Funeral cover provides your family with the funds they need to cover funeral expenses and other costs related to the death of a family member. You choose how much cover you want for each policy member and a monthly premium you can afford. In the event of the death of a family member your funeral insurance policy pays a lump sum to the beneficiaries named in the policy schedule.
A dignified funeral for a loved one can be expensive when you consider transport, funeral parlour and burial costs, as well as catering for guests. Paying for a funeral often means using your savings or borrowing money from relatives. Funeral insurance pays out a lump sum, so the family has the money they need for funeral-related expenses.
1Life Funeral Cover policies pay out up to a maximum of R50 000 per member, including the main member, his or her spouse or partner, parents or extended family members and children aged between 14 and 21 years. Children under the age of 6 years are covered up to R20 000 and children aged between 6 and 13 years are covered for up to R50 000.
Yes. Immediate and extended family can be covered on a 1Life Funeral Cover policy. You can include up to 2 spouses, up to 5 children (up to the age of 21 years) and 9 extended family members, including 4 parents (up to the age of 75 years) or parents-in-law (up to the age of 65 years). There is an additional monthly premium for each member.
Your premium depends on your age, the amount of cover you buy and the number of additional family members that you insure on your policy. If you buy your funeral cover online, you will save 40% on your premiums!
There is no waiting period for accidental death - you and your family members are covered immediately, as soon as you take out the policy. For natural death, such as from an illness, the waiting period is 6 months.
The cost varies, depending on factors like whether it is a burial or cremation, the type of casket and headstone and how many mourners are catered for. A small and simple funeral might cost R6 000, but costs can easily add up to over R20 000. A large, elaborate funeral can cost R50 000 or more.
Funeral cover provides your family with the finances to pay for a funeral, as well as costs related to the death of you as the main member or any member on the policy. These costs could include funeral parlour services, repatriation services, even the medical costs, if any.
Yes, there are age limits for funeral cover. You can take out funeral cover anytime between the age of 18 and 64. Children up to the age of 21 will be covered, or up to the age of 25 if they are full-time students. Parents up to the age of 74 will be covered, as well as extended family members up to the age of 65.
In addition to the cover amount, 1Life also provides your family with:
*Terms and conditions apply. These benefits are only available to members who are older than 14 years of age.
No you don’t have to be an existing client and you can purchase the cover as a stand-alone benefit.
Depending on the type of product that you purchase, you may have to either complete an HIV test, or disclose your HIV status in order to determine your risk.
No, there are no medical exams or tests. You may however be asked a few health and lifestyle questions as well as be requested to complete an HIV test.
You can cover 2 spouses, up to 5 children (up to the age of 21) and 9 extended family members including 4 parents or in-laws at an additional cost per member.
Your family will receive a pay-out as designated by you when you bought 1Life funeral insurance. This can be used to pay for a funeral, a memorial service, funeral parlour services, etc.
No they won’t have to pay tax. These types of insurance pay-outs are tax-free so that your family can enjoy the full benefit they offer.
When you signed up for your policy you chose one of three different types of premium increases:
Inflation aligned
The last six months' inflation rate is used to determine cover amount and premium increases.
On each anniversary of your policy, your sum assured will increase based on the last 6 months' inflation and your premium will increase based on the last 6 months' inflation plus 3%. After two years, there will be ongoing reviews of your premiums. The premium for any additional cover taken out will be increased pro rata after 1 year, in line with your initial commencement date.
Fixed sum assured
The cover amount remains the same but the premium increases by 5% annually.
On each anniversary of your policy, your premium will increase by 5% while your sum assured will remain level. After two years, there will be ongoing reviews of your premiums and any additional cover taken out will be increased pro rata after 1 year. The premium for any additional cover taken out will be increased pro rata after 1 year, in line with your initial commencement date.
Flat rate
The premium and cover amount do not change for 2 years.
Both your premium and sum assured remain flat. After two years, there will be ongoing reviews of your premiums.
Yes you can, just call our Client Services department who will help you amend your policy.
DebiCheck is a new way you control how certain debit orders are taken out of your bank account. You confirm this once, at the start of the contract. This is done to inform your bank that you give permission for the money to be taken from your account. Find out more here.
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If you need to lodge a claim with 1Life, the following procedure would need to be followed:
Funeral claims are approved in under 5 minutes and qualifying claims paid within 24 business hours.
No they don’t have to. They can use the pay out to pay outstanding debts, ensure the monthly bills are paid or even medical expenses that may have piled up.
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