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Funeral policies aren’t just for families! Single adults need funeral cover too so their funeral costs don’t burden loved ones or friends. We take a look at the benefits of singles funeral insurance and share practical advice for selecting the most appropriate singles’ funeral policies.
Understanding the importance of funeral policies
The pay-out for a valid claim from a funeral policy can be used to pay funeral costs, which can easily be more than R30 000 – a large amount of money for most! Funeral costs have to be paid, so your funeral cover gives you and your loved one’s peace of mind and financial security, knowing that funeral costs won’t be a financial burden.
Why single people need a funeral policy
Being single doesn’t exempt you from funeral costs! When you pass away, your burial services where friends and family can pay their respects needs to be paid for. Without funeral cover a relative or friend may have to pay these costs, adding to any financial commitments and debts they already have. The benefit of funeral policies for singles is that the costs of a beautiful send-off can be paid with no additional financial strain on family members or friends.
Let’s look at an example of Naledi who is a 28-year old single adult. Sadly, Naledi passes away in a car accident. Although financially independent, Naledi had no funeral cover, so her parents and sister each need to find R15 000 to pay her R30 000 funeral costs. Her parents sell some furniture and borrow R7 000 from a mashonisa or loan shark, and her sister takes out a personal loan. The service is beautiful, but Naledi’s parents and sister are stressed about their financial situation going forward. However, if Naledi had funeral cover for single adults they would have no financial concerns.
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Helping single adults choose the right funeral cover policy
South African funeral policies are flexible and can be tailored to each individual’s needs, whether you are single or have a family!
When you are a single adult looking for funeral cover, your sum assured must cover all your funeral costs. Work out what these costs could be, taking into account all expenses such as a coffin, burial plot, service and gathering catering costs so you know how much your sum assured should be.
You can read more on funeral costs in this blog.
You also need to consider the premium for the funeral policy and make sure it is affordable and within your budget. Ask insurance companies for quotes so you can see how much your cover would cost.
Finally, make sure you take out a funeral singles policy with a licensed insurer that has to follow regulations and treat customers fairly, including paying valid claims quickly.
Navigating complex policy details
Insurance policies are legal contracts with terms and conditions. Licensed South African insurance companies are required to use language in their policies that is easy to understand so you know what your singles funeral policy covers and what is excluded. Read through your contract and ask your insurance company to explain anything you don’t understand. You can visit the 1Life Insurance glossary of insurance terms for explanations of financial phrases.
1Life Insurance offers tailored funeral cover
1Life Insurance has been changing lives for nearly two decades with flexible policies that can be tailored to your needs and budget. 1Life Insurance offers affordable funeral policies with sums assured of up to R50 000 per member. You can 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.
Take control of your future with a funeral policy
Singles are good at managing budgets but can neglect to plan ahead, often leaving loved ones with bills when they pass away! Don’t let this happen to you. Take control and ensure your funeral costs are covered by taking a flexible funeral cover policy. Talk to a skilled 1Life Insurance consultant today for the best funeral cover for single adults.