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What is The Difference Between Life Insurance and a Funeral Cover?
What is The Difference Between Life Insurance and a Funeral Cover?
11 Jan 2021

Knowing the difference between life insurance and funeral cover will not only help you save, but it can help you make a choice that can have a positive impact on your family that will last them long after you have passed away. Here is what you need to know.

What is life cover

No one appreciates an umbrella on a sunny day, except when it begins to rain. Life insurance is similar. While you may not see its immediate effects, it will come in handy for you and your loved ones when you need it the most.

 

Take a moment and think of your loved ones. Imagine a time where you pass away and are no longer around for your family. The first thought that comes to mind is how much they will miss us. But if your thoughts lean towards how they will survive financially without you or who will take care of them when you are no longer around, then you know you need life insurance.

 


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How will it help you and your family?

Life insurance is a financial safety net that anyone who has a loved one puts in place to take care of their financial needs. It is also a cover that protects you financially from life's unforeseen circumstances where you might be diagnosed with a terminal illness that can become a financial strain not only on you but on those who care for you. It gives you peace of mind for those 'what if' moments.

Key points of life insurance

  • Life insurance is paid out when you have been diagnosed with a terminal illness or have died.
  • It's a safety net that offers peace of mind knowing that your loved ones are financially protected.
  • Can be used to take care of medical bills, daily living expenses, paying for educational expenses, debt, purchasing of property, charity, investing or however your loved ones see fit.

 

What is funeral cover

Funeral cover is there to help your loved ones take care of the funeral costs and other funeral related expenses. Did you know that an average funeral in South Africa can cost anything between R23 500 - R86 000 and more, excluding things such as flowers and catering?

 

How will it help you and your family?

Not having a policy in place can place a financial strain on your family since death can happen suddenly, bringing an array of out of pocket expenses and last-minute planning that can be stressful towards your loved ones. 

 

Having funeral cover is affordable with some plans starting from under R100. Taking out a policy while you are still young and healthy can help you tap into affordable premiums.

 

Key points of funeral cover

  • Being covered from the first day you take out the policy.
  • You can cover family members under one premium. For example, with MiWayLife, you will be able to cover your spouse and up to 8 of your biological, adopted or step children, 4 parents and 8 wider family members under one premium.
  • Your premiums are tailored to be affordable to your needs. Insurers use the underwriting process to ensure that they do not charge you more than what you can afford, but that you also have a policy that will adequately meet your needs.
  • No medical examination is required during the underwriting process.
  • Funeral cover payouts are processed with 24-48hrs of placing a claim.
  • Eases the financial stress on your loved ones to carry out the burial.

 

Which one is more affordable?

Both funeral and life cover are affordable, but what is most crucial when taking out either are the benefits that each can offer you. You can get the best of both worlds by taking out a life cover with MiWayLife that offers you a built-in funeral and life insurance cover under one premium. You still get all the bells and whistles under one premium, giving you one less thing to worry about.

 

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