When you pass away it takes some time to wind up your estate. During this period (which can be a few months), your beneficiaries may be left without income.
They may be worried about funeral expenses, bond repayments, school fees or other expenses and are reliant upon receiving payment from your life policy.
If the claim is straightforward and the insurer has no reason to decline or fight the claim, then a life policy usually pays out within 3 weeks -6 weeks. However, there are instances that can cause an insurer to delay the paying out of a claim.
A solution to make provision for immediate income for your beneficiaries
Our partners identified a gap in estate planning and have made provision to provide income for your beneficiaries.
The immediate Liquidity Benefit pays cash to the nominated Beneficiary within 48 hours of receiving the claim documents.
The ongoing estate overheads protector covers the family’s monthly household expenses for 6 months while winding up the estate.
As you can see there are a few important factors that one must think of when planning your estate. You may already have a signed will but what about covering legal fees and making an income provision for your loved ones?
We can offer you the opportunity to meet with a testamentary consultant who can explain everything you need to consider for effective estate planning. They will show you a rand and cent calculation of the costs you can expect and recommend solutions to cover all the gaps in your estate planning.
We work nationally and can book an appointment with a consultant in your area.