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Your family funeral cover policy ensures you can afford a beautiful send off for your loved ones without financial stress. There are many family funeral cover plans to choose from. We identified the most important factors you should take into account so you can take out the most appropriate and affordable family funeral policy.
Factors to consider when choosing family funeral cover
When deciding which funeral insurance is right for your family, take these factors into account:
Coverage amount or sum assured
The sum assured on your policy needs to be flexible so each family member can be covered for an appropriate amount that will cover their funeral costs. The sum assured should be enough for the basics of a respectable funeral including coffin, burial plot, service and gathering costs. Additional costs such as flowers should also be considered. Chat with each family member to see what they would like at their burial service and how this will affect the sum assured.
You can find more details on funeral costs in this blog.
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Family members that can be covered
Family funeral policies allow for a main member to be covered as well as immediate and extended family members. These can include children, parents, spouses, siblings, grandparents, cousins, aunts, and more. Ask your insurance company which family members qualify so you can take out a policy that covers all your loved ones. Also make sure you can add family members to your family funeral policy.
Premiums
It is really important to make sure your funeral policy for extended family members is affordable.
Monthly premiums for funeral cover must be paid when they are due. If you miss a premium, you have a grace period, usually 31 days, in which to make up the premium. However, if the missed premium is not paid within the grace period or further premiums are outstanding, your family funeral insurance may lapse and no claims will be paid.
Premiums depend on sum assured and age, so the smaller the sum assured the lower the premium. You may also pay more for cover the older you are, which means taking out cover when you are young can make family funeral cover more affordable!
It is a good idea to get quotes for different sums assured before you take out funeral cover so you can see how premiums are affected by the amount of cover taken.
Additional benefits
Additional benefits on family funeral insurance policies can include a repatriation service and a memorial benefit. Other common benefits offered are a grocery benefit and a cashback benefit, although these benefits may increase the premium amount.
Family funeral cover plans may offer benefits for all members, adult members only, or the main member only. Find out which benefits are available and which members they cover so you know which policy offers the benefits you need.
Waiting periods
A waiting period is a time during which premiums are due but benefits are not payable. Many family funeral policies have a 6-month waiting period, with six premiums paid, for death due to natural cases, such as cancer, heart attack and stroke. Waiting periods apply to all members, including those who are added to a policy.
Customer service
The final factor you need to take into account when choosing family funeral insurance is customer service. The insurance company you select should make it easy to take out family funeral cover, easy to manage and easy to claim, such as allowing you to manage your policy and claim online.
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% 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. Valid funeral cover claims are paid within 24 hours and qualifying claims paid in 3 minutes.
Get your family funeral plan today
Funeral planning is an emotional time for loved ones. When you have funeral cover your family has peace of mind, knowing funeral costs have been planned for and can be paid. Talk to a skilled 1Life Insurance consultant today to find out how your family funeral insurance plan can give loved ones peace of mind.