There is a wide range of Old Mutual funeral insurance policies designed to suit individual lifestyles. They advise that it is wise to take out a funeral plan once you have other people who are dependent on you.
Funerals are expensive, so they can put unnecessary strain on the bereaved family members. In South Africa, it is also estimated that most funerals cost between R10000 and R50000. So, Old Mutual funeral insurance policies seek to reduce the financial stress around the loss of a loved one.
Choosing the right plan
Factors to consider when choosing a funeral plan include the following:
- Who do you need to cover? Funeral plans can include cover for yourself and your immediate family or extended family, including parents, siblings and even in-laws.
- How much cover do you need?
- What amount can you afford to pay each month?
- What benefits are important to you? These can include illness cover, cash back programmes or assistance with funeral arrangements
Old Mutual offers various plans, depending on your priorities and your budget. Some highlights of their offerings include:
- No waiting period –members get cover for up to 30 days before paying their first premium
- Payment within 48 hours of receiving a valid claim
- Some policies available online, via telephone or through financial advisors
Old Mutual Funeral Insurance Policies
Old Mutual offers the following plans:
- Care Plan (maximum cover R50000)
- Standard Plan (maximum cover R70000)
- Comprehensive Plan (maximum cover R70000)
They also offer a Single Adult Family Funeral Plan, which means a single parent can cover themselves and their children without having to pay for a spouse.
Benefits
All Old Mutual’s plans include the following benefits:
- Accidental death cover: immediate cover from the day you apply
- Money back guarantee: Premiums paid back if non-accidental death occurs within first six months
- Premium holiday: ability to skip up to six premiums without the plan lapsing
- Restart benefit: ability to restart the plan after lapsing (with certain conditions attached)
Some of Old Mutual’s plans include the following benefits:
- Double accidental death cover: double benefit paid out in case of accidental death
- Cashback: a percentage of premiums paid back after every cycle of 36 premiums
- Paid-up benefit: Cover continues without payment if the main member dies
- Retirement paid-up benefit: Cover continues without payment after the main member turns 65
- Terminal illness benefit: 50% cover paid immediately after the main member diagnosed with a terminal illness that will result in death in less than 12 months. Remainder paid on death.
Optional benefits are offered on the Standard and Comprehensive plans. These benefits are at an additional cost and include:
- Education benefits: monthly payment provided for a year after main member’s death
- Grocery benefit: monthly payment provided for a year after main member’s death
- More cover benefit: 10% added to your cover when purchasing a Standard or Comprehensive Plan with at least R50000 cover.
Fill in and submit the form on this page to get a Funeral Cover quote