It is estimated that around 23.4 million people or 64% of the population in South Africa have some form of funeral cover in their name or is covered by someone else.
According to Tembisa Marele, communications at the Financial Services Board, funeral insurance contributed R4.9 billion to the income of the long-term insurance industry. This shows that more people are saving for funeral costs, where even a basic funeral in South Africa can set you back as much as R30 000.
A funeral in South Africa can cost anything from R15 000 to as much as R150 000.
Financial institutions such as banks have become increasingly active in the funeral insurance industry, by providing a range of products designed to suit individual needs.
Nedbank has a long history in the South African financial sector. The bank offers an array of transactional, credit, investment and insurance solutions.
The Nedbank Funeral Insurance Plan is designed to offer financial relief when planning a funeral. The product helps you as main breadwinner to ease the financial burden.
Tell me more about the Nedbank Funeral Insurance Plan?
You can choose cover for yourself, extended family members and even domestic workers.
Claims are paid out quickly- within 48 hours, as long as you provide the correct documentation. These payouts are also tax free.
There are no medical tests required so you don’t have to worry about having to go through a lengthy process.
Once you have signed up you get immediate access to Nedbank’s Value of Life programme, which provided transport as well as legal assistance.
Instant accidental death cover is provided from when the first premium is paid.
Through the Nedbank Funeral Insurance Plan you can get help with organising a funeral.