by GIFT NDOLWANE
JOHANNESBURG, (CAJ News) – MANY consumers are under the false impression having more than one funeral policy with different users is a brilliant idea yet in reality, they are paying more than they should be.
This is according to an expert, Lee Bromfield, Chief Executive Officer of FNB Life, whose company estimates that 35 percent of FNB customers have more than one funeral plan to cover themselves, effectively paying up to 30 percent more than necessary.
“Having multiple funeral policies makes funeral cover more expensive as each insurer factors in their expenses when calculating your funeral plan premium,” said Bromfield.
He further unpacks why unwise to have multiple funeral insurance policies, citing such factors as over extending budgets, longer pay out times, unclaimed benefits and managing too many policies might prove to be a handful.
This is especially when it came to keeping beneficiary details up to date and remembering various debit order dates.
“Although the intention may be good, consumers that are currently struggling to make ends meet should avoid the mistake of unnecessarily paying more for premiums. You can still ensure that you have a dignified funeral with only one policy,” said Bromfield.
– Guardian