Age is nothing but a number, right? When it comes to funeral policies it could play a part in whether you can get cover or not. Furthermore, it can determine how much you are covered for. Here is what you need to know.
What to know about the age limit
Avoid being stumped by an insurer when it comes to taking out a funeral policy only to be told that you cannot be covered because of the age of the policy holder you want to list. Most South African insurers have funeral policies for children who are under the age of 6 years to adults.
However, there are age limits. If you are the main policyholder, the age limit is set at 65 years. But if you are covering additional lives such as children, parents, in-laws or extended family members the age limit is set at 70 years old. It will differ from insurer to insurer.
Can you take a funeral policy out for someone else?
You can take out a policy for someone else. Insurers understand that South African families can be big and diverse, which is why you can find policies where you can cover yourself and extended family members under one premium. For example, MiWayLife’s funeral cover offers a plan that covers you, your spouse, 8 children, 4 parents/parents-in-law, and 8 extended family members under one premium.
Is there a limit on how much cover you can get?
While most funeral covers do not require that you undergo a medical examination, there may be some limits that are applied based on age. For example, there is a limit on the cover amount children and senior citizens can get. By law, children under the age of 6 years old can be covered for R10,000 and children between 6 - 14 years old can receive a maximum cover of R30,000. Most covers for adults can range between R10,000 to R50,000.
