Funeral insurance in South Africa is widely overlooked. It is a type of insurance that people tend to question and is one of those “I’m still thinking about it” types of products. This big question is answered in this article, “What Is Funeral Insurance?”, as well as outlining top funeral insurance questions asked by Likemoney users.
Funeral insurance is a form of insurance that pays money out on your (or a family member who is covered’s) death. In other words: if you pass away, your beneficiaries/family will be given money so they can give you a dignified burial. Now, those closest to you don’t have to stress about the hefty cost of a funeral or use the family’s savings to pay for this unexpected death. By having a funeral cover you will gain peace of mind and be able to help your family at a difficult time.
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Most funeral insurance providers will pay out within 48 hours, provided the account is up to date and the correct documentation is provided. Just contact your funeral insurance provider and ask him what is required for you to receive a payout.
Most of the funeral insurance products today include a full family cover, this is for your immediate family members and not any in-laws or extended family. However, they can be added to your policy for an increased monthly premium.
Different cover levels exist with funeral insurance, so you can pick the level of cover you are comfortable with. Take note, the bigger the payout you require, the more the monthly premium will be. Discovery provides funeral cover from as little as R53 a month.
Because of the direct competition in the funeral cover industry today, you can expect great benefits, like grocery benefits (either included or, instead of a payout you get groceries for a period of time), transport costs for the family, organising the complete burial for you, etc.
