Many of us don’t understand what it means to have a waiting period on a policy. When we apply, we want immediate funeral cover for ourselves and our families, why then are there waiting periods? In the funeral cover industry, there will often be waiting periods to prevent the public from taking out insurance cover for a person that has a chronic condition like cancer for example. What this then means is, most funeral cover providers will have a six month waiting period for natural causes, and some go up to 2 years. The reason why this is an industry standard is very simple; funeral cover providers don’t want you to wait until the last minute before you take out a funeral policy, as so many people have tried. Most South-African funeral cover providers will cover serious illness like Cancer or AIDS. Under the condition that you have to wait at minimum six months before you can make any claims. Finding funeral cover under these circumstances with no waiting period will be a very difficult task
Essentially, this waiting period was simply designed to prevent you from taking the policy while you are on your death bed or in some cases, right after a family member had passed away. In these situations, we cannot expect immediate funeral cover. In some cases the family members will even pretend that the deceased family member is alive, just to get funeral cover. If there were absolutely no waiting period on a funeral cover, everybody would just wait until they are critically ill before applying. Most funeral cover providers in South-Africa will cover you from your very first premium for all accidental death.
This means if you take out a funeral cover policy, you will be covered almost immediately for events such as murder, a car accident and most other accidental deaths, which is as close to immediate funeral cover as one can get. Some providers will even double your payout or provide you with extra benefits, should you die as a result of an accident, anytime while your funeral cover is in force. These benefits can be groceries for a few months to paying the funeral in full.
To our knowledge, there are very few funeral cover policies that have absolutely no waiting period. If you find a funeral policy with no waiting period, it will usually be for a very small cover amount like, R5000 funeral cover for example. A funeral plan without a waiting period will most likely be of no or very little benefit to you.
So, don’t think that South-African funeral cover providers are trying to play with you or your money. The waiting period will be in force to protect the provider from claims arising from people on the verge of knowingly dying.
Something to consider, with funeral cover, there are no medical questions or examinations. The funeral cover provider must give you the benefit of the doubt.
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