Honour a life well lived with peace of mind the funeral is paid for

The loss of a loved one can have a profound effect on a family, especially if they are faced with financial stress as a result of this. Ensuring your family is protected financially is the best way to help them through this difficult time. One way of doing this is by taking out the right funeral plan.

Neil Thompson, Head of Product and Consumer Value Proposition at African Bank, says the most valuable gift anyone can give their family is financial security.

“Good financial planning for the future should always include an emergency savings fund and the right funeral plan. Although it is not something anyone wants to think about, death can come quite unexpectedly. Have you considered whether your family has enough money to cover the cost of a funeral should you suddenly die?”

Thompson adds the biggest concern today is that many people are not aware of how costly a funeral can be and, many people believe funeral plans are unaffordable.

“Burials are expensive – a coffin alone can cost up to R6 000. Then, there are other expenses, like a headstone, the church service and refreshments and perhaps even transporting family members to the service. The family can find itself in mounting debt very quickly when it comes to arranging a funeral.

“There is no better peace of mind than the right funeral plan, and there are very affordable options available to consumers today. African Bank, for example, offers funeral plans starting from as little as R22 per month and offering R100 000 cover with no waiting period for accidental death.”

He highlights too that it is quick and simple to get cover; you can apply online and no medical examination is required. Cover can also be extended to other family members – even up to as many as 18 – and the maximum joining age is 75.

Thompson advises people start thinking about financial planning for the future early on in life.

“It is a good idea to start an emergency savings plan and take out insurances like funeral cover from your very first pay cheque. Imagine a medical emergency, a retrenchment or the sudden death of a breadwinner. Planning ahead through diligent saving, investments and the right insurances can spare your loved ones enormous financial pressure.”

He adds that since everyone wants to give their loved ones a dignified burial, a family which is not prepared for funeral costs will have to go into debt and this can have long-term implications.

Consider these top 5 reasons to take out a funeral plan today:

1: The funeral costs will be covered.

  1. You can include extended family members in the cover.

2: The benefit pays out quickly (terms and conditions will apply).

3: Premiums are affordable.

4: No need to incur debt to give your loved ones a dignified burial.

5: No medical examination is necessary.

“We all have high hopes for the future and a long, healthy life. Unfortunately, life does not always work out that way. This is why it is important to mitigate the impact of a death in the family with the right cover for a dignified burial.

“With this peace of mind, you can honour a life well lived and celebrate your loved ones without worrying about where the money is going to come from to do this,” Thompson concludes.