How Do I Get Family Funeral Cover For My Family?
At FRANK.NET we pride ourselves on being honest with our clients and telling you everything you need to know about our insurance products. We also know that sending off a loved one is not only emotionally difficult, but it can also be tough from a financial point of view – that’s why we provide Family Funeral Cover you can rely on.
This cover can help with the costs of a funeral to give you the send-off you deserve. Your monthly payment and cover payout is up to you – although we look at a number of factors in calculating your options, ultimately you decide on the amount you would like to pay monthly and be paid out in the event of death. You can take out funeral cover for your parents until they reach the age of 85, for extended family until they reach the age of 75, for yourself and your spouse until you are 64, and for children until they are 25.
How is your cover structured?
Funeral cover is structured to ensure there is money to cover the expenses of a funeral, and all the organising that goes with it. By law, funeral cover cannot exceed certain cover limits. The cover for you, your spouse and your parents cannot exceed R75 000 per person. For children or extended family members under the age of six years the limit is R10 000 and cannot exceed 25% of your maximum payout amount. For children and extended family members between the ages of six and 13 years, the limit is R30 000 and cannot exceed more than 50% of your maximum payout amount. (Note that these limits are subject to legislation.)
You are the overall beneficiary in the case of one of your registered family members passing away, but in the event of your death, you will need to choose one beneficiary to receive the payout. The beneficiary cannot be the payer of the monthly premiums.
You can take out cover for up to 22 of your family members, as long as they are financially dependent on you and below the age limits listed earlier. Proof of your relationship and their financial dependence on you will need to be provided at the time of the claim. From the moment you pay your first installment, you will be covered for accidental death and will be paid out within 48 hours of verifying all required claim documentation. In the case of a natural death, such as a heart attack, you will only be covered after your sixth installment, in other words six months after you started the funeral cover.
Lastly, for every 12 months you consecutively pay your premium, you are allowed one skipped payment, known as a payment holiday, provided that there is no claim during that time. All you need to do is let us know 30 days before you intend to take the payment holiday, and we’ll arrange it for you.
The money you receive from the insurance claim is 100% tax free. Losing a loved one is one of the most difficult things to experience, but FRANK wants to help you and your family to make the final send-off much more manageable.
For more information, visit our Family Funeral Cover page, or contact us for more details.