SA Banks also offer funeral cover with a variety of features and benefits. This article highlights the funeral products of ABSA and Standard Bank. ABSA offers prepaid funeral cover, which is appealing to those not interested in monthly premium payments. Whilst Standard Bank has added living lifestyle benefits to their funeral product.
We hope that this article will help you decide which product is best suited to your needs.
ABSA offers Prepaid Funeral Cover, which is a short term funeral plan that ensures you and your family are financially covered at the time of your death. You pay the premium up front, and are covered for 6 or 12 months, depending on the plan you choose.
This funeral plan is perfect if you don't want to worry about monthly premiums and would like to pay for cover with a single payment.
The Prepaid Funeral Cover could be the right choice if you:
Prepaid cover requires a 'top-up' after 6 or 12 months, where you'd pay another premium to keep your cover active for the next 6 or 12 months, and so on.
Underwriting is a process that an insurer actively undertakes to assess their risk. They may require further information from you.
You can purchase prepaid funeral cover via cellphone banking, or via an ABSA ATM.
To make a claim, Visit your nearest Absa Branch where a consultant will help you. You will need the following documents: Bring along your valid ID, the ID of the deceased person and the original death certificate.
Both ABSA and Standard Bank have not disclosed any premium information, so you will have to go through their application process to see the costs.
Standard Bank has designed their funeral plan differently to the rest. Instead of receiving benefits just when someone dies, their product gives you benefits whilst you are still living.
Their product gives you peace of mind knowing that you can bury your loved ones with dignity and respect; but they also provide you and your family with 'Lifestyle Benefits' at no added cost.
Qualifying criteria: Whether you are an existing Standard Bank client or not, if you are under the age of 65 you qualify. No medical examination is needed to qualify.
Funeral Assistance from only R2.37 per day.
See the terms and conditions of these below.
Enjoy the day-to-day benefits that our FuneralPlan has to offer you and your family insured under your policy.
These Lifestyle benefits include:
Provides access to a list of doctors countrywide who give policyholders and those insured on their policy a 20% discount on consultation fees and any medical procedures performed in the doctor's consultation room. A 20% discount will apply on the consultation fee on a package deal. A package deal is where basic medicine is dispensed by the doctor as part of the treatment and the cost is covered in the consultation fee.
You and your insured family members receive a 10% discount on consultations and 10% discount on frames at selected optometrists.
Get R1 200 Cash benefit for six months for your dependents.
In the event of medical emergency such as heart attack or motor vehicle accident, the insured will be transported to the nearest medical facility within South Africa at no extra costs. In addition, should the insured person be unable to produce medical aid or pay for admission immediately, assistance of up to R5 000 is available to ensure hospital admission.
Treatment for assault-induced injury is provided for up to R5 000 for each person and R10 000 a family.
Telephonic counseling is provided for chronic diseases such as diabetes, cancer, HIV and Aids. This service is available 24 hours a day, 365 days a year.
Qualified medical staff give advice on disease management, emergency medical conditions, daily medical symptoms and more.
Enjoy the day-to-day benefits that our FuneralPlan has to offer you and your family insured under your policy. These funeral benefits include:
Up to R10 000 depending on the type of cover selected. Claims are paid within 48 hours from receipt of all the required documentation.
In the event of a death, advice on funeral and burial arrangements will be given to the family members of the deceased.
Help line assistance with emergency household repairs such as hot water, plumbing etc.
Counselling for up to R10 000 is provided for each family occurrence.
Up to R5 000 per person and R10 000 per family is provided following death of a loved one.
Call 0860 121 151 and buy your cover today.