Funerals are not something we like to think about. Nobody likes to spend their Saturday discussing funeral cover for their (grand)parents.
The thought of it can be overwhelming for some. But at some point in time, we are all going to need some kind of funeral cover insurance.
It’s best to get funeral cover when you’re younger. As a senior, it can become harder to find a policy but it is not impossible.
Your (grand)parents are the foundation of your family. They helped nurture you into the person you are today. It is only natural to want to take care of them when the time comes to organize their funeral. If they have yet to plan financially for their funerals, help them start today.
The best way to do that? Do your research and compare funeral cover quotes to find the right deal for you.
Types of Funeral Cover?
In the event of a death, a funeral policy will cover the costs of the funeral. There are several types of funerals – all depending on personal preference.
Some people opt for a large ceremony while others prefer small and intimate gatherings to remember the deceased. There are also those who decide to have no funeral ceremony at all and choose to have a wake.
Based on the type of funeral you decide on, you can determine what type of funeral cover is required.
A funeral entails holding a ceremony, in which either a burial or cremation of the body takes place. This results in costs for both the ceremony and burial/cremation.
Costs for such ceremonies vary depending on personal preference and the ceremony itself. Think of catering, decor, venue, etc.
When choosing a funeral cover – remember to choose a policy whose payout is sufficient to cover the entire funeral cost.
Some people prefer to be buried. They want to have a burial site that friends and loved ones can come and visit. When one chooses to be buried, there are several costs to keep in mind. You need to purchase a coffin, a burial site and pay for the undertaker costs.
When you take out a burial policy, you ensure that there should be enough money for the burial. This money often does not cover costs for a ceremony.
This type of funeral cover allows you to give your loved one a dignified burial.
Cremation is the act of burning a body after one’s death. After the cremation, the family is given the ashes of their loved ones. These can either be stored, buried or scattered.
Often cremations cost less than burials and ceremonies are usually a little less formal. So if you choose to have a cremation, you can take out a smaller funeral policy.
Funeral Cover With No Waiting Period
In general, most funeral policies have a waiting period. This can vary anywhere between 6 and 12 months. The insurance provider and policy you choose will influence your waiting period. In most cases, the age of the person being insured is also taken into account.
There are policies out there where there is no waiting period, but these are far and between. Remember to always discuss this before you sign up for a funeral cover.
Best Funeral Covers in South Africa
Below are some of the best insurance companies that offer funeral cover for seniors.
1. Assupol Funeral Cover for Over 80
Assupol funeral plans offer various types of policies each with their own set of requirements. For pensioners looking to purchase an Assupol funeral policy – their best option is the Cornerstone Pensioner plan.
This plan, unlike others that offer similar policies, has no age limit, and no medical examination is required. Making it a popular plan amongst the elderly.
2. Sanlam Family Plan
Sanlam offers an iCover Family Funeral Plan. This plan is designed specially to cater to all members of the family. Including your pensioners who are over the age of 80.
Premium costs start as low as R25 a month with payouts up to R40 000. Not only does this plan take care of the pensioners in the family but it takes care of the entire family.
3. Old Mutual
Old Mutual has an EasiPlus Funeral Plan. This plan is for the whole family. The main member of the policy has to be between the ages of 18-65. However, this plan allows you to add your (grand)parents as well – as long as they are under the maximum age of 84.
4. AVBOB Funeral Cover
Anyone over the age of 64 can join the AVBOB group funeral insurance scheme for pensioners. This plan has no maximum age, however, those over 84 can only get cover by paying the single once-off premium of R10 000.
An additional benefit if you pay the single once-off premium is that you will have no waiting period. The day the policy starts you will receive full cover.
5. Liberty Parent Funeral Plan
The Parent Funeral Plan covers the cost of up to two parents and two parents-in-law who are 85 years of age and younger. One can get this plan for as little as R75 per month. Giving people the opportunity to lay his or her parent(s) to rest with dignity.
Final Thoughts On Funeral Cover For Seniors Over 80
The most important thing to remember is – do your research. Before you pick a policy, make sure you have done sufficient research and requested as many quotes as possible.
Losing a loved one is never easy. We are overcome with grief and can often find ourselves in an emotional state. Having the right funeral policy can relieve a lot of stress during an already overwhelming time.
It will never become an easy topic to address but it is best to plan ahead – especially with regards to funeral plans. The sooner you take out a policy, the less stress you will have when the time comes when you need it.
No matter how hard it is, if you haven’t had this discussion with your grand(parents) – have it as soon as possible.