Advancements on Funeral Benefit

Companies who have a funeral benefit often want to assist their employees by advancing the benefit payment to them with the intention of being reimbursed by the Underwriter so that the funeral can take place without delay. There are, however, some risks involved that employers need to be aware of.

The claim needs to be assessed and deemed to be valid in terms of the policy before the Underwriter will pay out the benefit and, therefore, paying the benefit without first making sure that it is a valid claim or confirming that an amount is payable is not recommended.

There is also a funeral scale for children that pays different amounts depending on the age of the child, which needs to be taken into account.

Please make your clients aware of this before they decide to assist an employee.

Should you require more information, please contact your Associate or Camilla ([email protected]) at the office.

Thank you and regards,
The TSA Team

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All information provided in TSA Connect newsletters is intended to inform and explain, but please remember to always check the current terms on policies when considering options and advising clients.

 

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