Funeral policies are one of the most purchased financial products in South Africa due to its affordability and the ability to help families shoulder the cost of burying a loved one. However, if you are looking for 'the best' funeral cover you may a few things to look through.
Is funeral cover worth it?
There is no clear-cut answer when it comes to finding out if having funeral cover is worth it because this will differ based on your needs. If having a financial safety net that will help reduce the stress of organizing a funeral is something that you seek or would like to offer to a loved one, then a funeral policy could be the right fit for you. However, not all policies were created equal. Therefore, looking beyond the premium and seeing what benefits come with a policy will be vital.
Understand the benefits of a policy
Every person's needs are different from the next person's, especially when it comes to burial rites. How your family chooses to bury someone can influence the overall cost. On average, a funeral in South Africa can cost you anything between R6,000 - R50,000 or more. Understanding the type of funeral you or a loved one may want can help you research costs and choose a policy that will adequately cover you.
Will it be able to cover your funeral needs?
When it comes to funerals there are many things that need to be prepared depending on how your family tends to organize funerals. Some of the common costs that need to be included are:
With the increasing price of covering costs for funerals, having an understanding of what this will cost you can make it worthwhile to have a funeral policy to ensure that you are prepared no matter what happens to you.
