Understanding and buying funeral cover for your extended family is often marred in too many complications that can deter you from doing what you really want to do – cover your family against death. It shouldn’t be like that, and because there are many insurers to choose from, with some better than others, it really can become a tedious task to know exactly what you need, and buy the right funeral cover for extended family members. Insurance ‘n More is here to make things for you a little clearer.
What exactly does family funeral cover offer?
A family funeral insurance policy is a long-term insurance product. It’s simply there to cover the losses you can incur if any of your family [whom you have included as members in the policy] pass away.
Who can be covered?
- Yourself as the main member or policyholder
- Your spouse, i.e. your husband, wife, or civil marriage partner
- Your [natural and adopted] children up to a certain age, and depending if they are dependent on you and whether or not they are still in school and post-matric school
- Your parents and parents in-law
- Other immediate members of your family who are dependent on you
- What are the benefits?
- There are a couple of benefits to having a family funeral insurance plan, and some of the most important are the following:
- Premiums can be as low as R20 per month per member, and decrease incrementally as more members are added to the policy
- Cover for each individual can range from R5,000 to R50,000 and an insurer such as Hollard offers an extension of the policy with a life cover option of up to R150,000
- The tax free lump sum is typically paid out within 2 days of the insurer receiving all the correct documents pertaining to the death of an insured member
- You can save on monthly premiums because you cover more than one person in the same policy
You can save on time and more money by administering one [group] policy instead of many individual policies. An easy example is that if you opted to insure each member of your family with their own individual policies, the insurance company would debit each monthly premium separately, and each debit order is charged by your bank as a separate transaction. By having one debit order for a single family funeral policy, you can dramatically reduce your bank charges.
- Cash back benefits when you do not claim
- Cash bonuses for good payment records
- Premium waivers when you cannot pay the monthly premium
- Affordable funeral service plans, for example Avbob has one of the largest network of funeral parlours in South Africa, and arrangements for discounts on coffins, flowers, transport and other things that will ensure and dignified funeral
Which insurance companies offer [the best] family funeral cover?
Most if not all the major funeral insurance companies in South Africa offer specific policies for extended family members. Through our partnerships, Insurance ‘n More is able to help you find the best of what these companies offer, so that you can compare and buy funeral cover for your family at low rates.
The providers are:
- Old Mutual Funeral Plan
- Sanlam Funeral Cover
- Avbob Funeral Plans
- Clientele Life Funeral Cover
- Hollard Funeral Plan
- Momentum Funeral Cover
- Metropolitan Funeral Cover
- Liberty Funeral Cover
- FNB Funeral Plans
- ABSA Funeral Cover
- Standard Bank Funeral Plan
- 1Life Insurance Funeral Cover
Fill in your details above so that our providers can call you back with more information specific to funeral policies for your own self, your spouse and children, funeral cover for parents and in-laws, and extended family.