Every wealth building plan should funeral insurance for your immediate and extended family members. Policy pay-outs will protect your savings, preserving your wealth and keeping your family out of debt. They will also allow you to plan a beautiful send-off for a loved one without worrying about the expense. It is convenient, quick and simple to buy a funeral insurance online or from your broker, but you need to research funeral insurance companies and compare products and quotes to find the best, affordable funeral insurance for your loved ones.
Funeral insurance pays out a fixed, tax-free lump sum to your chosen beneficiaries when you or a covered family member passes away. This lump sum is specifically intended to cover funeral-related costs, from transport and catering to headstones and burial fees. Unlike life insurance, which can take time to pay out and is meant for long-term financial support, funeral cover pays out in days and ensures your loved ones aren’t left with the emotional and financial burden of arranging a funeral at an already difficult time.
Yes! Life and funeral insurance are two very different types of cover but both are an essential part of your financial plan. It is important to understand the difference between the two as well as how a life insurance policy will not only take care of your family in the event of your death but also build wealth for future generations. Now that makes good financial sense.
Top tip: Did you know that a 1Life Pure Life Cover policy comes with a Pay Now death benefit of R50 000. This means that when you, the life assured, pass away your family will receive R50 000 within 48 hours to cover expenses like your funeral.
Don’t get left holding the bill for a family member’s funeral! Without a funeral policy you would have to take out a loan, ask family members for help or dip into hard-earned savings to cover funeral expenses. Does that make good financial sense? We thought not. So if you are ready to get the cover you need we’ve got the tips you need for choosing the right cover for you and your family.
You can do almost anything online and that includes getting funeral insurance quotes. But it’s important to do your homework first. You need to know how much a simple funeral will cost in order to work out how much cover you need for yourself and each family member. And then you are going to need to compare the quotes you get to find the cover that suits both your needs and your budget - and includes great benefits too! .
Top tip: 1Life Funeral Cover includes a R5 000 headstone memorial and R6 000 grocery benefit plus a repatriation service. Want to find out more? Share your details and we’ll call you back.
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Found the right funeral insurance quote for you and your family? The next step is to buy the cover you need and you can do that online and in minutes. Buying online is convenient, fast and secure. You might even qualify for savings on your monthly premiums.
You help your parents in so many ways. You drive them to doctor’s appointments, take them shopping and even provide for them financially. But have you considered their funeral expenses? If you want to give them a respectable funeral without putting a dent in your finances then you need to take out funeral insurance for them. Because they deserve only the best of everything.
You want the funds you need to honour the life of a family member with the best possible funeral. No cutting corners, scrimping and saving or settling for second best. You want only the best family funeral insurance.
Do right by your loved ones and take out a 1Life funeral policy for up to 16 family members including up to two spouses and up to 5 children up to the age of 21. You can cover each family member for up to R50 000 each.
When taking out a funeral policy you need to consider which extended family members you need to include on a policy. Ask your insurer who qualifies as an extended family member, how many you can include on your policy and how much cover you can buy for each of them.
Top tip: You can insure up to 9 extended family members on a 1Life Funeral Cover policy as well as 5 immediate family members for up to R50 000 each. Extended family members include parents, parents-in-law, aunts, uncles and cousins.
Depending on the insurer, most South African insurers will not insure anyone over the age of 64 as the main member on a funeral policy and over the age of 74 as a policy member, so it pays to take out a funeral insurance policy for your parents and other elderly family sooner rather than later.
Funeral insurance, also known as funeral cover, provides a cash pay-out to help your family cover the costs of a beautiful send-off and after tears gathering. You choose the level of cover that suits your budget and the number of family members you want to insure.
Having funeral cover in place gives you peace of mind knowing that your loved ones won’t have to borrow money or go into debt to pay for a funeral.
Funerals are deeply significant events in South Africa – a way to honour a life and bring family together. But they can be costly, often running into tens of thousands of rands. Funeral cover ensures that when the time comes, your family can focus on what really matters – saying goodbye with dignity and respect.
While both life cover and funeral cover pay out when someone passes away, they serve very different purposes.
In short, funeral cover takes care of today’s funeral expenses, while life cover protects your family’s financial future.
Funeral costs vary widely depending on the location, cultural traditions and type of service, but prices continue to rise every year.
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 an insurable interest in the person you are covering under the policy, for example they need to be family members or extended family members.
1Life funeral policies have a 24-month premium waiver. So, if the principal member passes, additional members are covered, and claims will be paid to the named beneficiaries up to 24 months after the principal member has passed. In this time the additional members don’t have to pay premiums, however, changes cannot be made to the policy during the waiver period.
Yes, but you need to be aware of age limits. Depending on your provider, you may not be able to get cover for family members over the age of 74, for example, while the main member most likely cannot buy funeral policies if they are over the age of 64.
Waiting periods ensure that the policyholder has paid premiums for a set amount of time before a claim can be paid. For example, waiting periods of 6 to 12 months for natural causes and up to 24 months for suicide are common, while accidental death typically has no waiting period.
The best funeral insurance for young couples starting out strikes a balance between affordability and adequate cover. Look for a policy that fits comfortably into your monthly budget while still providing enough cover for both partners and any dependants you may have.
For example, a 1Life Funeral Cover policy lets you include both spouses, children and extended family members under one plan. This ensures that even as your family grows, you have the protection you need for a beautiful send-off with no financial stress.
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