What you need to know about funeral cover

Did you know? In South Africa, the average funeral costs between R12 000 and R60 000, with more expensive funerals costing as much as R150 000. Learn more about funeral cover with the following frequently asked questions:

1. Why should I have funeral cover?

• Financial support
  We can never predict when it is our time, but what you do have control over is ensuring that your family is not burdened with a costly expense while they are bereaved. Funeral cover will help take an additional load from your family’s shoulders during a difficult time.
• Cover for your family
  You can ensure that the rest of your family is covered under your funeral policy, including your spouse, your children, as well as parents and aunts or uncles.

2. When should I get funeral cover?

Funeral cover can be taken out for people between 18 and 65. Some insurers may provide additional cover for seniors over 65, but this will differ from one to the next.

3. How do I know if I have the right funeral cover?

• Who do you need to include in your funeral plan?
  Will the funeral cover be just for you, or will you need to cover a spouse, children or even older parents and grandparents? Speak to your family members to find out if they have a funeral plan and, if they do, how much cover do they have.
• How much can you afford on a month-to-month basis?
  Calculate how much you can pay each month for funeral cover once you have deducted expenses, including debt repayments and living expenses. How much you can afford will determine the type of funeral plan best suited for your budget. Also, remember that your premiums could be increased annually by the insurer.
• What do you want the funeral policy to cover?
  Do you want additional benefits, such as monthly payments, to be made to your dependents upon your death to help with paying for groceries and expenses for a fixed period, such as bereavement counselling, emergency medical support, or a memorial benefit?
  
  Some additional benefits may already be included in your cover, so it is best to check and find out what additional payments may be required. Sometimes the cover taken out may not be sufficient to cover all the costs associated with a funeral, including the undertaker, catering and the venue hire.
• What are the ages of the dependents you want to be included?
  Legal limits apply to the amount of cover that can be purchased for children, and some insurers may also apply their own cover limits.

Interested in getting funeral cover with flexible benefits at an affordable premium? Our Flexible Funeral Plan is designed to suit your lifestyle and budget needs.

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4. When is funeral cover paid out?

There will be certain waiting periods that you need to be aware of when submitting a claim:

• Death from an accident: Pay-out is generally made within 48 hours.  
• Death from an illness: Some funeral covers may apply a six-month waiting period.  
• Death from a suicide: There may be a waiting period of one year in the event of a suicide.

5. What isn’t covered under funeral plans?

It is important to understand what may not be covered in your policy. In some instances, your cover may not pay out if:

• You or the family member covered by the policy was killed when engaging in a criminal activity.
• If there was a death in the event of war, public disorder, rioting, or invasion by foreign enemies.  
• If you have claimed for a death that did not take place.  
• If you have stopped paying your premiums, even though you may have paid for many years previously.

_{Disclaimer: This article is solely intended for information. It does not constitute financial, tax or investment advice or recommendation. Please speak to a financial advisor or registered financial professional before making any financial decision(s).}

_{Standard Bank, its subsidiaries or holding company, or any subsidiary of the holding company and all of its subsidiaries make no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information provided in this article or that it is free from errors or omissions.}