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Funeral insurance lets families give loved ones a beautiful send-off, without worrying about how to pay the burial and service costs. Changing funeral insurance demographics, along with a high cost of living, low economic growth and high unemployment, means more South Africans are taking out funeral policies. These funeral plans ensure they can give loved ones a respectable funeral when the time comes with no additional financial burden.
Demographic shifts in South Africa mean more demand for funeral insurance
Stats South Africa data puts the country’s population at around 63 million people. Nearly a third, 21 million, are in the 15 to 34 age group. In addition, like many other countries, much of the population is ageing with the numbers of those aged 60 and older rising, making up nearly 10% of the population in 2022. Alongside these demographic shifts are increasing job insecurity and unemployment for the youth in the country, resulting in lower total income and funds available for burials.
Funerals can cost upwards of R40 000, a large amount for many families who are often supporting extended family members. Together with changing funeral insurance demographics, this makes financial security for expenses such as funeral costs essential. Funeral insurance in South Africa offers this financial security.
Who’s buying funeral insurance and why?
Many South Africans buy funeral cover for themselves and their families. Young professionals, who are significantly impacted by the high cost of living and in some cases supporting ageing relatives, are purchasing funeral cover to ensure these costs can be paid when they arise. Older citizens are also using funeral insurance to ensure they don’t burden relatives with burial costs.
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Funeral cover lets these South Africans pay for the service, burial plot, after gathering, cultural activities and more without having to find additional funds, use savings or take on debt. South African funeral insurance offers peace of mind for young and old. Over 40% of the country’s citizens have funeral cover with 6.24 million funeral policies taken out in 2024.
What funeral insurance plans offer
Funeral insurance pays a lump sum amount on the death of a member. Family members, as well as extended family members can be covered on one policy as additional members, ensuring ease of admin with one monthly premium to pay. When an additional member passes away the insured amount is paid to the principal member, when the principal member passes the sum insured is paid to a beneficiary, for valid claims. Funeral pay-outs for valid claims can be made within 48 hours, so that undertakers and other service providers can be paid timeously.
Licensed insurers offering funeral cover meet the needs of professional South Africans by offering flexible cover where members can be added or removed from policies at competitive premiums to ensure funeral cover remains within budgets.
As tech-savvy individuals, young South Africans can also manage and claim on their policies online, using a number of digital tools such as online policyholder service portals. They can also use a number of online calculators to determine the appropriate cover for them and their families, as well as obtain quotes and information about funeral insurance online. The cost of funerals has risen over the last few years, and working out how much a funeral could cost using these tools and information can ensure families can pay for a respectable funeral.
1Life Insurance offers tailored funeral cover
1Life Insurance has been changing lives for nearly two decades with flexible policies that can be tailored to your needs and budget. 1Life Insurance offers affordable funeral policies with sums assured of up to R50 000 per member. You can buy funeral insurance online and save 40% on premiums, as well as access and manage your policy safely and conveniently in your own time on the online policyholder portal and WhatsApp service centre. Valid funeral cover claims are paid within 24 hours and qualifying claims paid in 3 minutes. 1Life Insurance was awarded the Life Insurance Category winner in the 2023/2024 Ask Afrika Icon Brands Benchmark survey. You can follow 1Life Insurance on Instagram, Facebook, X and Youtube.
Plan ahead
Having funds available for funeral costs when you need them gives you the time to plan a beautiful send off and lessens the financial and other stress you feel when a loved one passes away. Secure your family’s future today with a 1Life Insurance funeral policy. Talk to a skilled 1Life Insurance consultant about a funeral plan that meets your family’s needs.
FAQs
At what age should you take out funeral cover in South Africa?
There’s no set age to buy funeral cover, what matters is whether you and your family could afford funeral expenses without insurance. With funerals costing tens of thousands of rand, taking out cover early ensures peace of mind and financial security.
Why are more young South Africans buying funeral insurance?
Rising living costs, unemployment and the responsibility of supporting ageing relatives mean young South Africans often don’t have spare savings for funeral expenses. Funeral cover ensures they can pay for a respectable funeral without taking on debt or using emergency funds. It also allows them to plan ahead and give loved ones a beautiful send-off without additional financial strain.
How much does a funeral cost in South Africa in 2025?
Funerals can cost upwards of R40 000 in 2025. This includes service costs, burial plots, venue hire, catering and more. For many households already stretched financially, this is a significant expense and one of the key reasons funeral insurance has become so essential.
What is the cut-off age for funeral insurance?
Most licensed insurers in South Africa allow older citizens to take out funeral cover, with flexible policies designed to remain affordable. Compare policies as age limits vary between providers. With 1Life Funeral Cover, you can take out funeral cover anytime if you are between the age of 18 and 64. Parents and extended family members up to the age of 74 will be covered.
Can you cover extended family members on one funeral policy?
Yes. Funeral insurance plans allow you to add spouses, children and extended family members to one policy. Immediate and extended family can be covered on a 1Life Funeral Cover policy. You can cover 2 spouses, up to 5 children (up to the age of 21) and 9 extended family members including 4 parents or in-laws at an additional cost per member. There must be insurable interest in the person that you are covering under the policy, meaning that there needs to be a blood or legal relationship with the person you are adding to the funeral policy.