What is funeral insurance?
Funeral insurance is there to cover the costs related to your funeral (may you rest in peace ✌🏽). When your number gets called, this type of insurance usually pays out quickly with a lump sum that can be used for the repatriation (returning) of the body, the cost of the funeral, supporting the family, or anything else that's needed.
Death is bleak, but it'll be bleaker without cover.
What does funeral insurance pay for?
You decide. We just give you the cash, we don’t ask how you spend it.
What the costs when someone dies?
When a loved one dies, there are all sorts of immediate costs that need to be paid: repatriation (returning the body home), mortuary costs, transport costs for family members, and funeral costs such as catering. If the person who dies was the breadwinner, there are also household bills, groceries, school fees, rent, and paying off debts.
Funeral insurance is meant to help you pay for all these immediate costs.
Should I get Life Cover or Funeral Cover?
Both have their place. Funeral Cover will help you cover immediate costs, and you can get it without worrying about medical checks or questions about your health. If you’ll need to chip in for your grandmother’s funeral when her time comes, this option is for you.
Life Cover involves underwriting, which means you will have to answer medical questions and maybe have health checks. But the payout is usually higher than for funeral cover, so if you qualify, it’s a good option if you need to provide for your family in the long term after you die. Just remember that payouts on Life Cover take longer to be settled because we need to verify that the medical details you provided were accurate.
Sanlam Indie’s underwritten life insurance (Life Cover + Quick Payout) comes with a built-in quick payout (up to R50,000) which you can use for the funeral and other upfront expenses: so it’s the best of both worlds. 👌