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Nobody wants to think about paying for a funeral while dealing with the loss of someone they love. But funeral expenses can place a serious strain on a household budget, particularly when there are no savings set aside for them.
Funeral cover turns a potentially crippling, unexpected funeral expense into a manageable monthly budget line item. By understanding how to balance affordable funeral cover with your household finances, you can protect your family from severe financial stress during a crisis.
With a few practical budgeting tips, you can make funeral cover part of your financial plan without putting unnecessary pressure on your monthly budget.
Preparing for the financial stress of a funeral
A funeral comes with expenses such as a coffin, funeral parlour fees, transport, catering, flowers, burial or cremation costs and other expenses associated with the funeral.
In South Africa, a funeral can cost anywhere from R15 000 to R50 000 or more, depending on the arrangements and services involved.
Without funeral cover, families may have to use their savings, borrow money or rely on contributions from friends, relatives or their wider community. This can add even more financial pressure to an already emotionally difficult situation.
Planning ahead means your family doesn't have to start looking for tens of thousands of rands at short notice.
Why does affordable funeral cover belong in every family budget?
One of the simplest ways to prepare for funeral expenses is to make funeral cover part of your monthly budget.
A funeral cover policy replaces one potentially large, unexpected expense with a predictable monthly premium. You pay your premium each month, and if a covered person passes and the claim is valid, the policy pays a lump sum according to the terms of the policy.
Entry-level funeral cover can start from around R200 per month, making it possible to build this protection into your budget without having to find tens of thousands of rands at short notice.
That can make a significant difference to a household that doesn't have a large amount of spare cash available.
Smart budgeting tips to make funeral cover affordable
Adding another monthly expense to your household budget might seem difficult. Here’s how you can make funeral cover an affordable part of your budget.
1. Work out how much cover you need for a modest funeral
Start by estimating the kind of funeral you would want for yourself and your family.
Consider the likely costs of the funeral, including the coffin, funeral parlour, transport, catering and other arrangements. This gives you a better starting point for deciding on your sum assured.
Remember that a beautiful, dignified send-off doesn’t have to be elaborate or expensive. Planning a more modest funeral and focusing on the essentials can mean you need a lower sum assured, which can help keep your monthly funeral cover premium affordable.
2. Choose an affordable premium you can maintain
When shopping for funeral cover, experts recommend that you build your budget around a premium that you can afford next month and in years to come.
Look at your income and essential expenses first, then decide what you can comfortably allocate to a monthly funeral cover premium.
A slightly smaller policy that you can maintain may make more sense for your budget than choosing more cover than you can afford.
3. Check what cover you already have
Before adding family members to a new policy, check whether they already have funeral cover through another policy, an employer or a stokvel.
4. Compare the policy, not just the price
Be sure to compare quotes from multiple providers, but don't look at the monthly premium alone. Instead, consider:
- How much the policy pays out\
- Who is covered
- Waiting periods
- Exclusions
- Benefits
A low premium isn't necessarily useful if the pay-out isn't enough to meet your family's needs.
5. Look for ways to save when you buy online
Buying online can be one way to reduce your monthly cost. With 1Life, you can save 40% on your monthly funeral cover premiums when you buy online. This is worth considering if you're looking for affordable funeral cover while keeping your monthly budget under control.
How 1Life Funeral Cover helps you stay on budget
With 1Life Funeral Cover, you can cover up to 16 family members, with up to R50 000 cover per person, subject to the policy terms and eligibility requirements. Remember that you can make the policy more affordable by choosing a lower cover amount per person or reducing the number of family members covered on the policy. The policy also includes the following benefits:Grocery benefit: When the main member passes away and the claim is approved, the family receives a R6 000 grocery benefit as a lump sum.
Headstone benefit: Eligible policy members have access to a R5 000 headstone benefit, providing a meaningful way for families to honour and remember their loved one.
Repatriation service: 1Life’s repatriation service transports the deceased from the place of death to the funeral home closest to their place of burial in South Africa, including from SADC countries into South Africa.
1Life’s 1Lifestyle rewards programme gives eligible 1Life policyholders access to rewards, discounts and savings on everyday essentials, travel, fashion, education and more.
FAQs: Budgeting for funeral cover
How much should I budget for funeral cover each month?
There is no single amount that every family should budget for funeral cover. Your funeral cover cost depends on factors such as the amount of cover you choose, the people you want to cover and their individual circumstances.
The most important consideration is choosing a premium that fits comfortably into your household budget while providing an appropriate level of cover.
How does funeral cover reduce financial stress?
Funeral cover turns a potentially large and unexpected funeral expense into a planned monthly financial commitment. When a covered person dies and a claim is valid, the policy pays a lump sum according to the policy terms. This can reduce the need for your family to find the full cost from savings, loans or contributions at short notice.
How can I make funeral cover more affordable without losing protection?
Start by planning a modest, dignified funeral and estimating the essential costs. This can help you choose a lower sum assured that still meets your needs. Choose a monthly premium you can maintain and check what cover your family members already have. Compare policies carefully and look for online discounts, while making sure the cover is enough for the funeral you have planned.
How much funeral cover do I need?
Think about the likely cost of the funeral you want to provide and choose a level of cover that can make a meaningful contribution towards those expenses. The right amount will depend on your circumstances, your budget and the people you want to cover.
Not sure how much to budget for a beautiful send-off? Use our funeral cost calculator to estimate the total cost of the funeral and see how much cover your family may need.
Can I cover several family members on one policy?
Yes, you can. For example, 1Life Funeral Cover allows you to cover up to 16 family members on one policy, with up to R50 000 cover per member, subject to the policy's terms and eligibility requirements.
Is affordable funeral cover worth having if I already have savings?
Savings and funeral cover serve different purposes. Savings give you access to your own money, while insurance provides cover according to the terms of the policy in exchange for premiums.
If you already have savings, consider how much of that money you would realistically want to use for a funeral and whether your savings would be sufficient if a death occurred unexpectedly.