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You can avoid financial shocks with the right insurance policies and some forward planning!
Could your budget cope with an unexpected expense, or would you need to find the extra funds by going into debt or asking a family member for help? With the right protection in place, such as a family funeral plan to cover funeral costs, your budget will be resilient and your financial plans and budget intact.
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Building your financial resilience ensures your budget is shock-proof
Financial resilience is the ability to withstand unexpected financial events without having to change your budget or financial plans. When you are financially resilient you can cope with finance shocks, and recover quickly. And, perhaps most importantly, you can avoid crippling debts!
You can build your financial resilience by planning ahead for expenses, such as saving for education costs, as well as taking out protection, such as a funeral plan to cover the costs of a funeral of a loved one. Your financial resilience will ensure your family has money when they need it, without having to worry about how to pay the bills!
Understanding the financial impact of funerals
You may not know when funds for a funeral will be needed, but at some point, the time will come, when a family member passes away and the funeral costs will have to be paid. These costs can easily add up to over R20 000, including the cost of the coffin, burial plot, undertaker fees and gathering costs. And, they have to be paid immediately. Unfortunately, these costs can cripple your wealth-building plans if you have not planned ahead.
Think of a family whose beloved grandfather passes away. The family wants him to have a respectable funeral, but the costs amount to over R25 000, which the family doesn’t have. To pay the funeral costs, they borrow a bit from an uncle, a cousin, work, and max out the credit cards and overdraft. But the next few months are difficult, and when school fees are due, more debt has to be taken to pay these. All this means that instead of putting some money aside for savings, such as for school fees, all spare funds are used to pay the debt. Some months, even paying the grocery bills is difficult.
Now, change the scenario to a family who is financially resilient and can pay for the funeral, without having to go into any debt or cut any items from their budget. They can save for school fees, afford grocery bills, and save money each month for that end of year vacation! How did they do it? The family had a burial funeral plan that covered their grandfather and paid out R30 000 when he passed.
This can easily be you, because taking out funeral cover, for a reasonable and affordable monthly premium (often less than R200 a month, depending on how many family members are covered) is easy and quick!
Empowering family members for the future
Funeral plans pay a lump sum amount on the death of an insured member. Valid funeral policy claims can be paid in less than 24 hours, so you don’t have to worry about delays or how to pay the bills that will be presented in the days after a loved one passes.
You can take up to R100 000 funeral cover per family member, although some insurers limit cover to R50 000, which is sufficient for a respectable funeral. Your funeral policy may also come with additional benefits such as a grocery benefit to pay for food and provisions in the months after the passing.
The pay-out from a funeral policy ensures the costs of the funeral can be paid, the family can continue meeting their living expenses and don’t have to take on debt, causing financial distress.
You can take out a funeral plan from a licensed insurer or a apply for a burial funeral plan with a stokvel or burial society. Plans from insurers are regulated, ensuring members and policyholders are protected and will receive a pay-out for a valid claim.
Insurers also allow family members such as a spouse and children and extended family members to be covered on one family funeral plan, which makes the admin and payment of premiums a lot easier!
Funeral insurance policies are affordable, with monthly premiums starting at around R100*. Pay your monthly funeral plan premium, and you have access to funds for funeral expenses when you need them!**
Tailor your family funeral plan with 1Life Insurance
1Life Insurance offers funeral plans where you can cover up to 16 family members, with cover amounts from R5 000 and up to R50 000 each. In addition, 1Life Funeral Cover includes a R5 000 headstone memorial and R6 000 grocery benefit, plus a repatriation service. You can get a quote and buy funeral cover online, and manage your policy safely and securely in your own time using 1Life’s online policyholder services portal or WhatsApp service centre. Knowing yours and your family members’ funeral costs will be covered gives you and your family stability and financial security, and ensures your financial plans won’t be derailed by extra debts or budget cuts! Get a quote online today!
Be resilient! Empower your loved ones today
In 2022, 42% of South Africans had funeral plans. Are you one of these resilient South African families, or do you need to empower your loved ones by taking out a funeral policy? Give your family the security they need and safeguard their financial future by ensuring you have a family funeral plan in place today.
* Exact premiums will depend on plan and cover chosen and number of members covered.
** All policy terms and conditions must be met for valid claims to be paid