Dying is Expensive. Here’s How Insurance for Funeral Costs Can Help

What’s the average funeral cost in the Philippines? As of 2023, funeral costs for mid-range services cost up to ₱250,000. More expensive ones range from ₱300,000 to ₱500,000.^[1] 

Funeral expenses in the Philippines increase each year. This can be financially—not to mention emotionally—distressing for bereaved families. 

That’s why it’s ideal to plan ahead by getting insurance for funeral costs. With this life insurance policy, your loved ones will receive a cash benefit that they can use to cover immediate expenses in the unfortunate event of your death, such as costs for your final arrangements. This removes the financial burden from those you’ll leave behind. 

In this article, find out how to do so via Cash for Funeral Costs from Singlife, the first purely digital life insurer in the Philippines. 

Insurance for Funeral Costs: How Does Singlife’s Cash for Funeral Costs Work?

You may be wondering, “Does life insurance cover funeral costs?” Yes, you can use life insurance for funeral costs or any other expenses your beneficiaries would need to cover, including your children’s education, income replacement, or debt repayments. 

Singlife’s Cash for Funeral Costs,^[2] a life insurance product approved by the Insurance Commission (IC), is specially designed to help with these costs. It provides a cash benefit, helping your beneficiaries pay for various expenses, such as the burial and funeral, when you pass away. 

This gives your loved ones financial relief during an emotionally devastating and challenging time. They can then make final arrangements without worries or delays. 

But how is Cash for Funeral Costs different from the usual memorial plans? 

Memorial plans are IC-approved pre-need plans. They offer fixed memorial and funeral services to the beneficiaries. You’ll need an agent to purchase a policy and file a claim. 

In contrast, Singlife’s Cash for Funeral Costs does not provide any memorial services. It is a life insurance product that offers a cash benefit. This benefit can then be used as beneficiaries deem fit, such as to cover funeral expenses. 

Lastly, you don’t need an agent to purchase and get the benefit in the unfortunate event of death—Cash for Funeral Costs is accessible anytime via GCash. 

Cash for Funeral Costs: Features and Benefits

It’s easy to purchase, access, and manage. Discover the most essential features of Cash for Funeral Costs:

✔️ Cash Benefits of Up to ₱300,000

Worried about what will happen to your loved ones when you’re gone? Cash for Funeral Costs helps address that fear by offering financial protection from funeral expenses. A guaranteed cash benefit of up to ₱300,000, will help cover your family’s needs when that day comes. 

They can use the cash to pay for immediate expenses such as the funeral, including caskets, urns, viewing places, and funeral lots. 

✔️ Protection for Your Family

You can purchase Cash for Funeral Costs and declare your spouse or life partner as your dependent. From the second year of your policy, you can also cover up to two children (for Individual Plans) and up to four children (for Family Plans) for free. 

✔️ Yearly Coverage Boost

Funeral costs increase every year. Fortunately, with Cash for Funeral Costs, your coverage may increase annually. You don’t need to pay extra as long as you keep your policy active. 

This is made possible since your policy may receive annual dividends, depending on company performance. Note that these dividends, if available, will be used to increase your coverage.

✔️ Coverage for Life

Pay for your funeral costs in five or 10 years. Once your payment term is complete, you're covered for life—up to 120 years old, with no medical checks needed.

Your family will then receive a cash payout to manage expenses when the time comes.

✔️ Immediate Funeral Assistance

Should you pass away, your beneficiaries can file a claim and receive an initial amount for immediate expenses, such as for the funeral, upon providing proof of death. Your beneficiaries will receive the rest of the cash benefit once the claim is approved. 

Cash for Funeral Costs: Pre-Packaged Plans 

The following packages cover immediate death-related expenses such as funeral costs, including cremation or traditional burial, caskets, urns, and viewing:

*Not guaranteed, depends on the yearly coverage boost

How to Avail of Cash for Funeral Costs via GCash

To buy this product, note that you must:

• Be a Filipino citizen or a foreigner who is a legal resident of the Philippines
• Be 18 to 60 years old
• Be in good health 
• Be in the Philippines upon purchasing the policy
• Have a fully verified and e-mail-verified GCash account

1. Launch and log in to your GCash app. Note that this product is not yet available on the Singlife Plan & Protect App. 
2. On the GInsure tab, tap Life and select Cash for Funeral Costs. 
3. Answer the eligibility and product fit questions, as well as your funeral preferences. 
   1. Alternatively, you can also choose any of the pre-packaged plans mentioned above by clicking Not Sure? Choose From Our Plans.
4. Based on your answers, you will see the estimated funeral cost and the Cash for Funeral Cost plan that best matches it. 
5. After you select a plan, name a beneficiary and enter their personal details. You can toggle the button to keep your beneficiary informed regarding the policy. Tap Save and Continue. 
6. Review the details and confirm your policy purchase. 
7. You will be directed to your GCash wallet for your initial payment. After that, you should see the success page and the tab to view your policy details. 
8. You’re done! Your Cash for Funeral Costs Policy contract will also be sent to your email. You can download and print it for you and your beneficiary. 
9. You can also access your policy via the GCash app. Go to GInsure and tap My GInsure to view your policy details. 

Notes: 

• You can’t directly purchase Cash for Funeral Costs for someone else. But you can declare your spouse or life partner as a dependent when you buy one for yourself. They can then enjoy coverage from your policy as well. 
• You can purchase multiple Cash for Funeral Costs policies as long as the coverage amount does not exceed ₱6 million (benefit + coverage boost amount). This limit applies to all policies you’re covered in as the primary insured or an insured dependent. 

How to Make a Cash for Funeral Costs Claim

To file a claim and receive assistance with the requirements, your beneficiaries can call the hotline at +632 8299 3737 daily from 9 a.m. to 8 p.m. or email help@singlife.com. Singlife’s claims ambassadors will then contact your beneficiaries if they need to submit additional documents or information. 

Related reading: 

• Should You Get Life Insurance? Consider These 8 Factors
• Secure Your Future with the Best Life Insurance in the Philippines
• Starting a Family? Consider These 10 Family Insurance Types

Final Thoughts

No one knows when death will come knocking. To ensure a dignified departure from this world and leave no burden on your loved ones, get yourself insurance to cover immediate expenses upon your death, such as funeral costs. 

Remember that planning now helps your loved ones later. While you can always purchase a traditional memorial plan, Singlife’s Cash for Funeral Costs will give your loved ones more flexibility since the benefit is in cash. Plus, you can avail of the product as easily as 123 via the GCash app. 

Singlife makes it convenient for Filipinos to buy tailor-fitted insurance plans. Aside from Cash for Funeral Costs, discover more accessible and flexible policies by downloading the Singlife Plan & Protect App:

DISCLAIMER: This article was created in partnership with Singlife Philippines. While we are financially compensated for this collaboration, we ensure to maintain our editorial integrity to provide you with the best recommendations that can help you make smarter financial decisions.

Sources: 

• ^[1] IN CHARTS: The rising cost of grieving, dying in the Philippines (Rappler, 2023)
• ^[2] Cash for Funeral Costs