will likely matter a great deal to your family. A funeral gives your friends and relatives the opportunity to have closure after you’re gone. It’s a chance for them to say a proper goodbye and honour your memory. In this regard, it is essential to have funeral cover, especially as you move on to your golden years.
Leave your family in good hands with life insurance
Life insurance is a policy that directly benefits your family. Should you pass away while you still have financial dependants, it is important that they are taken care of and life insurance ensures that happens. While there are other reasons to have life insurance that have little to do with your passing, it becomes even more vital when you leave behind family members who depend on you. When you have a life insurance policy, you’ll be able to specify who receives the payout in the event of your death. This will prevent your family from struggling financially without you there to support them or to contribute to the household.
Ensure your paperwork is in order
When it comes to financially preparing your family for your passing, having your paperwork in order is a must. It should be organised and all your financial information should be easy to locate. A copy of your will should be filed with your insurance documents, medical records if necessary, any important banking information and a list of contact details, like your lawyer’s name and number if you have one. While you may not want this information to be public while you are alive, you should make sure that it is easy to find once you are gone. The best way to do this is to tell a trusted family member where you’ve placed all of your paperwork.
Having the above policies and paperwork in order will make things easier on your family once you have passed away. It will naturally be an emotional time for them and they will be dealing with many feelings. At least if you have financially prepared them for your passing, you know you have saved them from struggling with money while they are still grieving their loss. It’s important to protect the financial future of your family for years to come.
For more information on funeral cover from African Unity Life, contact us today.