How much Funeral Insurance Do You Need?
June 8, 2016
How much funeral insurance does one need? Well, you should consider many things before you take out the appropriate cover for a dignified and fitting funeral.
How Much Funeral Insurance – Points worth Considering
- Your family – when you pass away, your family will be spending the following few days and weeks sad and grieving. Then the last thing they can think of is a properly planned funeral, with all its varying options. Handing these cares to a professional can bring such relief. These expert will be able to assist and guide them in this overwhelming and confusing time. Also, your family will want to honour and respect you, by giving you the best send-off they can. It will add to their grief if they don’t have the available cash to give you a decent funeral.
- The Basic Costs of a Funeral. Funeral Houses usually have a basic service fee of about R5 000. This covers the cost of removing the body from the place of death to their mortuary. It also covers caring for the body, the hearse, and any documentation like the death certificate and registration of death.Some funeral parlours have their own funeral package. This can include the coffin, programmes, a tent, notices in the newspapers, body removal, the death certificate and registration, and flowers. But be careful of these packages, as you may be paying for things you do not want.The most basic funeral will cost you in the region of R7, 8 or 9 000 Rand and a cremation about R8 000. Other average costs at 2016 prices include:
- Headstone – R7 000
- Tombstone – R1 500
- Cemetery costs – R4 000
- Cremation – R2 500
- Urn for ashes – R200
If you have a computer available to you, there is a free online tool that allows you to calculate what a funeral will cost you.
How Much Funeral Insurance – Take Note
- people often make the mistake of taking out several funeral policies. This can cause you to be over-insured. You could then lose several of the benefits you have been paying for.
- burial societies are different to funeral insurances, as they pay out money that will be used for things like catering, tents, and groceries. It is a good idea to have one funeral policy, and at the same time belong to a burial society.
- buying too early can also be a bad thing. It can work out to be very expensive in the end, as you can pay more in premiums than the cover is worth. For instance, paying your premiums for 30 years could actually add up to the costs of 3 or 4 funerals.
- if the lump sum payout is less than the costs involved in the funeral, your family will always be able to use the extra money. They can buy groceries, airtime, and other expenses that may crop up at this time.
- funerals are very important in rural areas and other South African communities. Their policies cover extensive catering and transport costs. Livestock and a tent are often included in their special funeral cover policy. The average cost of their big funerals can start at R40 000.
Taking all these points into consideration. Only you can decide how much funeral insurance will be enough for your family. Remember, it doesn’t have to be expensive to be beautiful. A dignified funeral will give you emotional closure. Consider the options, and plan in advance.
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All info was correct at time of publishing