Spoiler: the best funeral cover may not be the cheapest funeral cover.
When you love someone; one of the most important things for you is to make sure that they have peace of mind, and that they are well taken care of, even when you are no longer present.
Purchasing a funeral or life cover is an expression of love. It’s a way to show your loved ones just how important they are to you even beyond the grave.
Death is inevitable, and a very normal part of life. No matter how much we may avoid speaking or even thinking about it, it is still a fate we all ought to face one day.
It is for this reason that you should consider getting good funeral cover; to ensure that your loved ones are not overburdened by your passing. A final message to say “I love you”; “I care”.
Also, did you know that a funeral in South Africa could cost anywhere between R3000 to R50 000. If you do not have this money on-hand, it's essential that you have funeral cover.
Read: Can you afford to die? The cost of funerals in South Africa
Get cover starting from only R45 a month that will actually cover the cost of funerals in South Africa. Get Your FREE non-committal quote now. Meerkat funeral policy is underwritten by Old Mutual Alternative Risk Transfer Limited, part of the Old Mutual Group.
So, how does one even begin to choose a funeral policy that is perfectly suited for your needs, your budget, and your aspirations? What makes a good funeral cover? How do you find the best funeral cover in South Africa?
Below are some of the criteria for choosing a suitable funeral cover.
▶︎ Six things you didn't know about funeral cover.
Choosing the right funeral cover is one of the most important decisions you will make. Below are ten important things you need to consider when choosing the best funeral cover for you and your loved ones.
How many people would you have to cater for at the funeral? Would your family need legal assistance at the event of your passing? Would your family need funeral assistance services in the event of your passing? What is the waiting period for the payout?
Any answer to the above questions would widely determine the type of funeral cover you would need to take - comprehensive funeral cover, burial cover, extended family cover, standard cover, etc.
Not all families are equal; and oftentimes, the people we consider family aren’t necessarily the ones within our immediate family. Over and above our spouses or children; grandparents, cousins, uncles, and other relatives can also be highly treasured members of the family we would like to cover in our policy.
It is important that you consider this when you begin to look at different funeral policies in South Africa.
Did you know: with Meerkat, you can get ONE policy to cover yourself AND your loved ones?
Some funeral policies limit the members it can cover according to age. For someone who is intending to cover elderly members of their family, this could be a big inconvenience. For example, life cover for pensioners in South Africa can be much more difficult and expensive to obtain than life cover for parents over 60 in South Africa.
You might want to enquire about the age limitations of the funeral policy you intend to take before you purchase funeral cover from a specific company.
After everything has been said and done, what matters most is how much the funeral will cost and whether it makes financial sense to you or not.
You need to ask yourself how much the individual members included in the policy will be covered for, and how much it will cost you on a monthly basis.
Make sure you answer financially related questions as honestly as possible before choosing a funeral cover or you’ll risk potentially paying more than you are prepared for.
But, keep in mind that the cheapest funeral cover in South Africa is not necessarily the best funeral cover. There may be some hidden fees that you didn’t expect. And, cheaper funeral cover may not actually cover the costs of funerals in South Africa.
A 31-year-old female can get cover of up to R30 000 for only *R45 per month at Meerkat.
*T's & C's apply
▶︎ Six mistakes that could be fatal for your funeral cover
If you purchased your funeral product from a salesperson, they are probably being paid a commission. Ask them how much they will be paid, and whether you can negotiate that amount lower.
Older funeral products often need paper application forms. These companies have to cover the costs of all the paper. In both these examples, the newer policies that are administered on the Internet can be much cheaper.
For parents with school-age children, education is one of the most meaningful legacies they can leave behind. Some comprehensive funeral covers offer educational benefits to assist with the cost of education for the policyholder's children in the event of the policyholder's death.
Ask your funeral cover provider about education benefits if this matters more to you. It’s an important factor that will influence the overall cost of your funeral cover in South Africa.
Nobody plans the date of their death, but accidental deaths leave families more devastated and even less prepared for the sudden eventualities brought about by the sudden death of a loved one.
An accidental cover can provide your family with the financial means to arrange your funeral and even continue their life without incurring large amounts of debt in the event of accidental death.
We live in a more and more globalised world, and we travel more than at any other time in history. Find out whether your funeral cover offers transportation arrangements for you or your loved one’s repatriation in the case of death happening away from home.
