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Funeral cover ensures you and your loved ones can have a beautiful send-off, without worrying about how the funeral costs will be paid. Valid funeral cover claims can be paid quickly, so you have the funds when you need them. But for a claim to be valid, all the funeral cover terms and conditions have to be met! We’ve identified the most important funeral insurance terms and conditions and explained them below.
Understanding funeral cover policy terms and conditions
Funeral insurance policies are legal contracts that come with terms and conditions that you, and the insurance company, have to meet. When funeral policy terms and conditions are not met, claims may be declined, so make sure you know these terms and conditions:
Premiums
This is the amount you pay for your policy each month. Pay premiums when they are due and you and your loved ones have funeral cover and can claim! There is a 31-day grace period to make up missed premiums, but if premiums are unpaid after the grace period, funeral insurance policies may lapse and claims will be declined.
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Sum assured
This is the amount you are paid for a valid claim. South African funeral insurance regulation allows for up to R100 000 funeral cover from an insurance company for adult members, although each insurance company can set lower maximum amounts such as R50 000 per adult member. No underwriting is necessary for funeral cover, which means you don’t have to share health information and cannot be declined cover on the basis of your health, or if you have a risky occupation such as a security guard.
Children can also be covered on policies, although the maximum sum assured for members younger than six years old is set by law at a lower amount than for adult members.
Member age limits
A main member and additional family members such as spouses, children, parents, aunts, uncles, siblings and cousins may be covered on funeral insurance policies. When a child reaches 21 years, however, they may not be covered on a parent’s policy unless they are dependant on them and a full-time student. In addition, many insurers apply a maximum entry age limit, which means you cannot take out a policy if you are older than a certain age such as 64 years. This only applies to new members taking out a policy.
Top tip: Always make sure any additional family members, especially extended family members, covered on your policy meet the insurers definition of a member such as related by blood, marriage or formal adoption.
Waiting periods
A waiting period is the time during which premiums must be paid but benefits cannot be claimed. Most funeral policies have a 6-month waiting period, with 6 premiums paid, before they will pay claims for death due to natural causes such as a heart attack, cancer, or pneumonia.
Exclusions
Funeral policies exclude claims where the death is a result of a criminal activity. This means that if you pass away while committing burglary, for example, the claim will not be paid. Claims for death due to suicide are also excluded for a certain time period such as 12 months.
These are the most important terms and conditions of funeral policies. You can find more definitions and explanations of insurance terms and conditions on the 1Life Insurance glossary.
1Life Insurance offers tailored funeral cover for up to 16 additional members
1Life Insurance has been changing lives for nearly two decades with flexible policies that can be tailored to your needs and budget. 1Life’s affordable funeral policies can cover up to 16 members with sums assured of up to R50 000 per member. You can buy funeral cover online and save up to 40% on premiums, as well as access and manage your policy safely and conveniently in your own time on the online policyholder portal and WhatsApp service centre.
Meet your funeral cover policy terms and conditions and claims will be paid quickly
Funeral cover policy terms and conditions are kept to a minimum, but you should still make sure you know and understand the most important, including paying premiums when they are due! Meet the terms and conditions and your claim can be paid quickly. Talk to a skilled 1Life Insurance consultant today about how 1Life Insurance funeral plans can meet your family’s needs!