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Dread disease, disablement, life and funeral insurance. There certainly are a number of different types of insurance out there and understanding the difference between them is not always easy. Many people seem to be confused about the difference between life insurance and funeral cover so we decided to put pen to paper and explain the difference between the two.
Funeral insurance
A funeral insurance policy is intended to cover your family’s funeral and related expenses. Your policy will pay out a lump sum in the event of a death, funds that can be used to pay for caskets, cremation, transport, food and beverages etc.
1Life Funeral includes the following great benefits:
- A grocery benefit which will pay R1 000 a month for six months after the death of a main member,
- A Memorial Benefit which pays out R5 000 one year after a successful claim to help the family buy a headstone for the unveiling ceremony,
- A repatriation service, valued at R2 000, to help the family transport the deceased to their final resting place.
Find out more about 1Life Funeral.
Life insurance
While funeral insurance pays funeral expenses, life insurance is intended to provide the funds a family needs to replace the income of a breadwinner. Should a breadwinner pass away, his/her life insurance pay-out can be used to cover living and medical expenses and the cost of education. The funds can also be used to settle his or her estate, pay any death taxes and settle all or some of his/her unpaid debt, depending on the size of the pay-out.
Pure Life Cover from 1Life will pay out between R50 000 and R2 million to the beneficiaries of your policy. It also includes a terminal illness benefit which pays out your full cover amount if you are ever diagnosed with a terminal illness and given less than 12 months to live.
Read more about Pure Life Cover from 1Life.
Whether it is funeral or life insurance, ask yourself if your family has the cover they need. If not, contact us today on 0860 10 53 40 and secure their financial future.
