How to get the most out of your funeral plan

Cash backs, premium breaks, paid-up cover at 65, and added benefits – here is a guide to getting the most out of your funeral insurance plan.

Cover the whole family
Funeral Fundi offers affordable funeral cover for the policyholder and up to 20 dependents, including spouses, partners, children, parents, and extended family members. Parents include biological parents, stepparents, parents-in-law, and legally adoptive parents. Similarly, children include biological children, stepchildren, legally adopted children, and other financially dependent children.

All families are welcome
Our definition of family includes those headed by children and grandparents. We also recognise the practice of polygamy, which means policyholders can add up to five spouses or life partners to their funeral policy. What’s more, when the policyholder passes on, the plan can be transferred to their biological brother when he assumes responsibility for the family.

Change your premiums when your situation changes
We know that everyone’s needs change over time. Policyholders can change their benefits and premium with immediate effect. Select from a wide range of funeral cover options to find one that works. Plans can also be upgraded with immediate effect to boost the cover amount at any time.

When cash is tight…
…take a break. That’s right – if the policyholder needs to skip a premium, they can miss up to three payments. Simply pay the missed premiums back after the break to bring the policy up to date. During a premium break, the policyholder’s cover and benefits will remain in place, but the amount will incrementally reduce to 50% in the 2nd month and 25% in the 3rd month. Take care to miss no more than three months, or the policy will lapse, and cover will cease.

Enjoy paid-up cover at 65
When the policyholder turns 65, premiums will stop, but cover will continue. The policyholder must complete ten years of consecutive premiums with no breaks or missed payments for this benefit to take effect. If this is the case, the policyholder will remain covered and eligible for a payout free of charge from the age of 65 until their death.

Get a 50% cashback
After 24 months – or two years – of consecutive payments, the policyholder will receive a 50% cashback. For instance, if the policyholder pays R75/ month for 24 consecutive months without missing any payments, they will receive a R900 cashback.

Added benefits
In the event of a death, the policyholder’s beneficiary will receive groceries, airtime, and education benefits to help make arrangements and support family members in a time of need. This includes R150/ month for six months to buy groceries, a R250 once-off airtime voucher, and R200/ month for 12 months towards education costs.

Funeral Fundi is an authorised financial services provider underwritten by Guardrisk and supported by TP Insure. Click here to get an instant quote for funeral cover. Terms & conditions apply.