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Want to have a beautiful send-off that doesn’t put any financial stress on family members? Plan ahead! It’s one of the new trends in funeral planning, and it can save you money now and in the future! We explore how younger generations are changing the funeral market and why Gen Z and Millennials regard funeral insurance as a must have.
Funerals and funeral insurance are important to Gen Z and Millennials
In many countries, Gen Z and Millennial generations are preferring a funeral, with a burial and traditional service, over cremation. Funerals are an enduring part of South African life, although the cost can run into tens of thousands of rands! Funeral insurance ensures these costs can be paid. A Financial Sector Conduct Authority study found that over 40% of adult South Africans have some form of funeral insurance. In 2024, 6.24 million funeral policies were purchased, with insurance companies reporting high sales of funeral plans to Gen Z and Millennials.
How Gen Z and Millennials are changing the funeral market
While funerals remain a popular choice for Gen Z’s and Millennials, they are changing the funeral market, with new trends emerging.
Talking about funerals
Increasingly, younger generations are starting to talk about death with loved ones so families know what to do when they pass away and how much is available to spend on a funeral service.
Planning ahead by making funeral wishes known
Gen Z and Millennials are also planning their funerals! This includes where they would like to be buried, and details of the service such as choice of burial plot, coffin, gathering and unveiling. Younger generations are using online resources such as funeral savings calculators to help with these funeral plans.
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Gen Z and Millennial’s funeral planning helps families avoid a situation where they disagree over the funeral service as well as ensuring costs are kept to budget.
Changing funeral services
Technology has changed funeral services, for example, Gen Z’s and Millennials now live-stream funerals so those who cannot make the funeral service in person can attend.
Another trend starting to gain in prominence is the funeral as an event, where items such as décor become important. Millennials and Gen Z’s embracing this trend are adding it to their list of wishes and including it in their funeral planning.
Funeral insurance innovations
A fourth trend that has emerged is more accessible and transparent funeral policies that pay valid claims within minutes, thanks to digital innovations. This allows Gen Z’s and Millennials to get quotes online, buy funeral cover online, manage their policies online and claim online! For example, 1Life Insurance can pay valid qualifying funeral cover claims in less than 3 minutes.
Embracing funeral insurance
Younger generations know the cost of funerals is high, and that many South Africans have debts because they paid for a loved one’s service. As a result, Gen Z’s and Millennials are embracing funeral insurance policies. With insurance in place, Gen Z’s and Millennials can plan the funeral ahead of time, ensure their immediate and extended family members are covered, and take care of the financial costs of a funeral.
1Life Insurance meeting Gen Z and Millennial insurance needs
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 get quotes and buy funeral cover online and save 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. Valid funeral cover claims are paid within 24 hours and qualifying claims paid in 3 minutes. 1Life Insurance was awarded the Life Insurance Category winner in the 2023/2024 Ask Afrika Icon Brands Benchmark survey. You can follow 1Life Insurance on Instagram, Facebook, X and YouTube.
Take care of loved ones
You can safeguard your family’s future with a flexible funeral plan that meets your changing needs. Funeral insurance for Gen Z and Millennials is transparent and digital, and ensures a beautiful send-off is affordable. Talk to a skilled 1Life Insurance consultant today about funeral policies that will protect your family’s financial future and secure the burial service you and your loved ones want.