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Funerals can be unexpected - be financially prepared

By unknown | Jul 13, 2007 | COMMENTS [ 0 ]

Staff Reporter

Staff Reporter

With the average cost of a funeral estimated to be between R7500 and R8500, it is important that the person who is going to foot the bill is financially prepared.

The death of a loved one is a difficult enough time without the family members having to worry about money and how they are going to pay for the funeral.

Nathan Adriaanse, marketing manager of Lion of Africa Life Assurance, commented: "There are various benefit options to choose from, depending on how much you want to spend on the funeral."

Adriaanse explained: "For example, a Lion of Africa individual funeral plan costs R20 per month for R5000 cover, while R50 will buy you R15000 cover. A family funeral plan costs R35 for R 5000 cover and R95 for R15000."

The Zimele initiative was launched by the Life Offices Association in March to ensure low-income earners are given access to appropriate financial services products.

A number of company's have since introduced funeral plans that comply with all the Zimele product standards, which guarantee fair charges, easy access and decent terms.

"One of these measures requires that policyholders be given grace periods should they skip a premium," Adriaanse said.

"If a premium is not paid then the policyholder is given one month to pay the premium. However, if the premium is not paid within that month, then the cover will cease," he continued

"On policies older than a year, the grace period will be extended by one month for each year that the policy has been in existence, with a maximum grace period of six months," Adriaanse said.


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