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What Does A Waiting Period Mean on A Funeral Cover?
What Does A Waiting Period Mean on A Funeral Cover?
17 Nov 2020

Funeral covers are a great way to cover the expense that come with a funeral, but it's possible that it won't be paid out immediately because of a waiting period. Here is what you need to know about waiting periods and how it will affect your cover.

What is a waiting period?

A waiting period is a time frame in which you must wait before you can claim or have an insurance benefit paid out. This will differ from insurer to insurer but is usually stated in the policies terms and conditions.

Most funeral covers have a 6-month waiting period. What this means is that you will only be able to claim from your policy 6-months after the date in which your policy was in effect. Any deaths that occur within in the 6-month period will not be covered.


Do all funeral covers come with a waiting period?

All funeral covers in South Africa have a waiting period of 6-months. The reason for this is that insurers avoid taking on people who are high risk. It is also a security feature to avoid anyone dying under suspicious circumstances or only paying a few premiums for a large return in the form of the funeral cover.


Waiting period for suicides

Most insurers will have a waiting period of 24-months on covering suicidal deaths to decrease the chances of scammers looking for a way to get a quick payout. Always remember to check the inclusions and exclusions that come with your policy which tend to list the waiting periods.


What to remember about waiting periods

  • It is a time frame that you need to wait before you can claim from it.
  • Time frame in which you will be able to claim varies from 6, 12, to 24 months.
  • Should you cancel your policy you will not receive any refunds on your premiums you have paid up until the point of cancellation. Your policy will remain active as long as you pay your monthly premiums.
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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