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What is Funeral Cover?
Funeral cover is insurance that pays out when the insured person dies for the purpose of covering the costs of laying the insured to rest. These expenses can include funeral costs, burial costs, and even the cost of hiring a funeral director. In return for this pay-out, the person who owns the policy pays a premium every month to the insurance company.
Often insurance premiums are low for funeral cover in comparison to other types of insurance. Insurance companies make their funeral insurance as affordable as possible so that almost anyone can get it. You can opt for a more expensive version that comes with extras you may not find on the cheaper options.
How Funeral Insurance Works
You don’t need to do a medical examination to get a funeral policy. Many aren’t underwritten either. That means the insurer doesn’t look at your risk profile to decide your premiums. Sometimes you can get funeral cover as an added benefit on an existing life insurance plan, and it could be much more affordable.
Some policies only give you cover for a certain term, say ten years. Others can cover you for your entire lifetime. Consider which will benefit you more before you buy the policy. Policies even exist that allow you to stop paying premiums when you reach a certain age, for example, 65 or 85.
Can I get Cover for My Whole Family?
Most funeral plans allow cover for you and your household. It may be tricky finding options that cover extended family. Thanks to South Africa’s competitive insurance industry, some plans allow you to add up to 13 family members to your policy! It is, however, most common that funeral plans cover spouses and children, and sometimes grandparents.
Can I Lower the Cover Amount When I’m Going Through a Tough Time?
It’s seen as one of the benefits in a funeral insurance policy, so yes. Often insurance companies allow for downgrades. Some even have holiday periods where you don’t need to pay a premium for a while. Before you sign on the dotted line, find out what your downgrade options are at the insurer you’re considering.
Will I Get Money Out If I Cancel My Policy?
No, funeral cover plans do not pay out cash if you cancel them. In other words, if you cancel it, you lose the cover and you do not get a pay-out. It’s better to call the insurance provider to make payment arrangements if you fall on tough times.
What Does a Funeral Plan Cover?
Funeral cover pays out a lump sum of money or offers a funeral service in return for your premium. The amount of cover you get depends on the plan you choose. When deciding how much cover to get, consider all the costs you will need to cover and calculate the total. Your policy should cover that total at least.
If the insurer offers the possibility to increase premiums and the cover you get at a scale equal to inflation, that is a great option. It can help you avoid a pay-out that doesn’t cover everything you need it to in the future.
Why Do I Need Funeral Cover?
Funerals cost a lot. From the casket to the transport, the flowers, the tombstone, and all the costs you didn’t even know would be included. It can cost about four times as much as the minimum monthly wage in South Africa, at least, and easily ten to fifteen times that amount for an elaborate funeral. If you don’t have all that money at hand, you will need funeral cover.
Giving your loved one an honourable send-off shouldn’t bankrupt your family. Luckily, funeral cover in South Africa is relatively cheap, and there are affordable options to choose from. Funeral cover should be easy to get and simple to claim from to make a grievous time easier on those who have just lost someone they care for.
Do Insurers Determine What You Must Use the Pay-Out For?
No, they do not. The decision is completely up to the recipient of the pay-out. They could choose to buy the fanciest tombstone they could find, or cremate, and spend more on the food at the funerary service.
What is the Best Funeral Cover in South Africa?
The best funeral cover isn’t necessarily the cheapest one. When comparing your options, think about the benefits you are receiving from the insurer, too. In some instances, you may pay only a few more Rands per month and get a much better deal.
To find the best funeral cover in South Africa, ask questions when you speak to the insurance company and compare it with what other companies are offering.
You can ask these questions when speaking to an insurer:
- What amount am I covered for?
- Are premiums fixed?
- How many family members can I cover on this policy?
- What is your claims process?
- How long does it usually take to pay out?
- What exclusions, terms, and requirements are there?
Where Can I Get Free Funeral Cover Quotes?
Need information and quotes? You can find it right here on our site! Fill in our online form now to get free quotes from reputable South African companies. They will call you, so you can ask your questions and compare your options without any obligation.
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