Improving access to funeral insurance via ATMs and cellphone banking appears to have contributed to the “growing trend of younger South Africans taking up funeral plans for themselves”.
That’s according to FNB Life‚ which puts the average age of funeral policyholders “at just 36 years”‚ which‚ it said‚ “goes against the common perception of funeral policyholders being above the ages of 40 and 50”.
The insurance company’s CEO‚ Lee Bromfield‚ said “younger South Africans are becoming more aware of the risks associated with not owning any form of funeral cover”.
And‚ he added‚ “some may have learnt harsh lessons from life-changing events‚ such as losing a loved one and seeing their families struggle to come up with funds for a funeral”.
FNB Life recently announced that access to funeral insurance was available at the bank’s ATMs as well as via cellphone banking.
“In some communities‚ ATMs and cellphones are primary devices that allow people to access financial products. We’ve taken the necessary time ensure that the take up process through these channels is efficient and a lot simpler for customers‚” said Bromfield.