How do you choose the best affordable funeral cover in South Africa?
Some of the best affordable funeral cover options in South Africa:
- Assupol funeral cover
- Avbob funeral cover
- Capitec funeral cover
- Clientele funeral cover
- FNB funeral cover
- Hollard funeral cover
- Meerkat funeral cover
- Metropolitan funeral cover
- Old Mutual funeral cover
- Outsurance funeral cover
Funeral cover in South Africa
When you love someone, one of the most important things for you is to make sure that they have peace of mind, and that they are well taken care of, even when you are no longer present.
Purchasing a funeral or life cover is an expression of love. It’s a way to show your loved ones just how important they are to you, even beyond the grave.
Death is inevitable, and a very normal part of life. No matter how much we may avoid speaking or even thinking about it, it is still a fate we all ought to face one day.
It is for this reason that you should consider getting good funeral cover; to ensure that your loved ones are not overburdened by your passing. A final message to say “I love you”; “I care”.
Also, did you know that a funeral in South Africa could cost anywhere between R3000 to R50 000. If you do not have this money on hand, it's essential that you have funeral cover.
Read: Can you afford to die? The cost of funerals in South Africa
Get cover starting from only R45 a month that will actually cover the cost of funerals in South Africa. Get Your FREE non-committal quote now. Meerkat funeral policy is underwritten by Old Mutual Alternative Risk Transfer Limited, part of the Old Mutual Group.
▶︎ Six things you didn't know about funeral cover.
How do I choose a funeral cover:
Choosing the right funeral cover (funeral service) is one of the most important decisions you will make. So, how do you choose the best funeral plan provider?
Below are four important things you need to consider when choosing the best funeral cover for you and your loved ones.
1.What are the needs of your family, both now and in the future?
How many people would you have to cater for at the funeral? Would your family need legal assistance at the event of your passing? Would your family need funeral assistance services in the event of your passing? What is the waiting period for the payout?
Any answer to the above questions would widely determine the type of funeral cover you would need to take - comprehensive funeral cover, burial cover, extended family cover, standard cover, etc.
2. How many people can you cover with one funeral policy?
Not all families are equal; and oftentimes, the people we consider family aren’t necessarily the ones within our immediate family. Over and above our spouses or children; grandparents, cousins, uncles, and other relatives can also be highly treasured members of the family we would like to cover in our policy.
It is important that you consider this when you begin to look at different funeral policies in South Africa.
Did you know: with Meerkat, you can get ONE policy to cover yourself AND your loved ones?
3.How old are the family members you’d like to cover?
Some funeral policies limit the members it can cover according to age. For someone who is intending to cover elderly members of their family, this could be a big inconvenience. For example, life cover for pensioners in South Africa can be much more difficult and expensive to obtain than life cover for parents over 60 in South Africa.
You might want to enquire about the age limitations of the funeral policy you intend to take before you purchase funeral cover from a specific company.
4. How much will you need to pay for the funeral cover?
After everything has been said and done, what matters most is how much the funeral will cost and whether it makes financial sense to you or not.
You need to ask yourself how much the individual members included in the policy will be covered for, and how much it will cost you on a monthly basis.
Make sure you answer financially related questions as honestly as possible before choosing a funeral cover or you’ll risk potentially paying more than you are prepared for.
But, keep in mind that the cheapest funeral cover in South Africa is not necessarily the best funeral cover. There may be some hidden fees that you didn’t expect. And, cheaper funeral cover may not actually cover the costs of funerals in South Africa.
A 31-year-old female can get cover of up to R30 000 for only *R45 per month at Meerkat.
*T's & C's apply
▶︎ Six mistakes that could be fatal for your funeral cover
5. Does the policy increase with accidental death?
Nobody plans the date of their death, but accidental deaths leave families more devastated and even less prepared for the sudden eventualities brought about by the sudden death of a loved one.
An accidental cover can provide your family with the financial means to arrange your funeral and even continue their life without incurring large amounts of debt in the event of accidental death.
6. Does the funeral cover offer burial repatriation?
We live in a more and more globalised world, and we travel more than at any other time in history. Find out whether your funeral cover offers transportation arrangements for you or your loved one’s repatriation in the case of death happening away from home.
From what countries or provinces do they repatriate a body from? Do they make arrangements for a family member to accompany the mortal remains of a policy member covered by the policy?
7. Voluntary Policy Pause
In the case of you losing a job, being retrenched, illness, or any other case where you are left unable to pay your premium, would you be able to pause your policy for a set period without losing your cover?8
8. What are the funeral cover inflation rates?
Will the premium amount increase overtime? How often? At what percentage rate? Once you have got an idea on how this will be; you can then decide if you’d still be able to afford it should your income not increase as well.
What are the Pros & Cons of a Funeral Cover?
Advantages Of Funeral Cover
- Peace of mind that you or loved one are not overburdened in the event of death.
- You can get covered immediately and select beneficiaries who will receive the pay-out.
- Your beneficiaries can use the lump sum to pay for a wide range of immediate expenses.
- Reduced financial pressure in the event of death when taking out your funeral insurance policy, you can indicate who you would like to include in the policy.
- Some funeral cover services can double the payment in the case of accidental death.
- The opportunity to plan your funeral in advance.
Disadvantages of Funeral Cover
- The maximum amount which you are covered for can be limiting, depending on the funeral expenses.
- Most funeral insurance companies do not pay out if the policy holder’s death is due to suicide.
- You could pay more over time than the actual cost of a funeral, especially if you are obliged to pay for your cover even after retirement.
- Insurance benefits may be subject to approval.
Individual cover or group cover?
When selecting the best funeral cover in South Africa, it's essential to consider not only individual plans but also group funeral cover options. Group funeral cover provides a cost-effective solution for communities, organisations, and families to ensure financial preparedness during times of loss.
Understanding Group Funeral Cover
Group funeral cover is designed for collectives such as burial societies, churches, social clubs, and employee groups. By pooling resources, these groups can secure funeral insurance at more affordable rates compared to individual policies. This collective approach not only reduces premiums but also fosters a sense of community support and shared responsibility.
For instance, Meerkat offers group funeral plans for groups of 15 or more, providing flexible options tailored to the group's budget. Benefits include swift payouts within 48 hours, ensuring timely financial assistance during difficult times
Benefits of Group Funeral Cover
- Affordability: Group plans often come with reduced premiums due to the shared risk among members. This makes it accessible for communities to provide coverage for all members without financial strain.
- Comprehensive Coverage: Members can receive coverage for themselves and their immediate families, ensuring that no one is left unprotected.
- Community Support: In many South African cultures, funerals are communal events. Group funeral cover aligns with these traditions, allowing communities to come together to support one another both emotionally and financially.
- Ease of Administration: Managing a single group policy is often simpler than handling multiple individual policies, making it convenient for organisations and community leaders.
Cultural Significance
In South Africa, burial societies have long played a pivotal role in communities, especially among disadvantaged groups. These societies provide informal insurance to help families with funeral costs and offer practical support during preparations . Group funeral cover formalises this support, ensuring that communities can uphold their cultural practices without financial hardship.
Choosing the Right Plan
When evaluating funeral cover options, consider the following:
- Group Size: Ensure the plan accommodates the number of members in your group.
- Coverage Details: Look for plans that cover a wide range of funeral expenses, including burial costs, transportation, and services.
- Claim Process: Opt for providers that offer quick and hassle-free claim processes to ensure timely support.
- Flexibility: Choose plans that allow customisation to fit the unique needs of your community or organisation.
For more information on individual and group funeral cover options and to find a plan that suits your needs, consider exploring offerings from providers like Meerkat meerkat.co.za.
