Funeral plans in South Africa are quite important as it saves one from having to deal with the burdens of having to pay for and organize a funeral in the time of grieving over the death of a loved one. Funeral plans in South Africa, especially important in lower income households, must be considered.
Let’s take a look at some of the frequently asked questions about funeral plans so that you know which plan is best for you when searching on Likemoney.
Why do I need a funeral plan?
Although it is not something we like to think about, unfortunately, the day you or someone in your family passes is inevitable. Funeral plans are implemented to help you plan for your future. By having a funeral plan, you can reduce the financial burden that the cost of a funeral may present.
What exactly does a funeral plan offer?
Funeral plans pay you a lump sum cash benefit upon the death of the insured person.
How much will a funeral cover plan offer me?
There are a lot of different funeral plans in South Africa. The monthly premium will depend on the level of cover you choose. The number of family members on your policy as well as the age of the dependent for parents and extended family members. You can get Assupol Funeral Cover for as little as R1.50 a day.
Can I cover my whole family?
You can add your family by taking out a family funeral benefit for a small additional premium; it’s often referred to as extended family funeral cover. A family funeral plan benefit covers your spouse, children, and any other family members you choose to cover. One will also have the option to include one’s extended family members including parents and parents-in-laws.
How long does a funeral plan last?
Funeral plans in South Africa typically cease when you pass away. The extended cover will end when you pass away or when they pass away, whichever comes first. Cover for your children will end when you pass away or when they pass away or when they turn 21, whichever comes first. Keep in mind; the funeral plan will only cease should your premiums be up to date.
Will my family remain covered after my death?
Yes; provided the family members covered under the policy pay the funeral cover every month. Some insurers will offer your family additional covered on the plan and will give 12 months free cover after you pass away. After the 12 months, any person can take over the payment of the premiums.
What happens if I miss a payment?
Depending on the funeral plan of the insurer, the grace period will differ whereby the insurer will have a certain amount of day grace periods that will range from 15 to 30 days.