With funeral cover you can make sure that they can do so without the anxiety of worrying about expenses and money related to your burial, funeral and related costs.
Funeral Cover South Africa – Get Your Quote Today!
It’s not something that anyone likes to contemplate, however one of the certainties of life is that we all ultimately move on from this life – and when that time comes, we leave behind family and loved ones that have to come to terms with the loss. With funeral cover you can make sure that they can do so without the anxiety of worrying about expenses and money related to your burial, funeral and related costs.
The need for Funeral Cover
The reason funeral cover is such a vital consideration is the rising cost of funerals and burials – these can easily range from R7 000 up to R50 000 and beyond, especially if additional or unexpected expenditures arise. However, over and above the financial burden of having to pay for the funeral, the additional challenge is around getting access to the any money that the deceased might have put aside for such an event: upon death, a persons bank accounts and other assets are effectively frozen whilst the estate is formally wound up.
Funeral cover or a funeral insurance policy provides immediate access to cash – some plans pay out within 24hrs from the claim being made – and can cover anything up to R150 000 depending on the type of funeral cover you have chosen.
Even if you have adequate life insurance, you should still consider funeral cover. It is important to understand the difference between life insurance and funeral cover: whilst the former is designed to protect your family financially in the long term after your death, by effectively replacing your salary and cover such expenses as mortgages, schooling and medical bills, funeral cover is simply a lump sum payment that is released in the case of your death to help cover the cost of your funeral and related expenses.
Since life insurance policies often form part of the deceased’s estate, payouts might be delayed which often leaves family members to scramble to finance the funeral and could even lead them into financial difficulties should they need to borrow or take out a loan.
How to get Funeral Cover
If you have gone through the onerous process of deciding on your life insurance ploicy, then you will be happy to hear that chosing the right funeral cover is much more straightforward.
Like with any insurance product, it helps to first understand the scope of cover you require. Start by understanding the realistic cost of a funeral – how many people would you expect, would your family be expected to cover transport for family members wishing to attend, what sort of funeral would you like to have, the prices of coffins and/or cremation services, flowers, food & beverages, venue etc. As you can already tell, there might be a few items which you haven’t considered before and expenses can mount up quickly.
Also consider if this funeral cover is just for yourself, or if you are looking to buy cover for your extended family, which could include your parents, siblings, aunts or even in-laws.
Once you have a rough idea of how much your funeral would realistically cost, it makes sense to shop around! The easiest way to do this is by going through some of the leading insurance comparisons websites, which will generate multiple quotes for you at once so you can review them each in detail.
You will note, once you start reviewing you funeral cover quotes, that many providers will offer significant add-ons and other benefits: there are cashback incentives on premiums, airtime vouchers, emergency response and medical alert benefits and so on….whilst it’s worth considering these carefully, always ensure that you don’t over-commit to a funeral cover policy that becomes to expensive to sustain!
The most important element should be how quickly the policy pays out – we recommend checking that family members have access to funds within 48hrs – as well as how much they offer vs the monthly premium. Confirm what the company requires for a a valid claim; most will just need a copy of the death certificate, but others will request more. The more hoops you have to jump through, the longer it will take to pay out.
So start planning for your funeral today by getting a quote and ensure that your loved ones do not suffer aditional financial distress when they are most vulnerable and least able to cope.
How much does Funeral Cover cost?
With some research suggesting that the median South African household would need to spend the equivalent of a year’s income on a funeral, it makes sense to get funeral cover from as little as £30/month depending on number of dependants and overall funeral cover. This could for example get you:
- Up to R110,000 paid within 24 hours
- Additional grocery and memorial benefits included
The best way to get an accurate estimate for much your funeral cover will cost is to get a quick funeral cover quote online! When you compare funeral cover costs, also carefully consider the company that’s offering the policy: is it legitimate and trustworthy? Will the be around in what could be decades from now to pay out when the time comes? All funeral policy providers should be underwritten by a registered long-term insurance company that is registered by the Financial Services Boar so check carefully to protect yourself against fly-by-night providers!
Funeral Cover – Some final thoughts
With so many insurance companies offering Funeral Cover in South Africa, it certainly helps to shop around! To get you started on the right track, we have listed the best funeral cover providers for 2018 below so you can get funeral cover quotes from top insurers in less than 5 minutes.
Before you rush off, just a word of caution: don’t be upsold by all too many add-ons and nice-to-haves which will drive up the cost of your monthly premiums. If you have other insurance policies – such as life cover or medical aid – you might already be covered for such things as critical illness, emergency ambulance support for example. So avoid double-paying where possible and ensure you get the most cover for your premiums with a funeral cover provider you can trust!