A funeral can be very expensive and, if the deceased left no policy in place to cover the costs involved, can place an unbearable burden on families left behind. Read further to find out about funeral insurance premiums.
Why funeral cover?
Upon death, bank accounts are immediately frozen, and families have no access to liquid cash until the estate is wound up.
That is why it is so important to ensure that loved ones are taken care of financially during their time of grief.
So a funeral policy can go a long way to easing that burden.
How to choose
So the cost of funeral cover varies, depending on the policy selected.
While an individual funeral policy may cost less, to take out a separate one for each member of the family will cost a lot more.
Today funeral cover can include not only immediate family members but also extended families such as mother and father, brother and sister, aunt, uncle and in-laws.
Examples of cover benefits
1Life – Funeral Insurance Premiums
- Cover for up to five children and 11 family members
- Cover of between R5 000 and R100 000 per member
- No increases in premiums for 12 months
- A burial repatriation service from anywhere in South Africa
- A grocery benefit worth R6 000
- Also a memorial benefit of R5 000
Standard Bank
- Premiums on a family funeral policy is covered for six months after the death of the principal policyholder
- Assistance is given with funeral arrangements
- Trauma Counselling
- Discounted rates are also offered from the bank’s network of funeral parlours and florists
- Medical discount coupons
Virgin Money – Funeral Insurance Premiums
- Online Registration takes two minutes
Clientele Life – Funeral Insurance Premiums
- Individual cover of up to R50 000
- Family cover of up to R250 000
- Cover for up to three children at no additional cost
- Extended family cover with up to 13 people on one policy
- Also, free airtime worth R200 to assist families when making funeral arrangements
- Additional grocery, unveiling and transport benefits available
- 24/7 funeral help-line
- Also available is a double accident benefit
Old Mutual – Funeral Insurance Premiums
- Build a plan to suit individual needs
- Single parents can cover themselves and their children with the Single Adult Funeral Plan
- There is also a built-in cash-back, and terminal illness benefit after every 36 premiums are paid on Standard and Comprehensive+ Plans
- An optional Grocery Benefit is paid out for 12 months when the principal policyholder dies
- An optional Education Benefit is paid out for 12 months when the principal policyholder dies
Momentum – Funeral Insurance Premiums
- Tombstone Benefit – pays out R10 000 cash after 12 months
- Repatriation – covers the cost of returning the body to South Africa
- Multiply Starter – gives up to R4 000 discount on Avbob and other benefits
- Free airtime worth R250 for the family
- Grocery Vouchers – pays R1 000 a month for six months
- Premium Skip – Skip one premium after every 12 paid
Hollard – Funeral Insurance Premiums
- Funeral cover from R10 000 to R75 000
- A lump sum cash back of 20% on policy premiums paid after every five years
- Optional policy cover available for spouse/partner, children and parents
- Extended Family Funeral Rider to cover additional family members
- Also additional funeral benefits, including the Monthly Provider and Personal Accident cover
- Transport benefit – standard three-day vehicle access
Avbob – Funeral Insurance Premiums
- Bereavement counselling
- Cash-back for every five years without claiming
- Extended family insurance available
- Free basic funeral cover worth R9 600
- Free transportation of the body anywhere in South Africa
- Also, R1 000 cash payout to cover immediate funeral expenses such as airtime and groceries
- A Retrenchment Benefit on policies that have been in operation for at least two years
Assupol – Funeral Insurance Premiums
- Funeral benefits are paid out within 48 hours of lodging a claim and all relevant documentation
- Funeral cover of up to R75 000
- One plan for husband, wife and up to five children
- Also, immediate cover for accidental death
Sanlam – Funeral Insurance Premiums
- Funeral cover from R5 000 to R50 000
- One plan covers the entire family
- No medical examinations
- Immediate accidental death cover
- A Paid-Up on Death Benefit covers the family after the death of the principal policyholder
- Cover for up to nine extended family members
What do funeral policy premiums cost?
- Clientele Life – premiums available from R99 a month
- Momentum – premiums available from R89.38 a month
- Virgin Money – premiums available from R85.50 a month
- Sanlam – premiums available from R80 a month
- Assupol – premiums available from R70 a month
- Old Mutual – premiums available from R31 a month
- Hollard – contact directly or via broker for quote
- 1Life – contact directly or via broker for quote
- Avbob – contact directly for a quote
- Metropolitan – contact directly or via broker for quote
Conclusion
The South African community includes many religions and different cultures.
So the diversity of their traditions dictates the cost of a funeral.
The cost of a funeral can be out of the reach of many people and, for this reason, taking out funeral insurance cover is a prudent investment.
Please complete the form on this page to get a FREE funeral cover quote