The cost of a funeral cover in South Africa can start from as low as R37 per month, offering coverage amounts that typically range from R10,000 up to R70,000. The exact price you pay will depend on several factors, including the desired cover amount, the number of individuals included in the policy, and their ages.
Understanding Funeral Cover Costs
Funeral cover is designed to provide financial relief to families during a difficult time, helping to cover expenses such as burial or cremation, memorial services, and other related costs. The premiums are typically paid monthly, and the cost structure is generally straightforward.
Here's a breakdown of common options and their starting points:
| Feature | Details |
|---|---|
| Cover Amount | From R10,000 to R70,000 |
| Monthly Premium | Starting from R37 |
What Influences Your Funeral Cover Premium?
While a basic cover can be very affordable, the final premium is customized based on your specific needs and choices. Key factors include:
- Desired Coverage Amount: The higher the payout you want your beneficiaries to receive (e.g., R70,000 compared to R10,000), the higher your monthly premium will typically be.
- Number of People Covered: You can often cover multiple family members under one policy. This usually includes:
- Yourself and your spouse
- Dependents (children under 21)
- Parents (up to a certain age, sometimes over 70)
- In-laws and extended relatives
- Age of Applicants: Premiums are often lower for younger individuals and tend to increase with age due to higher risk. However, some policies accommodate elders, even those over 70.
- Health Status: While not always a primary factor for basic funeral plans, some providers might consider health for specific benefits or higher coverage amounts.
- Additional Benefits: Some policies offer extra benefits like a a grocery benefit, or memorial benefits, which can slightly increase the premium.
Practical Insights for Choosing a Funeral Cover
When considering a funeral cover, it's beneficial to assess your family's needs to ensure you choose a plan that offers adequate financial support without overpaying.
- Assess Needs: Consider the typical cost of funeral services in your area and choose a cover amount that would comfortably cover these expenses.
- Family Inclusion: Decide who you wish to include in your policy. Covering multiple family members under one plan can sometimes be more cost-effective than taking out separate policies.
- Review Terms: Always understand the terms and conditions, including waiting periods and exclusions, to ensure the policy meets your expectations.
For more detailed information on specific plans and to get a personalized quote, you can explore options like Old Mutual's EasiPlus Funeral Plan.
