Life insurance and Funeral Costs
April 15, 2016
Life insurance funeral costs are not getting any cheaper and nobody wants to be thinking of planning a funeral, even in old age.
The truth is, more so in the 21st century, death doesn’t take notice of birthdays – it claims anyone at any time.
It is for this reason that one should have a funeral plan in place if you don’t like the idea of your family having to find the money to lay you to rest.
Funerals Aren’t Getting Any Cheaper
In 2016, research of the funeral industry revealed that a typical funeral in South Africa can be anything between R8 000 to R12 000.
Many people choose to pay the costs of a funeral with life insurance proceeds, stating in the policy who the beneficiary will be at the death of the policy holder. Whatever the course you decide on the money has to come from somewhere.
Life insurance funeral costs are determined by individual circumstances and the process of underwriting will determine the level of cover you qualify for.
A life company sells all kinds of life insurance and make their payouts as much as R50000 or more. When taking out a policy be sure to check the waiting periods.
Excellent Funeral Cover from South Africa’s Top Life Insurers
Liberty Life – South African insurance companies offer affordable funeral products for the entire family. Liberty Life for example started out in 1957 and it offers a comprehensive range of long-term insurance products of which life insurance is one.
Their Standard Funeral Plan for instance starts from just R50 per month, but you can add the Tombstone Benefit to this plan.
You’ll benefit from a pay out of up to R20 000 within 12 months after the policy holder dies. At an additional monthly cost, you can also add Funeral Assist which brings with it a host of benefits.
Old Mutual – Life insurance funeral costs from Old Mutual start from just R31 a month for their Care Plan, R38 a month for their Standard Plan and their Comprehensive+ Plan R39 a month.
The maximum starting cover for this plan is R70 000 and it comes with that double accident death cover.
Assupol – Life insurance funeral costs from Assupol and with their Excellence Family Funeral Plan is R70 a month with a maximum benefit cover of R50 000.
Amongst other benefits an unlimited number of family members can be covered, your family get income for 6 months after your death and they receive money every 4 years, even if you claim.
Apart from funeral plans, these funeral service providers all offer whole life insurance taken out for the entire lifespan of the insured person.
A whole life policy generates a cash value, which can also be used while you are alive. It also offers a death benefit which remains the same for life and which pays out at your death.
The investment type of whole life insurance accumulates cash, which you can take out or borrow against.
Compare Life insurance funeral costs
Compare Life Insurance and Funeral Cover with the different life insurance funeral costs comparison sites where you’ll be able to find the cheapest quotes by merely filling in the easy online form on their site.
The comparison site does all the research for you and provides you with the quote that suits your lifestyle, pocket and needs.
To get a FREE Funeral Cover Quote complete and send the form above the article
All info was correct at time of publishing