Funeral Cover Waiting Periods

Don’t Wait to the Last Minute to Get Your Funeral Plan!

You think you have all the time in the world, that tomorrow is guaranteed and you are too young, too busy or there is too much else that you need to pay for, to get that funeral cover, but a word of advice – don’t leave it to the last minute, because there are waiting periods for funeral plans, that you need to take into account.

What Is a Funeral Plans Waiting Period?

Let’s take a moment to look at insurance, any form of insurance cover that you take is a contract between you and the company you choose. Your responsibility is to pay your premiums monthly and to be honest with your provider. Your provider’s responsibility is to provide you with a product that you want and understand and that covers your needs, and they price these products by understanding the risk of you getting a disease or crashing your car, for example.

With Funeral plans, insurance providers do not underwrite the risk of the product, this means you do not have to go for medical examinations or disclose much about your health, although always be honest as mentioned above, with your insurance provider, so this is partly why you have waiting periods on funeral plans.

You can have funeral plans with 3 months waiting period to funeral plans with 6 months waiting period or 12 months, it is all dependent on the insurer you are dealing with. Some of the reason why there are waiting periods is to ensure that the insurance company gets at least some of the premiums before they pay out. It is not often you will come across funeral plans with no waiting period, this is generally classed as a different insurance product, namely life cover, although with life insurance you need to disclose your health and/or go for medical examinations – although waiting periods can also apply on certain life cover plans.

Are There Other Waiting Periods That Apply to Funeral Plans?

Yes, there generally are other waiting periods that apply to funeral plans, one to look out for is suicide. Most policies have a 12-month waiting period, where the main member will not be covered if they commit suicide within the first year. Some insurance companies also base their waiting periods on premiums collected, so 6 premiums collected instead of 6 months.

The bottom line, as with any contract you agree to, make sure you read the fine print and your policy documents, because it is highly unlikely that you will get a no waiting period funeral plan, so make sure you make the time to get your chosen funeral plan before it is too late.