What happens to my funeral policy when I pass?

At a glance

• When the main member on a 1Life Insurance funeral policy passes, additional members will still be covered by the premium waiver benefit.
• The premium waiver will pay the policy’s premiums for a certain period of time, such as 12 or 24 months, until a new main member takes over.
• The new main member must let 1Life know they are taking over at least 90 days before the premium waiver ends.

Did you know that when the main member on a funeral policy passes, policy premiums will be paid for the family and additional members for a specified period of time? It’s one of the life-changing benefits of funeral cover from 1Life Insurance – and here’s how it works.

When the main member on a funeral policy passes away

Three key things happen when the main member on a funeral policy passes:

1. The beneficiary submits a claim so that funeral costs for the main member can be paid.
2. The premium waiver begins if the claim is valid, meaning premiums are paid for a certain period of time.
3. The policy can continue with a new main member, such as a spouse, when the premium waiver ends.

We take a look at each of these in more detail, so you know what to do and when to ensure your loved ones are covered.

The beneficiary must claim when a main member passes

When the main member passes, the beneficiary named on the policy must submit a claim. Once the claim is approved, they will be paid the proceeds so that funeral costs for the main member can be covered.

As the main member, make sure you have named a beneficiary and included their details on your policy. You can check this on the online policyholder portal or the WhatsApp service centre, or confirm with your financial adviser or one of our skilled consultants.

You should also share details of how to claim with your beneficiary to make the process quick and easy.

When the claim for a main member is paid, the premium waiver begins

A premium waiver is when the benefit pays the premiums on the policy for a fixed time period, such as 12 or 24 months. This means that members already insured on the policy still enjoy cover, and valid claims will be paid.

Premium waivers begin from the date the claim is approved and end on the date stipulated in your policy contract.

Premium waivers are automatic, so you don’t have to do anything to activate it. However, a senior member, such as a spouse, should make sure the premium waiver is in force and update the contact details on the policy so they can receive important policy notifications.

The continuation option when the premium waiver ends

When the premium waiver ends, the continuation option allows the policy to continue with a new main member.

On a 1Life Insurance funeral policy, the first spouse or eldest additional member can become the new main member. They will then be responsible for paying monthly premiums.

The new main member must notify 1Life that they are taking over at least 90 days before the premium waiver ends and provide their bank details for the debit order. They should also nominate a beneficiary, who will be paid the proceeds when they pass.

If the continuation option is not selected, the policy will be cancelled when the premium waiver period ends.

Three important terms and conditions

As always, there are some terms and conditions you need to know:

• During the premium waiver period, there can be no changes to the policy, such as adding a member or changing the sum assured.
• The policy must have been in place for at least six continuous months before the previous main member passed.
• If the claim for the original main member is declined due to material non-disclosure for any reason, the premium waiver benefit and continuation option won’t apply.

Continue changing your family’s lives

It’s reassuring to know that when you pass, your loved ones will still be covered through the premium waiver benefit. Make sure your family members understand how the premium waiver and continuation option work so they can keep their cover when the time comes. These benefits are just another way we help bring financial peace of mind to families insured by our policies.