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You want your loved ones to have financial stability as well as the funds to pay for a beautiful send off when the time comes. A life cover policy can ensure the former and a funeral policy the latter. But that means you need to take out two policies, claim twice and have double the policy admin! With 1Life Insurance’s Pure Life Plus Cover, you can combine life insurance and funeral cover in one policy and have valid claims paid quickly!
The difference between life cover and funeral cover
Life and funeral cover policies offer different sums assured for different financial needs.
Life cover
Life insurance policies pay a sum assured to a beneficiary or beneficiaries on the death of the life assured for a valid claim. Life cover sums assured start from a few hundred thousand rands to millions of rands. The pay-out from a claim can be used to fund future living expenses such as food, housing, transport and education for many years. For example, a life policy with a sum assured of R1.5 million rand can be invested and pay a monthly income to loved ones. Life cover pay-outs can also be used to pay outstanding debts, such as a home loan, to ensure family members have a place to live. You can use some of the pay-out from life insurance to cover funeral expenses.
Funeral cover
Pay-outs from funeral insurance policies are intended to pay the costs of a funeral service. The sum assured that can be taken for funeral policies is limited to R100 000 in total in South Africa, according to current regulations. This amount is intended to cover funeral costs, such as undertaker and burial plot fees as well as the cost of a service and gathering.
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Why combine life and funeral cover?
For many families, it is essential to have cover for both future family expenses if an income earner passes away and funeral expenses. Traditionally, two policies were taken to cover these needs. However, innovative insurance companies such as 1Life Insurance know that to meet customer needs, policies need to be more flexible. 1Life Insurance combined the life insurance with funeral cover and now offers one policy that includes life cover with funeral cover.
With one policy, there is less admin, such as needing to update banking or beneficiary details only once, and a lower total premium. In addition, the funeral cover portion pays valid claims quickly, allowing families to pay burial costs when they are incurred.
1Life Pure Life Plus Cover: Life cover with funeral cover
Pure Life Plus Cover from 1Life Insurance combines life and funeral cover in one convenient and affordable policy. You can have life cover of up to R10 million plus funeral cover of up to R50 000 for up to 16 family members! No medical exams are needed other than an HIV test. Premiums are fixed for the first 12 months.
With 1Life’s Pure Life Plus Cover you have life cover that can secure your family’s financial future when you are no longer around. It provides a tax-free lump sum to your beneficiaries in the event of the life assured's death to help them pay off debt, cover living expenses and get a quality education.
You also have funeral cover on the policy, ensuring your loved ones have a beautiful send-off. Policies pay out quickly when a member passes, to help the family pay for funeral and burial costs. The policy includes a R5 000 memorial and R6 000 grocery benefit plus a repatriation service.
1Life Insurance for all your long-term insurance needs
1Life Insurance is a licensed life insurance provider offering a range of flexible life and funeral cover policies that you can tailor to your needs and budget. You can take life cover for a sum assured of between R300 000 and R10 million at a competitive premium, and save up to 13% on premiums if you buy online. Funeral cover is available for up to 16 family members with a maximum sum assured for each member of R50 000. You can manage your life cover policies on the online policyholder portal or WhatsApp service centre. Claims can be submitted online and valid claims are assessed and paid quickly. 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.
Protect your loved ones with 1Life’s Pure Life Plus Cover
Simplify your financial life and have the cover you need for funeral and living expenses with a policy that includes funeral cover with life insurance. You can protect your loved ones today with 1Life’s Pure Life Plus Cover – the smart way to combine life and funeral cover. Speak to a 1Life Insurance consultant today about how 1Life Pure Life Plus cover can meet your life and funeral insurance needs.