A funeral policy is a type of life insurance whereby the benefit is used towards funeral expenses that arise on the death of the beneficiary. The funeral benefit can be in the form of a funeral service, a cash benefit to help towards the funeral or even a combination of the two. In terms of funeral policies in South Africa, a study conducted showed that thirty percent of South Africans have a funeral policy.
By owning a funeral policy, you can reduce the financial burden that the cost of a funeral may present that can turn out to be exceptionally costly! Let’s take a look at the different funeral policies in South Africa and what they offer.
Assupol funeral cover: Assupol is one of the top funeral policy providers in SA. They are a South African insurance company that has grown to be the market leader in their industry. Their products have been designed for South Africans, by South Africans and they pride themselves on knowing what their people need. You can get an Assupol Funeral Cover policy from as little as R1.50 a day and a maximum cover of up to R50 000. In order to qualify you will need a minimum monthly salary of R2500. Extended family members may be added to the funeral plan up to the age of 79 for an additional premium.
Hollard Funeral Cover: Hollard offers a very comprehensive family funeral benefit. Hollard’s comprehensive plan covers you in the event of your death for up to R50 0000 that could be paid out within 48 hours provided they have all relevant documents and the claim is valid. Furthermore, Hollard can cover up to 5 children under the age of 21 as part of the family funeral plan. Options range from 10 000 to 50 000.
Kaizer Chiefs Funeral Cover: You can get a Kaizer Chiefs funeral policy from as little as R86 per month at the same time as supporting your favorite football team! They offer a very comprehensive family funeral benefit. Their comprehensive funeral policy cover you in the event of your death from up to R50 000 that can be paid out within 48 hours. Kaizer Chiefs funeral cover can cover up to 5 children under the age of 21 as part of the family funeral plan. Options range from 10 000 to 50 000.
Compare funeral cover here.