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Best Funeral Insurance Plans in South Africa
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Generally, the cost of a funeral in South Africa may be as expensive as R100 000. This expensive cost is one of the significant factors that are responsible for financial hardships in the family of the deceased. Hence, causing more stress rather than comfort during such a trying time.
Although nobody wishes to leave their loved ones behind, no one can dodge the inevitable. Hence, sourcing for a good funeral insurance plan will do better than harm, especially when you consider the state of your loved ones.
Generally, the cost of a funeral in South Africa may be as expensive as R100 000. This expensive cost is one of the significant factors that are responsible for financial hardships in the family of the deceased. Hence, causing more stress rather than comfort during such a trying time.
Although nobody wishes to leave their loved ones behind, no one can dodge the inevitable. Hence, sourcing for a good funeral insurance plan will do better than harm, especially when you consider the state of your loved ones.
Difference Between Life Insurance And Funeral Insurance
Most people are not aware of the term “funeral insurance”; they mistake it for life insurance. Meanwhile, they have contrasting definitions regarding what they cover. Life insurance comes with a policy to specifically protect a policyholder from financial difficulties in events of severe diseases and injuries or death.
On the other hand, funeral insurance specifically covers the cost of funeral services and other associated expenses. Although life insurance comes with a high benefit, it takes a longer time to verify and claim. While it takes about 24 to 48 hours for funeral insurance to be paid out; hence, the claiming process of funeral insurance is faster than life insurance.
How Does Funeral Insurance Work
Funeral insurance works like every other type of insurance where you will be required to pay a particular premium fee to benefit from the service they offer. The benefits of funeral insurance are only effective when you pass away. Once this occurs, the benefits will be paid to the beneficiary of your choice—mostly your partner or children.
There is no limitation to the number of policyholders when it comes to funeral insurance. A funeral insurance policy can also cover the death of children, partners, and other family members. Since this coverage includes more than one individual, it usually comes at a high premium rate.
Best Funeral Insurance Providers In South Africa
There are various funeral insurance providers in South Africa, which makes choosing the right insurer a challenging task. Meanwhile, considering the coverage and other benefits they offer, only a few of them are suitable for funeral insurance. The top five funeral insurance providers in South Africa include the following:
– Clientèle
– Sanlam
– Assupol
– 1Life
– Hollard
Clientèle
Clientèle offers the most comprehensive funeral insurance coverage in South Africa. Clientèle offers primarily two types of funeral insurance coverage, and they include; funeral dignity and ultimate dignity.
Sanlam
When it comes to the most affordable funeral insurance providers in South Africa, Salam is a great option. If you are in search of a funeral insurance provider to cover your family, Salam offers a convenient service. In addition to this benefit, they provide free coverage to children under 21 years of age.
Assupol
Assupol offers funeral insurance coverage for both singles and families. The family plan policy covers a partner and five children, and extended family members. Assupol also provides additional benefits irrespective of the plans you choose to purchase.
1Life
1Life is arguably the fastest funeral insurance provider regarding the requesting claim. They offer a family plan that can include up to sixteen members of a family, but they come at an additional cost.
Hollard
Hollard is one of the popular funeral insurance providers in South Africa that offer flexible policies. Irrespective of the funeral insurance plan you choose, Hollard offers some add-on benefits that include burial repatriation.
