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Burying yourself in funeral costs could be a grave mistake, especially when there's Funeral Cover available to handle those expenses. Plus, there's also a variety of insurance companies and policies that you can compare to find the better option at the right price.
Although losing a parent is an unimaginable tragedy, death is a reality. And the last thing you want to worry about during your period of grief is raising funds to bury the parents you love.
Funeral Cover pays out a lump sum when you (aka the policyholder) pass away. But you can also go with a family plan (sometimes called 'extended cover') which means you can add your parents to the same policy, ensuring their funeral expenses would be taken care of, too.
Compare plans with Hippo.co.za and find a way to give your parents the funeral they deserve without having to worry about money.
Did you know that South Africa has, on average, some of the highest funeral costs in the world? Depending on your family traditions or cultural customs, the cost could pile up into tens of thousands of rands — especially when you include the undertaker's fee, cost of the burial plot, and more.
That's a lot of money to pay out of pocket, especially when you have a parent who wasn't able to afford their own Funeral Cover.
Different plans are available depending on what premiums you can afford, how much cover you would need, and which benefits you'd like to have. Different brands provide different plans, whether you're taking out a new policy on behalf of your parents or adding them to your existing policy.
The lump sum that's paid out upon their death can cover funeral costs, medical bills or anything else related to organising your parents' send-off.
When it comes to this type of insurance, age matters. And it's best to take out a policy either for yourself (before 65) or for your elderly parents (preferably before they turn 75).
From an insurer's point of view, an older person is likely to pass away sooner than a younger one, after paying monthly premiums for just a short time. But while it's difficult to find Funeral Cover for 80-year-olds due to their higher risk, there are policies available for this age group.
Life Insurance could be an alternative if you're able to prove insurable interest. In simple terms, you need to prove that you're financially dependent on your parent(s) or would experience impactful financial loss if they passed away.
A funeral policy helps you cover funeral and burial costs by giving you a lump-sum payout when the named beneficiary of the policy dies. These payouts are typically processed faster than those for other types of insurance, like Life Insurance, removing the stress of a lack of funds during a time of grieving.
These payouts can be used to cover immediate expenses like airtime, flowers, catering and tent hire, among other necessities. These are all costs that family members would have to pay out of pocket if there isn't proper cover in place — and covering those costs sadly sometimes leads to debt.
The best way to make sure you're getting enough cover is to do your research and compare Funeral Cover plans online with Hippo.co.za.
Please note, not all of the partners on Hippo currently offer Funeral Cover for Parents, and that the information in this article is provided for informational purposes only and should not be construed as financial, legal, or medical advice.