Burying our loved ones with dignity is what we all want to do when the time comes. Having a funeral policy can be a great financial buffer that can help you shoulder the costs of organizing a funeral.
If you are looking for something to cover you and your extended family members under one premium, there are a few things to consider.
What is family funeral cover?
Insurers understand that most South Africans do not only take out a policy to cover themselves but tend to want to cover extended family members to help shoulder the cost of a funeral. Insurers are also aware that there is more than one way people carry out a funeral based on family traditions, religious beliefs, or personal wishes.
Family funeral covers that give you the flexibility of choosing a cover amount that will help your loved ones to adequately cover all expenses is possible, with funeral policy cover amounts ranging from R10 000 - R100 000. Make sure to check with your insurer how much the cover amounts are capped at to know if a policy will adequately cover your needs.
How can you benefit from it?
Funeral policies come with a range of benefits that are there to help a grieving family deal with a loss of a loved one without stressing over the financial aspects. Some of these benefits are:
Being adequately covered
You are given the option to choose the cover amount you think will be suitable to cover funeral expenses. However, keep in mind that most insurers cap the amount between R50 000 - R100 000. Knowing if a funeral cover will adequately cover your needs is all about knowing your numbers. Understanding what it costs to cover all expenses that come with a funeral will let you know if a policy is the right fit.
Quick claims process
Most funeral policies in South Africa have a quick turnaround process once the required documents have been submitted to an insurer and the claim is processed. Beneficiaries can receive the payout within 24 hours - 48 hours after placing a claim. MiWayLife policyholders can find the relevant claim information that is needed on our page for a smoother process.
It can cover you and family members under one premium
Whether your family is small, or a large one that is continuously growing, there is a policy for you. You can get access to funeral cover such as MiWayLife’s funeral cover that offers a plan which covers you, your spouse, 8 children, 4 parents/parents-in-law, and 8 extended family members under one premium.
What will it cost?
The cost of a funeral policy differs from insurer to insurer. It is also influenced by the cover amount that you could end up taking. The higher the cover amount, the more likely the premium will increase. You can get a MiWayLife funeral policy to the value of R50 000 combined with life cover of up to R500 000 - R5 million to help your loved ones continue to have a financial safety net even after the day of the funeral for as little as R149 a month*.
Always keep in mind to carefully read the details of a policy and check the features to make sure that you are getting value for money. After all, it is these details that can affect you and your loved ones during the claim stage.