Personal Finance

Funeral plans are there to provide a payment when a client passes away. You can take out an individual policy or customize a family plan. However, funeral plans in South Africa can be affordable, depends on the plan and the insurance amount. It is a good idea to compare prices online before making any decisions.

Most funeral plans allow for you and your entire family to be covered. It might be difficult finding insurance plans that cover extended families, particularly those that have already paid their premiums. Thanks to the competitive insurance market in South Africa, some policies allow you to include up to thirteen family members on your policy for an annual premium! It is much cheaper than buying individual policies for each member. One thing to note is that this premium is tax-deductible, so you may benefit from it every year. It is also possible to get additional cover on top of this yearly premium, so make sure you know what you need.

If you are planning to buy funeral plans in South Africa then it is always best to know what you are going to need. Although there are many plans available, you will enjoy cover for as long as make your monthly installment. Long-term costs associated with funeral insurance policies differ from company to company. It is important to find this out before you buy. There is a common misconception that premiums will automatically increase as a result of the death of a client. It is simply untrue; there is no legal obligation to keep paying the premium if your client has died within the time allowed.

One area of policy that is frequently overlooked is the grace period. It can vary greatly depending on the type of insurance coverage you decide on. Many companies provide short grace periods before charges begin. Others have a fixed charge and no grace period. As long as you get a quotation that covers all the costs associated with your funeral plans then you are covered. If you are looking for the cheapest quote then take into account the difference between a fixed charge and no charge at all.

When it comes to funerals many people do not think about their financial services. They do not expect anything out of their family to help with funeral expenses. What they fail to realize is that there is often money hidden away for funeral expenses. Such as paying for caskets, the cost of the hearse, cemetery plots, cremation etc. The family should take responsibility for finding these financial services and ensure that all family members are aware of what financial assistance they may be entitled to.

Read more about funeral cover on https://www.laid2rest.co.za/funeral-insurance-companies/assupol/.

As the COVID-19 pandemic continues, many of us have had a chance to think about what we value most and how we spend our time and money. While some are highly interested in returning to their previous schedule filled with crowded social gatherings, tons of shopping, and frequent dining out, others are hesitant to resume life as it was prior to the pandemic. People are hesitant for many reasons, but some simply found that they enjoyed slowing life down and shifting their priorities due to recent stay at home orders. Cleaning, de-cluttering, family movie nights, family meals, and wellness all became top priorities. If you found yourself getting rid of some belongings and re-configuring your living space to accommodate your new situation, you may want to explore the benefits of minimalism.

Minimalism is a movement toward the reduction of clutter and distraction from your life so you can focus on what is most valuable. You can free up time, energy, and resources to devote to anything you choose. Utilizing minimalism can help reduce debt, simplify finances, and decrease stress. Changes to your social activities due to the pandemic likely allowed you to see exactly where your money was being spent. Review spending patterns and decide what is most important to you and eliminate non-essentials while creating a new budget you can stick with.

Clarify the difference between wants and needs by using a minimalist mindset to decide if you need something before purchasing it. Be mindful about what you can afford and whether the item is a necessity. Grocery and emergency items are a must, but impulse purchasing leads to having unused things. Mindful avoidance of unnecessary spending helps you evade debt and clutter.

Base financial decisions on your personal goals. Financial stress decreases as debts disappear, while personal freedom increases. Carrying credit card balances means you’re paying interest on things you no longer have, like dinners and drinks out and gifts given. Enjoy these things when you can, but pay with cash so you aren’t adding interest to otherwise happy experiences. Paying off these debts will allow you to use money for experiences you want to have and things that bring you long term happiness.

Simplify your finances. Consider paying your bills on a couple particular days each month, or consolidating some of your debt so there aren’t so many bills to juggle. Automate your bills when possible, so you don’t risk forgetting a payment and being assessed late fees. Look for deals on goods and services you have to purchase, like insurance and auto or home repairs. Every dollar saved gets you closer to financial freedom. Avoid excessive overdraft fees with a short-term loan. You can visit this website for more information: savingadvice.com.

