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Look before you buy is a top consumer tip that applies as much to funeral insurance as it does to appliances, cars and shoes! Your funeral cover quote allows you to look before you buy! We found out what you need to look for in a funeral plan quote to help you make your final decision on which funeral insurance policy to take out.
Understanding funeral cover and funeral insurance quotes
To help you analyse and understand your funeral cover quote, you need to know what the quote should include! These 5 key points should be covered, and if they are not you need to ask for more details or find another insurer!
1. Premium and sum assured
Funeral insurance is where a person is insured for a lump sum amount, such as R40 000, for a monthly premium, for around R145. The insured person is known as a member, and when they pass away the policy pays a lump sum amount for a valid claim. This pay-out can be used to pay funeral expenses. Premiums are due monthly and depend on sum assured as well as the age of the member. There may be waiting periods before benefits can be claimed for specific causes of death, such as a 6-month waiting period for death due to natural causes including heart attacks, cancer and other diseases.
On your funeral cover quote: Look for the sum assured and the premium. Also ask if premiums increase every year and by how much if this is not included in your quote.
Top tip: Ask your insurer if there are any waiting periods for the policy you are considering and what these are.
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2. Member details
Family funeral cover plans allow a main member and additional members to be insured. The main member owns the policy and is responsible for paying premiums. Additional members may be covered on the policy such as the main member’s partner, children, parents and siblings. Extended family members may also be covered as additional members on a policy, such as cousins, aunts and uncles related by blood or marriage.
On your funeral cover quote: Check that all the members you want to cover are included on your quote, and that their ages are correct as this affects the premium.
3. Funeral insurance plans flexibility
Funeral cover can be tailored to your family’s needs, such as a different sum assured for different members.
On your funeral cover quote: Check the sums assured for each member. Quotes are free so you can request quotes for different sums assured to see how premiums can change!
4. Additional benefits
Funeral insurance often has benefits such as a repatriation service that pays for transporting the deceased from the place of death to the burial site, as well as grocery benefits. These benefits can be built into the policy or they can be added to the policy for an additional premium.
On your funeral cover quote: Included benefits should be detailed on the quote but always check this. Also check what the additional amounts for any extra benefits would be so you can see how this affects your premium.
5. Insurance company’s details
You should always ensure your family funeral cover is offered by or at least underwritten by a licensed South African insurance company. Licensed financial companies have to follow regulations and are monitored by the Financial Sector Conduct Authority (FSCA) to ensure they treat customers fairly. This means they must offer products that meet their needs, are transparent and easy to understand, and pay valid claims quickly.
On your funeral cover quote: Look for the insurance company’s full name and registration number. You can find a list of licensed insurers on the FSCA website.
Top tip: Always keep your funeral cover policy documents, including quotes, in a safe but accessible place so your beneficiary knows where to find your policy details when the time comes to claim.
1Life Insurance offers tailored funeral cover for up to 16 additional members
1Life Insurance has been changing lives for nearly two decades with flexible funeral policies that can be tailored to your family’s needs and budget. 1Life Insurance offers affordable funeral policies with cover for up to 16 members, with sums assured of up to R50 000 per member. You can get free quotes, and if you buy funeral cover online you can save 40% on premiums. Policyholders can access and manage their policies safely and conveniently in their own time on the online policyholder portal and WhatsApp service centre.
Cover your family’s funeral plan needs
Always ask for a funeral insurance quote before you take out funeral cover so you know before buying whether or not the funeral insurance policy will meet your family’s needs. Your funeral cover quote should be clear and easy to understand – and when it is you can take out funeral cover and know that your family will have the funds to pay for a beautiful send off. Talk to 1Life Insurance today and get a quote for your family funeral plan.