How can a spouse or dependents avoid the pain of trying to find money for immediate expenses due to a frozen bank account on the death of a breadwinner or husband or wife married in community of property?
The Shackleton Life Immediate Needs policy benefit will be paid within two working days of receiving all necessary documentation supporting a valid claim, and can be used to cover immediate living expenses after the death of a loved one
The Shackleton Life Immediate Needs Policy for Immediate Expenses is underwritten by OMART (Old Mutual Alternative Risk Transfer Limited) a registered long term insurer and a company in the Old Mutual Group.
The policy is a whole of life policy meaning that it can be kept for your whole of life as long as you continue to pay the premiums, there is no term associated with the policy.
You can choose cover for any amount between R50 000 – R200 000 cover
Minimum entry age – 18 years old
Maximum entry age – 60 years old
Did you know that when you pass away all your bank accounts are frozen as soon as possible after your death until an Executor is appointed, and your dependents cannot access your bank accounts for their day-to-day living expenses.
For a family this is a difficult time: If you are the breadwinner this could be disastrous for your dependents, as they would need access to the money in your accounts to pay for immediate expenses such as household bills, day-to-day expenses, food, bonds, vehicle instalments, school fees, etc.
Without access to money from your bank accounts where will they get funds for day-to-day expenses while they wait for the Estate to get finalized?
The Immediate Needs benefit pays your nominated beneficiary between R50 000 – R200 000 to be used for your dependents’ immediate needs and expenses within two working days of receipt of the death certificate and all required claims documentation.
A family may have Life Cover, but this typically takes a while to pay out and is usually put in place for a specific need, and not for the immediate day-to-day living expenses required by others after your death.
This is why it is important to consider a policy such as Immediate Needs to provide for immediate living expenses.
The Immediate Needs policy will pay the beneficiary named in the policy within two working days of receipt of all claim documents supporting a valid claim, to enable them to pay for these immediate expenses by giving them access to the money required during this difficult time.
Application is easy. Call us on 087 232 7014
Or Click Here for a consultant to contact you.
For more information, please contact us.