Commit to being happier with fewer belongings and downsize however you can. If you haven’t used an item within six months, let it go if it doesn’t add value to your life. Fewer belongings mean less stress, less time cleaning and organizing, and less clutter in your environment. There IS value in having less!

Consumer protection advocates in the United States have been hard at work in recent months pursuing ways to legislate a federal rate cap on personal loans that would likley be at or below 36 percent. While this may appear on the surface to be a good thing for consumers the issue is far more complex than most people realize. The answer to the question of whether a high interest rate or a low interest rate is better is obvious, but the result of an interest rate cap mandated at 36% isn’t so obvious. The end result is that the some 23 million people who used a short term loan last year will have no place to turn to make ends meet. The truth is that if loaning at 36% was profitable the banking industry would have come in and muscled out the fintechs, but they didn’t. The Federal Deposit Insurance Corporation conducted an experiment to see if a 36% rate cap was viable but in the end it was a failure. The pilot program was discontinued.

The lenders who provide credit access to these consumers are operating on smaller margins than a lot of people realize due to the high rate of loan default. When a lender provides credit to a consumer without collateral and without a credit check they are taking a tremendous risk. This is the reason that the annual percentage rates are high. If everyone paid these loans as agreed, the loan providers could operate at 36% but the reality is that 80-90% default rates are not uncommon and supporters of this type of legislation refuse to consider that fact. These consumers aren’t worth pursuing in the event of default due to the costs incurred in legal action types of recovery methods. In many cases the loan just goes unpaid and is written off. With the potential of drastically reduced margins, the likely outcome is that these lenders will leave the space and seek profits elsewhere leaving millions of consumers with little to no other options when facing financial shortfalls.

Fortunately, in the current climate, there are still alternatives for those in need of a short term loan to prevent bank fees, late fees and other types of negative outcomes due to financial emergencies. If you are interested in learning more you can visit http://www.cashadvancesugd9.com for a quick overview of how these loans work and what the typical requirements are. There are plenty of consumers who value these relationships and appreciate having a place to turn when unexpected expenses arise. Used responsibly, short term loans proved relief for families all across the country and having the freedom to choose these options should not be regulated out of existence.

A major issue of having life insurance when you are a pensioner is the high quotes and premiums on the plans. In South Africa, the minority of pensioners can afford insurance and others just cannot. Pensioners do not get the same income that they are used to when they were working, at times it is a lot less than they bargained for. It is a problem for most of our elders because they want to help their family or leave them some finances behind to take care of them, but unfortunately, they cannot afford it. But, this should not stop you from looking until you have found an insurance provider willing to assist you with all your requirements. Every company has its own set of policies and each with a different price, which means that somewhere there is a company that offers your affordable life cover.

What benefits do life insurance plan hold for your family?

A huge concern for married pensioners is leaving their spouse with debt after they passed away. If you have life cover, you would not need to worry, because your spouse will be able to use this cash to settle all debt. The money can also be used to pay the funeral costs of the insured person who has passed on. Parents can leave money for their children, especially if the parents know that their children are struggling financially. The money can help them get back on their feet and prosper in life.

The beneficiary of your plan can use the money for anything they want to like settling the debt, funeral or medical bills, mortgage, education, entrepreneurship, holiday and so forth. The funds will benefit your loved ones in various ways; this is why it is a good idea to have some financial protection in place for them.

It is a fact that life insurance can be expensive, but remember you as a pensioner do not have to take out the most costly plan there is. You can get something that you can afford, and your loved ones will still appreciate it. It is money they received but did not expect from you.

Compare quotes from different companies, because each company is cheaper than the other, somewhere you will find a policy that suits you, your requirements and budget best.

To have insurance for your family is a selfless act, it is an act of love and dignity. It shows the people you love that they meant the world to you and you thought about their future. Make the right decision today and try to get a life cover for your family.