Last Expense Cover

This is a euphemism for funeral expenses insurance. 

It is currently only offered as a rider to mainstream life policies, due to restrictions imposed under the Insurance Act, Cap 407.  It is a product that has caught the imagination of consumers, and its importance is expected to increase as the old social order conversely breaks down, which will mean that the individual will increasingly find he has to focus more and more on self-reliance.

The last expense cover is unique as an insurance product; in that claims are payable within 48 hours from the time notification of death of a life assured is received.  This is absolutely vital since the pay-out is intended to assist the family or dependants of the deceased to conveniently organize for the burial and meet immediate funeral expenses.

It is anticipated that it will be possible to have this product restructured in the near future to make it revolve around provision of professional undertaker and funeral services.  This will be possible once such services become more readily available, and as the cultural underpinnings of the society - including the social preferences of individuals and communities - inevitably continue to change with time.