Funerals are a big deal. They are extremely important, extensive and incredibly meaningful. They are all about celebrating the deceased’s life, paying last respects and sending them off in a dignified way.
A deserving funeral can easily cost over R50,000. Naturally, this expense is the responsibility of the family, and logically, most families would look to those who are earning an income to contribute.
Even if you’re earning a decent income, a hefty funeral price tag can really set you back. And having funeral cover for this need is really sound financial planning.
But we believe the funeral cover industry has got something wrong. What they have got right is that allowing the “income earner” in the family to buy funeral cover for family members is a great idea. But their error is that they also offer only funeral cover to the income earner themselves.
Naturally, if the primary breadwinner in the family were to pass, there would still be an expense for their funeral. And the funeral cover would help to cover that. But what happens when the funeral is over?
The logic is sound. If you are the person your family would look to to provide for funeral expenses on the passing of a family member, it means that you are one of the family members who are earning an income and providing. It is also incredibly common that, as the income earner, you are supporting more than just yourself financially. You may be supporting parents, or helping pay for your siblings’ education, or looking after your own kids. The point is that were you to pass away, the hole left behind for your family would be much bigger than the funeral bill.
Entire families can be devastated financially if the primary breadwinner passes away and doesn’t leave anything behind to support the family. And, for the breadwinner, funeral cover simply doesn’t meet the need.
So at Sanlam Indie, we’ve developed a product which is better than funeral cover for just this reason.
After undergoing underwriting, we can provide cover up to 15 times more than funeral cover, at the same cost. This means you may be able to buy R50,000 funeral cover for R100 a month elsewhere, but with a Life Cover, you could possibly get more than R500,000 for the same R100.
Not only that, but 10% of this cover, capped at R50,000, would be paid out as quickly and easily as conventional funeral cover, in order to help your family cover the costs of your funeral. The remaining cover is there to ensure that the family you were supporting is not devastated by your passing, and can continue to live a good life.
You can still add additional family members onto your policy with conventional funeral cover (well, also better than conventional, since we double the cover after two years, at no extra cost) since we know the need is still there.
And the cherry on top of all of this is a Wealth Bonus that comes with every policy at no extra cost. We’ll match up to 100% of your total premium contributions into an investment for you every month, which grows over time, and generates wealth for you to enjoy while you’re still alive.