What is an IFA Policy
An IFA policy, or Immediate Funeral Assistance policy, is a type of life insurance sold in South Africa. It provides the insured individual with immediate cash to cover funeral expenses upon their death. This coverage can also extend to other family members who die within the same period of time as the primary insured person. The benefits of this type of policy are that it offers quick financial relief for families who have lost a loved one and need help paying for funeral costs right away.
How To Cancel An IFA Policy
Cancelling an IFA policy can be done by contacting your insurer directly or by submitting an online request form on their website. You will need to provide proof that you are either the holder of the policy or have been given permission from them to cancel it on their behalf (for example, if you’re acting as an executor). Depending on your provider and plan details, there may be additional steps you need to take such as providing written notice before cancelling or confirming any outstanding payments due at cancellation date.
What Are The Benefits Of Cancelling Your Policy?
When you cancel your IFA policy, you can stop paying premiums and no longer receive any coverage benefits under this plan. If you find yourself in a situation where continuing to pay premiums isn’t feasible for whatever reason (financial constraints etc.), then canceling this type of insurance is often seen as beneficial since it frees up funds which could be put towards more pressing needs instead. Additionally, if death occurs after cancellation but before another suitable life insurance plan has been sourced/purchased – then those left behind won’t receive any monetary support from this particular source anymore either so bear this in mind when deciding whether or not cancellation is appropriate for your circumstances.
How Should You Start Looking For Alternative Insurance Policies?
If opting into alternative forms of life insurance seems like a better option than continuing with your current IFA plan – then make sure that all necessary information about existing policies and finances are gathered together first before moving forward with comparison shopping around different companies/plans available out there today! When looking at new policies always consider factors such as cost-effectiveness (premiums vs coverage amount) plus extra features like accidental death benefit riders etc., too – so that decision making process becomes easier ultimately leading up towards successful purchase outcome eventually!