We think funeral cover is one of the most important financial safety nets you could have. But if you’ve ever compared policies, you’ve probably noticed that premiums can vary quite a lot.

That’s because funeral cover premiums are calculated using a range of factors, from your age and cover amount to how many family members you want to include. Understanding how these premiums work can help you choose cover that suits both your needs and your budget.

Your Age Plays A Big Role

One of the biggest factors affecting funeral cover premiums is age. Generally, the older you are when taking out a policy, the higher your premium may be. This is because insurers assess risk based on the likelihood of a claim being made over time.

Younger policyholders often qualify for lower monthly premiums because they’re considered lower risk. This is why it’s a smart move to get funeral cover sooner rather than later.

The Cover Amount Matters

The amount of cover you choose also directly impacts your premium. Simply put, higher cover amounts usually mean higher monthly payments.

As an example, someone choosing R20,000 funeral cover will typically pay less per month than someone selecting R100,000 cover. The goal is to find a balance between affordability and ensuring your loved ones have enough financial support when they need it most.

MiFuneral allows policyholders to choose their own cover amount, making it easier to find protection that suits both their needs and budget. As a digital-first provider, we’re able to cut out the middleman and unnecessary paperwork, helping us offer more affordable premiums.

The Number Of People Covered

Many funeral policies allow you to cover more than just yourself. The more people added to the plan, the higher the premium is likely to be because the insurer is covering multiple lives under a single policy.

MiFuneral offers family funeral cover that can include spouses, children, parents, parents-in-law and extended family members. This makes it easier for families to manage cover together instead of paying for several separate policies.

Why The Cheapest Option Isn’t Always Best

It can be tempting to choose the cheapest funeral cover available, but lower premiums may also mean lower cover amounts or no extra benefits.

With MiFuneral, your policy includes value-added benefits like a Funeral Arrangements Service that helps guide your loved ones step by step through everything from organising a funeral to handling important paperwork. Our Repatriation Service also assists with transporting loved ones home for burial if they pass away far from home.

The Bottom Line

Several factors will influence how your funeral cover premiums are calculated. But the right funeral cover isn’t necessarily the cheapest one. It’s the one that gives your loved ones realistic financial support, practical assistance and real peace of mind when they need it most.

Why not get a quick quote from MIFuneral today so we can impress you with our affordable premiums and complementary benefits that can make all the difference during a difficult time.

Did You Know:

You can now take out affordable funeral cover with us online in a few simple steps. No calls and no agents! Discover the digital way to enjoy full peace of mind by buying a MiFuneral Policy cover online.