Which funeral plan?

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blue-eye-boy

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After a relative's death a few weeks ago, it got me thinking of funeral cover. This is because the guy didn't have any cover, and his parents had to pay near R 30 000 to get him buried.

I have life insurance and a pension fund currently, I dont know if there's funeral cover built in, but anyway I think it's better to get funeral cover too, I dont think it will cost too much. It will be for me, my wife and 2 kiddies.

Ideas?
 
Bit of a random idea, but why not set up a bank account where multiple people have signature rights instead? That way you can set money aside for funeral expenses without paying some company.

The life insurance will cover the long term, so its really just a question of them needing 30k right now. A bank account should work for that as long as the signature rights are set up to allow any single person to pull money. i.e. You get setups where its Person A AND Person B needed versus Person A or Person B.

NB not sure how solid this is from a legal perspective - the idea just came to me when I read the post.
 
I pay R10.00 p.m for R10 000 funeral cover for 1 person. I am on Discovery and have Vitality + Key Care. If you take the combo you get it at a much reduced rate. I get an additional R5000 because I have done some of the tests. That is more than enough to cremate me
 
Absa is R30 for a family of 4. R10 000 each payout for adults and R5 000 each for kids. Clicks gives you free funeral cover. I think it's R7000.Edgars also has cheap funeral cover.
 
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I know its an old thread guys, but also browsing around now for funeral cover for mom-in-law and my mother specifically, I looked at Hollard, I am willing to spend about R200+/- , and I don't want to do a quote online, I just did one now with 1Life entered my old cell nr and to my suprise after submitting on the 1st step some guy calls me on my new number.
 
Hi. I also had a close friend pass on recently. Make me realise that I got no funeral cover for myself.
Are there alternatives to taking out a policy?
 
Shouldn't the basic R100 odd plans be enough to cover the funeral and related expenses?
 
midnightcaller said:
Hi. I also had a close friend pass on recently. Make me realise that I got no funeral cover for myself.
Are there alternatives to taking out a policy?
Click to expand...

if its for yourself only, I would suggest taking out OldMutual's final death benefit cover. I'm paying R42pm for R150k cover, paid out in cash within 48hrs.
 
I have funeral cover but made it clear that when I die, there should be no funeral. My body can go from the morgue to the crematorium. I really don't see the need to spend so much money on a service. People who never liked me tell everyone what a great man a was.
 
ice_cubes said:
if its for yourself only, I would suggest taking out OldMutual's final death benefit cover. I'm paying R42pm for R150k cover, paid out in cash within 48hrs.
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Something doesn't seem right, way to much payout for that premium, is that a stand alone product or bolted onto other Old mutual policies?
 
airborne said:
Shouldn't the basic R100 odd plans be enough to cover the funeral and related expenses?
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It should but they frequently do not even cover a pauper's funeral.

Check with the professionals what one costs and the 'quality'.
 
Guys there's a difference between life insurance and funeral cover.

The one takes months to pay out, the other has to pay as soon as confirmation has been received that you've died. For instance mine takes 48 hours to have the money in my wife's bank account.
 
YingYang said:
Guys there's a difference between life insurance and funeral cover.

The one takes months to pay out, the other has to pay as soon as confirmation has been received that you've died. For instance mine takes 48 hours to have the money in my wife's bank account.
Click to expand...

It seems like you have thought this out carefully by arranging to have the money paid to your wife's bank account instead of yours. I assume that it is because your bank account may be frozen and your family will not be able to draw out the money.

Does the funeral policy say that it will pay based on a tax invoice or will the insurer release the full amount that was insured?

FYI : In the Indian community and in the case of natural death with no suspected foul play, the funeral is held on the same day or next day. The family normally have to pay upfront and then notify the insurer later. The insurer pays 48hours (not sure if this is business hours or elapsed hours) from time of receiving all documentation.

Maybe I need to get the t&c of a funeral policy.
 
airborne said:
Something doesn't seem right, way to much payout for that premium, is that a stand alone product or bolted onto other Old mutual policies?
Click to expand...

Its a stand alone product. Took alot of searching, but eventually came across it via a broker.
 
blue-eye-boy said:
After a relative's death a few weeks ago, it got me thinking of funeral cover. This is because the guy didn't have any cover, and his parents had to pay near R 30 000 to get him buried.

I have life insurance and a pension fund currently, I dont know if there's funeral cover built in, but anyway I think it's better to get funeral cover too, I dont think it will cost too much. It will be for me, my wife and 2 kiddies.

Ideas?
Click to expand...
You have a PM
 
Most banks have these, pay about R80 pm and get a R10,000 payout. Very useful for parents and siblings, etc.
 
midnightcaller said:
It seems like you have thought this out carefully by arranging to have the money paid to your wife's bank account instead of yours. I assume that it is because your bank account may be frozen and your family will not be able to draw out the money.

Does the funeral policy say that it will pay based on a tax invoice or will the insurer release the full amount that was insured?

FYI : In the Indian community and in the case of natural death with no suspected foul play, the funeral is held on the same day or next day. The family normally have to pay upfront and then notify the insurer later. The insurer pays 48hours (not sure if this is business hours or elapsed hours) from time of receiving all documentation.

Maybe I need to get the t&c of a funeral policy.
Click to expand...
Funeral cover is based on a specific amount and 48hrs is pretty much standard in SA for releasing the funds.
 
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