Planning for the future includes planning for those unexpected events. Death being one of them. While it is not something that you may want to think about, ensuring that your family is taken care of after you die is one of the best gifts you can give them. But with so many funeral insurance providers, it may be difficult making a decision on which policy to choose.

Here we look at comprehensive funeral plans from various providers and compare the cover amount offered and the corresponding premium for a 24 year old female.

Provider Cover amount Premium
1Life R100 000 R176,26
Clientele R100 000 R394
Hollard R75 000 R144
Kaizer Chiefs R75 000 R185,35

Based on the information gathered above we can conclude that 1Life funeral insurance is not only the cheapest inside of the R100 000 cover bracket but across the board.

Within the R75 000 cover bracket Hollard appears to be the cheapest.

Taking into account that each comprehensive plan differs as it comes with different built in benefits from grocery and tombstone unveiling benefits to premium cash back features and airtime benefits, the basics are typically the same.

These basics include cover for your beneficiaries which is usually your immediate family, the covering of your children’s education expenses and a vehicle access benefit. Most providers also aim to pay out within 24 – 48 hours. It is advised however that before you take out any product that you familiarise yourself with their benefits, to ensure that you are getting the best suited to you.

While most insurers have standard cover and costing structures for their different products, age and other factors like whether or not you have medical aid cover may come to play a role in the quote you are given.

What do you need to qualify?

To apply for funeral insurance, you need to make sure that you fall within the following qualifying criteria:

  • South African citizens
  • Permanent residents
  • Between the ages of 18 and 75
  • Must have a bank account

Funeral insurance is always a good idea, and while it may seem like an unnecessary and maybe even annoying expense right now, it is making provision for you and your loved ones financial future, in the best manner.

 

Until next time,
The MoneyShop.co.za Team