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.