The Funeral Advantage plan is a whole life final expense insurance policy from Lincoln Heritage Life Insurance Company. It pays a tax-free cash benefit to your loved ones so they can cover your funeral expenses. It's available up to $35,000 in all states except for New York and Washington.

The major benefit of funeral cover is that it gives you the reassurance that, regardless of your circumstances at the time of a loved one's death, the majority of the funeral costs will be taken care of.

Life insurance and funeral plans both pay out a lump sum when you die. The difference is about how the payout can be used. If you have life insurance, your loved ones can use the money on anything they want (including a funeral). With a funeral plan, the payout must be spent on a burial or cremation.

Definition of 'funeral plan' A funeral plan is a simple and straightforward way for people aged 50 or over to cover the cost of a funeral in advance and put arrangements in place. A funeral plan is a basic life insurance policy that provides money to pay for the policyholder's funeral expenses when they die.

Think about how many people there are in your family and consider how much you can pay towards funeral cover, without cutting back too much on spending on other parts of your life. You then need to consider how much you will need to pay for the funeral and pay each month for the policy.

The other big disadvantage of funeral insurance is the fact that a funeral will still need to be arranged once the lump sum has been paid, so family members or friends will be adding another job to the list during what can be a very difficult time.

AVBOB is one of the best insurers for the best funeral cover There are many funeral cover providers in South Africa. These include banks, insurance companies, and even chain stores.

What is Life Cover? Life cover is a term used to describe life insurance or death cover which can provide a cash lump sum in the event of your death, or if you become diagnosed with a critical illness. (You can include critical illness cover as part of your life cover or take it out as a separate policy).

Over 50s life insurance You sign up for a set period, pay your premiums, and if you pass away within the term, you will receive a lump sum. This can then go towards anything you like. While covering funeral costs is a popular choice, it is by no means limited to this.

When you purchase a life insurance policy, you agree to pay premiums to keep your coverage intact. If you pass away, the life insurance company can pay out a death benefit to the person or persons you named as beneficiaries of the policy. Some life insurance policies can offer both death and living benefits.

A top-rated prepaid funeral plan is one that is guaranteed to cover all of the key costs of your funeral and leave no surprises for your loved ones. As well as covering the costs of cremation or burial, it also includes doctor's fees, the cost of a celebrant or minister, and a good quality coffin.

Unless you say it's private, people may assume a funeral held at a crematorium, funeral home or place of worship is open to anyone who wants to come. You don't have to publish a funeral notice or let anyone know it's happening, beyond those you want to invite. But it's quite easy for the details to get out.

A pre-paid funeral plan can be taken out in your 20's as well as your 60's but the earlier you take out the funeral plan, the less money you will spend. There are many great payment options to suit your budget and unlike over 50's cover, once your last payment is made, your funeral will be covered with no hidden costs.

Here are some disadvantages of life insurance:

• Too expensive for old people. Most people purchase a life insurance policy when they are young.
• Returns are not more. Many life insurance policies offer the benefits of protection and saving.
• Issues with claim settlement.
• Too many options.

What to Look for When Buying Funeral Cover

• When does your cover kick in? Ask about waiting periods before you sign up.
• Claims and waiting periods. Be sure to discuss how soon your cover will pay out after the death of a loved one.
• Know your beneficiary.
• Your monthly premiums.
• Learn about your insurer's exclusions upfront.

Step-by-Step Guide to Planning a Funeral Service

1. Contact the decedent's legal representative.
2. Arrange for transportation of the decedent.
3. Carry out any pre-arranged funeral plans.
4. Decide on funeral type, service and burial.
5. Confirm cemetery arrangements.
6. Decide on any other memorial service details.
7. Arrange for an obituary.