From what countries or provinces do they repatriate a body from? Do they make arrangements for a family member to accompany the mortal remains of a policy member covered by the policy?
In the case of you losing a job, being retrenched, illness, or any other case where you are left unable to pay your premium, would you be able to pause your policy for a set period without losing your cover?
Will the premium amount increase overtime? How often? At what percentage rate? Once you have got an idea on how this will be; you can then decide if you’d still be able to afford it should your income not increase as well.
Take our funeral cover quiz!
Established in 1913 and registered as a long-term insurer under the Long-term Insurance Act in 1960; Assupol is one of the biggest funeral insurance companies in South Africa.
One of their funeral policy selling points is guaranteed insurance for you and your family, without paying any premiums for up to 6 months if you get retrenched from your job.
Assupol has three different types of funeral cover to suit different needs and preferences. You can choose from the Absolute Advantage Funeral Plan, Excellence Family Funeral Plan, and Cornerstone Pensioner Plan.
Founded in 1921 in Bloemfontein; AVBOB is, today, Africa’s Largest Mutual Assurance Society.
Avbob prides itself on offering some of the lowest-priced funeral covers in the country. One of their policy promises is a cash-back of the premiums received in the fifth year, after every consecutive five years that you do not claim against your policy.
One of the fastest-growing banks in the world, and now also the second biggest retail bank in South Africa; Capitec now also offers funeral cover.
Capitec offers personalised funeral cover according to your needs. They let you decide how much cover you need and then calculate your premiums; or alternatively, you choose the premium within your budget and they calculate the cover.
Founded in 2007, Clientele quickly grew to become one of the most recognisable funeral policy companies in South Africa.
Clientèle gives customers the option to receive 50% off their premiums back in cash at the age of 65.
FNB is the oldest bank in South Africa, dating as far back as 1838. FNB funeral cover selling point is a claims process that is quick and simple, with valid claims paid out within 24 hours and 1 in 5 claims paid out in 30 minutes.
Founded in 1980 by Robert Enthoven and his son Patrick Enthoven. Hollard is now South Africa's largest privately-owned insurance group. Their funeral cover promises to give you 20% cashback after every five years of paying all your insurance policy premiums claim-free!
Founded in 2016, Meerkat is Underwritten by Old-Mutual Alternative Risk Transfer Limited; Meerkat is all about building with you, offering solutions that are simple, cost-effective and tailor-made.
If you look at popular funeral parlours in South Africa, the cheapest funeral package costs just over R7000. With Meerkat, you can get affordable cover that actually covers the costs of funerals in South Africa.
Our monthly premiums start from as little as R45 per month, and you could get a total cover of R60 000.
You also get certainty of premium- our premiums, unlike many other companies-do not change annually.
Meerkat funeral cover offers one affordable contract to replace multiple policies; remains in place on retirement*, and their cover also remains in place if you miss a premium if you have also chosen their savings plan.
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* cover will remain in place once premiums are received. Meerkat offers a savings product that can be used to fund premiums in the future, subject to you having sufficient funds.
*Clients who are signed up for Freedom life are subject to premium increases.
With a legacy of over 120 years, Metropolitan has been serving and empowering South African communities with accessible financial solutions through the best and most challenging times. As one of the largest financial services companies in South Africa, their legacy is centred on providing client centric solutions.
You can customise your plan to suit your needs. You have the flexibility to change your cover as and when your life changes.
Old Mutual was established in Cape Town in 1845 as South Africa's first mutual life assurance society. Their purpose is to help their customers thrive by enabling them to achieve their lifetime financial goals, while investing their funds in ways that will create a positive future for them, their families, their communities and broader society.
Old Mutual’s Burial Society Support Plan is designed for collectives such as churches, stokvels, NGOs and clubs.
Founded in 1998, OUTsurance was built on the idea that you should always get something out, turning INsurance into OUTsurance. OUTsurance offers customisable options to suit varied customer needs such as pause and play your plan.
Getting a suitable funeral cover can be a daunting task when you don’t know what you’re looking for, but no matter who you are getting your cover from, there are certain things you need to know:
Funeral cover is incredibly important to have even though it’s something that we don’t often want to discuss. But, you want to make sure that you and your family are in good hands. There are many different companies that offer funeral insurance in South Africa, but you need to make sure that you choose the right one!
Give yourself and your family peace of mind. Meerkat has affordable, trusted funeral cover in South Africa with valid claims paid within 48 hours.