With Funeral Plans being a necessity to afford a good funeral for yourself or your immediate family, most financial services companies offer basic and inexpensive funeral plans for South African citizens.
Standard Bank offers funeral plans from as little as R40 per month premiums, for a funeral payout of R10 000. This makes it one of the lowest premiums for a funeral insurance in South Africa, with a 48 hours payment on a valid claim (certificate of death, relevant documents, and forms filled in correctly). The offer currently only is available to Standard Bank customers.
Standard Bank offers benefits similar to other insurers, they offer day-to-day, HIV and funeral benefits, as such they offer:
Access to emergency medical treatment and transport
Access to a comprehensive network of Doctors, Optometrists, and Dentists
Access to psychological counseling in the event of a death
Access to a 24-hour HIV/Aids Helpline
Help with post and pre HIV testing counseling and guidance
Medical assistance on accidental HIV exposure
Six months free cover following the death of the main policyholder
Assistance with burial arrangements
Trauma Counselling for the bereaved
Discounted rates from partner funeral parlours as well as from Netflorist and SA Florist
Assupol was originally a funeral scheme for the police and other government employees but grew to include ordinary South Africans who were looking for a funeral plan for their family. Assupol has also grown in recent years with a new marketing campaign, giving it more exposure and growth.
Assupol Funeral Covers include the Absolute Advantage Family Funeral Plan and Excellence Family Funeral Plan.
Assupol Excellence Family Funeral Plan
This is the Assupol basis funeral plan, where currently you can pay premiums as low as R70 per month. Main benefits include:
maximum payout of R75 000;
cover for children
stillborn and baby cover (babies up to 3 months)
Absolute Advantage Family Funeral Plan
This Assupol Funeral Plan, you may choose a single benefit or family benefit. You may also get up to R75 000
Assupol Funeral Plan benefits
Other benefits, which may cause EXTRA premiums to be paid, include:
Family income benefit
Double pay-out on accidental death
Guaranteed cash back, paid out every four years even if you claim
Premium Waiver, where if you the main member dies, benefits will still be given to other members
Liberty Life Group offers a range of products to individuals and corporate clients, which include Death, Critical Illness and Disability.
Founded in 1957, it has been in the life assurance and financial services game for a long time.
As with most insurance policies, there are requirements, depending on the cover, if you’re a South African citizen between 18 and 60 years of age with a valid South African ID and a bank account you may apply.
The Liberty Accident Plan pays out in the unfortunate event that the member dies an accidental death or is permanently disabled as a result of an accident. The funds can be paid out within 48 hours of a valid claim being lodged.
It’s available for qualifying individuals from R110 per month.
Critical Illness Cover
Illness befalls any person, and at times without warning. Business people and professionals who are required to be at work to earn a living will mostly need this as it would act as a warranty to earnings security. The Liberty Critical Illness Cover pays out a lump sum of up to R 1 million, from R 190 per month (risk profile dependent).
Qualifying requirements include:
An HIV test
Health test (Not a full medical)
Major Critical Illness Liberty covers include:
Open heart surgery
The Liberty Disability cover for individuals under the Liberty Lifestyle Protector pays out a lump sum in case of a disability or injury that renders you unable to perform your work. The claim is paid out according to a benefit schedule, where your chosen benefit category will apply.
Old Mutual is a trusted financial services brand in South Africa, having been in the country since we could all remember. It has provided well thought out services that are trusted by many South Africans to bring them the best quality services.
Old Mutual Funeral Cover is one of those services that are trusted by South Africans to give the confidence in a great funeral cover policy.
Old Mutual Funeral Cover Options
Old Mutual has a few funeral plans, and they include the Care Plan, Standard Plan, and Comprehensive+ Plan. The plans payout from R50 000, and up to R70 000. The main Benefits of the plans include:
Accidental Death Cover, which starts immediately upon application to the funeral plan
Money Back Guarantee, if death occurs within 6 months of the cover is taken out
Premium Holiday, six premiums can be missed over the life of the premium without losing the cover
Restart Benefit, an option to start your plan if it lapses
Other benefits under the Standard and Comprehensive+ Plan include a cashback, grocery benefit, education benefit, and terminal illness benefit.
Another great Funeral Cover Plan from Old Mutual is the Green Light Final Expenses cover. It can cover the policyholder, their spouse, and extended family members. The benefits of this cover include payment of a lump sum on a valid claim. Cover for the policyholder starts from R50 000 to R100 000.
Funeral cover policies in South Africa mostly have similar terms and conditions. This is because the funeral policies are quite similar in how a person’s funeral may be insured. With this, you will be able to have a look at the most basic terms and conditions and make a decision on which funeral policy to get. Also remember that the biggest difference with funeral policies is how much you will pay, or your premiums, for your funeral cover.
A waiting period of six months for the insured person. This applies to death by natural causes
Immediate cover for accidental death. Other benefits may include a double payout if it occurs to the main member
No medical checks. Most, if not all, funeral policy companies and funeral insurance providers won’t ask you to take a medical examination
Family members may be covered for extra premiums. Family members may be covered with the main member’s funeral cover, and extra premiums are levied against the main member
Funeral policies may be cancelled within 30 days. This applies to most funeral insurance companies who are trusted providers. Others that you may not cancel within 30 days are mostly unscrupulous. Some charges may apply
Documents to fill provide when making a claim:
Insured person’s death certificate
A certified copy of the insured person’s ID/birth certificate
A certified copy of the claimant’s identity document
proof of banking details
Only a natural person may be paid out for a funeral cover claim. So, a payout may not be towards a company
Are you considering a funeral policy? Not sure which to take? Too many options to choose from? The one thing you could do is to go with your most current financial services provider and whatever it is that they offer you. But the smartest thing would be to shop around and see what the best financial services providers in South Africa have to offer.
Some of the biggest providers of funeral covers include Sanlam, FNB, Avbob, Momentum and Old Mutual.
You will also come across smaller players in this funeral insurance sector, as it is quite competitive. The medium-sized players include Doves, Lion of Africa and Rentmeester.
You may also be involved in burial societies, which basically cover smaller amounts from the minimal payments you make.
What is a funeral policy? These are funeral plans which cover you same as an insurance, where upon the untimely death of the insured, a cash payment will be made towards the selected beneficiary, usually within 48 hours. Payout also has to be done quickly as it covers the most necessary costs incurred in arranging a dignified funeral.
Can you have more than one funeral insurance plan? Yes, but look out that you’re not over insured. Depending on your policy wording, be sure that you don’t over insure, and that you stick to the specific requirements of your funeral insurance company on how many, or how much, your funeral cover may be worth.