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The Financial Value of Funeral Cover for Families
The Financial Value of Funeral Cover for Families
27 Jan 2025

Protecting your family's future means planning for the unexpected and buying funeral cover is a smart way to do it.

Taking care of your family means planning for the unexpected, even the tough stuff. Funeral cover is like a safety net for your loved ones, helping them with funeral costs and living expenses if something happens to you. That way, they can focus on remembering and celebrating your life, not worrying about money.

Why having a funeral policy is a must for those with families

Nobody likes to overthink what would happen if they had to pass away, but you must if you're the family breadwinner. As a start, if you didn't have funeral cover, your loved ones would be left to foot the bill. This means they'd have to dip into their savings and possibly even go into debt. Many don't realise that your bank accounts are frozen when you die. Your family wouldn't be able to access any of your own money to pay for the cost of a funeral - or anything else - until your estate is wound up, something that can take many months, sometimes even years.

Funeral costs aside, they'd also suddenly be burdened with the stress of having to pay for all the things you used to cover. From electricity and groceries to school fees and medical aid premiums, these daily bills immediately become a big source of anxiety. This is why you'll want to have funeral cover. The payout won't just cover the cost of your funeral but can go towards helping them find their new normal.

Why MiFuneral is an excellent choice for your family

Right! Enough doom and gloom. Let's talk about a great solution. MiFuneral is a digital-only funeral policy that's affordable, flexible and easy to buy online. You can choose to cover yourself and extended family members with just a single policy. As you select your cover amount, you can enjoy an affordable premium and customise your policy further with additional optional benefits. These include extra cover to help you meet other end-of-life expenses.

Another of MiFuneral's optional benefits that can be invaluable to families is our Income Support Cover Benefit. You can select the monthly income you want your beneficiaries to receive, and it's paid out for 12 months after an approved claim. This way, your family will receive a year's financial support.

MiFuneral policy's big benefits don't stop there

Optional benefits aside, all MiFuneral policies feature built-in benefits, one being access to our complimentary Funeral Arrangement Service. Our agents will be on hand to offer telephonic support to help you navigate funeral-related legal documents including the application process for death certificates. They can also connect you to trusted service providers and even arrange overnight accommodation for immediate out-of-town family members travelling to attend the funeral.

This service also includes a Repatriation Benefit that will provide air or road transportation of your loved one's remains to a funeral parlour near their residence if they pass away more than 100km from home and can assist with transporting ashes after cremation.

Things to know about MiFuneral Policy for families

With MiFuneral, you can cover the whole family and up to 12 extended family members can be covered as additional insured lives under the policy. If you're the policyholder, these are the family members you could include:

  • Your Spouse who is the person the policyholder is married to.
  • Child, whether biological, adoptive, or stepchild to the policyholder.
  • Parents who are the policyholder's biological parents, parents-in-law, legal guardian, or stepparents.
  • Grandparent who is the mother or father of the policyholder or policyholder's spouse.
  • Grandchild, who is the child of the policyholder's son or daughter.
  • Brother or sister who is the policyholder's sibling.
  • Aunt or uncle who is the sibling of the policyholder's parents.
  • Cousin who is the child of the policyholder's aunt or uncle as defined above.
  • The brother-in-law, sister-in-law, mother-in-law, or father-in-law of the policyholder.
  • Son-in-law or daughter-in-law, who is the person who is married to the policyholder's child.
  • Niece or nephew who is the child of the policyholder's brother, brother-in-law, sister or sister-in-law.

With MiFuneral, we don't just have you covered – we cover everyone you love!

The Bottom Line

Funerals are expensive, but the financial implications of passing away extend far beyond the cost of a dignified farewell. This is why buying funeral cover is a savvy move for anyone. However, if you've got a family, it becomes even more important. So, why not get a quick quote from MiFuneral today and see how easy and affordable it is to get maximum peace of mind – not just for yourself, but for your entire family?

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.

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06