What is funeral insurance?

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Introduction

Every wealth building plan should include a funeral plan for your immediate and extended family members. Your policy pay-out will protect your savings, preserving your wealth and keeping your family out of debt. It will also allow you to plan a funeral for a loved one without worrying about the expense. It is convenient, quick and simple to buy a funeral policy online or from your broker, but you need to research insurers and compare products and quotes before you sign on the dotted line.

Do I need funeral insurance if I have life insurance?

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 funeral 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.

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What happens if you don't have funeral insurance?

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.

How to get an online funeral insurance quote

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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Buy funeral insurance online

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.

Funeral insurance for parents

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.

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Funeral insurance for your immediate family

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.

Funeral insurance for extended family

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.

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Funeral insurance for pensioners

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.

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