Compare Funeral Policy

Weighing Up the Prices, Pros and Cons

After a death in the family, the last thing you want to worry about is funeral expenses. We highly recommend a funeral policy for every family. In South Africa, we are fortunate to have access to many different options available and many providers who aim to offer the best value. However, since no two funeral policies are exactly the same, experts recommend that you use funeral policy comparison sites to find all the information you need to find the best funeral policy for your needs.

So head on over to a funeral policy comparison site and request some free quotes. Since many policies range vastly, you need to find the one that meets your needs and budget. Consider the many different aspects outlined below and use that a basis when you go compare funeral policy options.

1. Who Administrates the Funeral Policy?

According to the Association for Savings & Investment SA (Asisa), only companies that are registered with the Financial Services Board (FSB) may sell funeral policies. Assuring yourself that the company is legitimate is your first step in your funeral policy comparison.

Policies can typically be obtained via a broker, church or funeral parlour, or directly from your insurance company. Either way, it is important to ensure that the policy is underwritten by a reputable and registered insurance company.

2. Compare Funeral Policy Waiting Periods

Most funeral policies follow the standard 30-day waiting period, which means that you cannot claim within the first month of obtaining the policy.

3. Compare Funeral Policy Exclusions

In most cases, a policy will contain an exclusion clause which refers to instances or situations that are excluded from the policy.

There are many low-value funeral cover packages on the market today that are obtainable without medical checkups or interviews. The tradeoff is that the lump sum claim payouts are significantly smaller than that of a funeral policy that contains exclusions.

In most cases, funeral policies with exclusions will not cover pre-existing medical conditions.

4. Who Will Be Covered by Your Funeral Policy?

We never want to think about losing the ones we love, but when it comes time to compare funeral policy benefits, you should certainly consider adding them to the agreement.

Covering yourself ensures that your death does not put unnecessary expenses on your family, but it is a good idea to also insure your immediate family, and possibly your parents.

5. How Does the Funeral Policy Compare in Terms of Services?

You may have to speak to the insurer to find out more about:

  • how to submit a claim
  • how to make changes
  • how fast claims are paid
  • any potential legal limits and exclusions.

6. Compare Funeral Policy Benefits and Bonuses

With such a competitive market, many funeral policy providers are finding innovative ways to provide the best possible value. Some benefits may include:

  • education cover, if the deceased was responsible for funding the beneficiary’s education.
  • grocery benefits to pay for basic needs after the death of a breadwinner.
  • transportation and ambulance in the event of life-threatening situations.
  • transportation of mortal remains, as well as transportation of family members to the funeral.
  • trauma counselling.
  • Paid-up benefits. When the policyholder dies, family members who are covered will still have the benefits without having to pay a monthly premium.

By requesting quotes on a funeral policy price comparison site, you will be able to find all the information you need to make the right choice.