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FUNERAL EXPENSES POLICY
This is a family policy, designed to provide a lump sum payment to meet the expenses associated with funerals. In the event of the death of the life assured, Provident Life Assurance Company will pay 100% of the sum insured towards the funeral.
The FEP is aimed at covering the financial funeral obligation on the death of the Life assured, and his or her immediate family
The FEP is a (pure risk) family policy designed to provide a lump sum of money to meet the expenses associated with funerals.
One fact of life is immutable. Each of us will one day have to face death. Hopefully, that day will come peacefully at the end of a long and fulfilled life. However, whenever it takes place those who are left behind grieve and suffers a sense of loss. How difficult it would be if they also have to face a financial hardship in order to pay all the costs associated with the death of a person.
Today’s funerals are not only expensive, but their costs usually have to be
paid immediately in Cash, whether you live in the city or country.
Benefits Funeral Expense Policy (F.E.P)
It provides the bereaved family peace of mind in the sense that they will not fall into debt as a result of the unexpected financial burden generated by the funeral;
Guaranteed cash payment within seven days of proof of death;
The bodies of loved ones’ do not have to be left in the mortuary for several months as a result of unavailability of capital; and
There is no need to tender medical history neither is there any need for a doctor’s report.
We have illustrated below the basic benefit structure of the F.E.P
Product, where B denote the basic benefit ( Life Cover ).
| ASSURED |
BENEFIT |
| PRINCIPAL MEMBER |
B |
| SPOUSE |
B |
| CHILDREN |
B/2 |
| PARENT |
B |
| IN-LAWS |
B |
Again, names of members and their dependents to be covered should be specified clearly on the proposal forms and any changes to the benefit details are only made at the policy anniversary.
Any new additional child to the family of a member of the scheme will be subjected to a waiting period of at least,(6), six months.
The F.E.P gives the following benefits Summary:
Immediate lump Sum Cash (No waiting for wills.)
This lump sum cash is paid within seven (7) days upon satisfactory proof of death of the life assured.
No leaving of your loved ones bodies in the mortuary for months on end.
No medical examination.
Peace of mind.
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