YOUR FU­TURE IN­COME

CityPress - - Trending -

COVER VS LIFE COVER

Some life in­sur­ance poli­cies al­low for up to 10% to

be paid within 48 hours to be used for fu­neral ex­penses. Frank Mag­wegwe says this can be a far more cost-ef­fec­tive op­tion than fu­neral cover, which, as it has no un­der­writ­ing, is far more ex­pen­sive. “The

chal­lenge, though, is that this only caters for im­me­di­ate fam­ily, in­clud­ing par­ents, and won’t work for

most black peo­ple, who cover ex­tended fam­ily mem­bers us­ing fu­neral cover,” ad­vises Mag­wegwe.

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