Life insurance and funeral insurance are two different financial products but many South Africans incorrectly believe that one can replace the other. You may have a R500,000 life insurance policy so what is the need for a R100,000 funeral cover payout? The fact is that these different products serve different purposes and one cannot replace the other. Ideally a person should have both life insurance and funeral insurance.
Funeral Cover with No Waiting Period for Payout on Death
Funeral policies are one of the most popular insurance products in South Africa. These policies provide a cash payout to family members upon the death of a person who is covered. It allows the family of the deceased to pay for the costs of the funeral and any other expenses. As with most insurance policies, funeral cover has several conditions in place to ensure that the financial protection it offers is not abused by consumers.