If you don’t have funeral insurance, your family will be responsible for paying for your funeral. Likewise, if they don’t have funeral cover, you might have to pay for theirs. But how much of a financial strain would this place on you or them? In this article, we examine how much they may potentially pay for your funeral if you're unprepared. We'll also show you how to get funeral cover quotes online.
What is covered by a funeral policy?
Nobody wants to think about their own demise or a death in the family. But would your family be able to pay for your funeral out of their own pockets? Would you be able to pay for a family member’s funeral out of pocket or do you have that amount of money set aside?
Spending a little time and effort now to arrange your funeral insurance could save you and your loved ones from future heartache and suffering.
Funeral insurance provides prompt funding for the cost of your or a loved one’s burial or cremation, including repatriation services, catering, flowers and of course a headstone.
How do I calculate how much funeral insurance I need?
Your insured amount depends on how many members you want to add to your policy and how much cover you would like for each of them. Cover ranges between R30 000 and R100 000, depending on how much you would like to spend on a loved one’s funeral.
Where can I get a funeral cover quote online?
It's pretty straightforward. If you know how much money you'll need for a funeral, you may access a fast online funeral cover quote from several insurers' websites. It's as easy as searching Google for companies that offer funeral cover online quotes, entering your information online (or phoning the company if they don't offer a funeral cover quote online). Alternatively, you can request a financial needs analysis.
When comparing the funeral insurance benefits, consider questions such as:
- How many family members and extended family members can you insure?
- How much cover is available per member?
- What benefits are available, such as a grocery or headstone benefit
- What the waiting periods are
How much does a funeral cost in South Africa?
When you understand the astronomical costs of funerals in South Africa, you will realise that funeral cover could be a good buffer to help your loved ones through an already difficult time. The essential costs you should think about when organising a funeral are as follows:
The coffin: The cost varies depending on the method of disposition (burial or cremation), the type of casket and headstone. A simple coffin may cost R6,000, but costs could potentially exceed R20,000 depending on the type and size, and material of the coffin.
Cremation and urn: A cremation could cost roughly R7,000 and, depending on the material, an urn could cost around R1,500.
The grave and tombstone: If you are considering a burial, you will also need to pay for the plot of land where you will be laid to rest. The cost will vary based on the municipality in which the burial ground is located, but it typically costs between R1,500 and R6,000. A gravestone typically ranges between R1,500 and R7,000, depending on your preferences. If you select cremation, you won't have to pay for a grave or gravestone.
Undertaker services: There will be some additional fees whether you choose burial or cremation. Undertaker fees include paying for preparation and storage of the body, processing the death (arranging relevant paperwork such as a death certificate), funeral notices and arrangements, and use of the hearse. A funeral home will levy these fees, which might start at R4,000. Cremation may incur an additional fee of around R600, which is the cost of obtaining a permit. Transportation may or may not be included in the undertaker fees. The cost of transporting the body across the border (repatriation of mortal remains) can begin at R10,000.
Catering, venue, and transportation: Your loved ones will have to plan ahead of time to ensure all your most important guests (close friends and family) can attend your funeral. This involves ensuring that there are refreshments for them, and making sure the venue is ready for their arrival, including the floral arrangements, and accommodation, if need be.
With 1Life Funeral Cover you can cover up to 16 family members on one policy. Policies pay out between R5,000 and R50,000 per family member. Benefits include a repatriation service, grocery benefit and a headstone memorial. Buy comprehensive cover online today and save 40% on your monthly premium.
The views and opinions expressed in this article are those of the authors and do not necessarily represent or reflect the views of 1Life Insurance or its employees.