Funerals are not something we like to think or talk about. It brings up too many difficult emotions. This causes us to delay making important decisions with regard to financial plans for funerals.
As a result, elderly parents are often left without any funeral cover. This adds a great amount of worry to an already stressful time. Don’t wait till the very end to get a funeral cover policy. As a pensioner, it can be hard to find a cover. It is, however, not impossible.
You can help take care of (grand)parents today. Do the research and compare funeral cover quotes in South Africa to find the right deal for them. Assisting them now with the financial planning of their funerals will allow them to have the dignified funeral they deserve.
Funeral Plans – What Types Are There?
Depending on personal preference, they are various types of funeral cover policies available. Make sure to pick one that will cover the costs of the funeral.
There are those that choose to have a large ceremony. It is important for them that their entire family and group of friends get the chance to pay their respects. While others prefer to have intimate gatherings.
At the end of the day, most people have some sort of funeral. In order to choose the right type of funeral cover, one needs to decide on the type of funeral they want.
Funeral Insurance
A funeral entails holding a ceremony for the deceased. It can take form in either a burial or cremation of the body. Both options come along with costs.
The cost of such gatherings varies tremendously. The biggest factors being personal preference and the type of ceremony held. One must think of paying for the venue, decor, catering, etc.
Remember that when you choose a funeral cover for your parents, the payout should be sufficient to cover the entire funeral cost.
Cremation Insurance
When a person chooses to be cremated – their body is burned once they have passed away. The family is then given the ashes of their loved one. Each person can choose to do what they please with the ashes. Some wish for their ashes to be buried, others stored or scattered.
Cremations often cost less than burials and the ceremonies held are generally less formal. Those wanting to be cremated can often take out a smaller funeral policy.
Burial Insurance
Burial is usually chosen when someone wants to have a sacred place their family and friends can visit.
If you choose to be buried, there are several costs to keep in mind. One needs to remember costs for the casket, a burial site and the pay for the undertaker costs.
A common misunderstanding is that a burial policy will be able to cover both the ceremony and the burial. However, a burial policy often only ensures that there is sufficient money for the burial. In most cases, it does not cover the ceremonial costs.
This type of funeral policy allows for your loved one to have a dignified burial.
Funeral Cover With No Waiting Period
Most commonly, funeral policies have a waiting period varying between 6 and 12 months. The waiting period is influenced by the policy and insurance provider you pick. Especially with regards to seniors, the age of the person being insured is also taken into account.
Though, there is good news as there are policies with no waiting period available. This often does come with a price tag. Always discuss the waiting period before you agree and sign up for a funeral cover.
Best Funeral Plans in South Africa
We have made your job easier by listing some of the best insurance companies that offer funeral cover for seniors below.
Sanlam Family Plan
The iCover Family Funeral Plan is offered by Sanlam. This plan is ideal for families, as it accommodates all family members. It even includes seniors that are over 80 years of age.
Payouts can reach up to R40 000, with premiums starting as little as R25 a month. Not only does the plan provide for the senior members. The policy also takes care of the entire family – making it a great family funeral cover option.
Assupol Funeral Cover
The Cornerstone Pensioner plan is the best option for pensioners wanting to purchase a funeral cover with Assupol.
There are two main reasons that make this plan unique. The first one is that there is no age limit. And the second one is that no medical examination is required.
As one can imagine, these requirements – or rather the lack of – make it a popular option between the seniors.
Old Mutual
Old Mutual offers various funeral plans, including ones focused on families. For pensioners that would like to be on the same plan as their family, the EasiPlus Funeral Plan is their best option.
One of their requirements is that the main member of the policy has to be between the ages of 18-65. Having said that, as long as your (grand)parents are under the maximum age of 84 you can add them to the policy.
Capitec Funeral Cover
Capitec offers plans for both you and your family. If you’re wanting a funeral cover for parents over 75, this plan allows you to cover up to 4 parents.
Another great benefit of the Capitec funeral plan is that you can have a total of 21 family members under one policy. It’s no surprise that this makes it an extremely popular funeral plan in the country.
AVBOB Funeral Cover
AVBOB has specially designed a group funeral scheme for pensioners over the age of 64.
The plan is not limited by a maximum age. But, those over 84 years of age are only able to get cover by paying a once-off premium. The cost of this is R 10 000.
Another great benefit for seniors is that once you have paid the single once-off premium, the waiting period is waived. The day the policy starts you will receive full cover.
Final Thoughts On Funeral Plans For Pensioners Over 75
The loss of a loved one is never easy to deal with. We are stricken with grief and find the normal day-to-day activities exhausting.
On top of that, having to plan a funeral is tiresome. Not forgetting that funerals can place a large financial burden on a family. Having the right funeral policy already in place can relieve a lot of stress during an already difficult time.
Despite the difficulty, have a conversation with your parents and your grandparents. There is no time like the present to find the best funeral cover for your parents, no matter their age.
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