If you have an Old Mutual funeral policy which you've had for at least the past three, you may qualify for additional cover of between 5% and 7% of your existing cover, for free.

Old Mutual is sharing out some R450-million in extra funeral cover because it has had fewer claims than expected over the past five years.

Prabashini Moodley, the finance manager for Old Mutual, says every five years the company reviews your cover value against changes in claim experiences as well as regulatory or economic changes.

Old Mutual has found that it had set aside more money than it needed to pay claims and will boost the cover of not only those who are celebrating five-year anniversaries this year, but also the cover of those who only reach their anniversaries next year and 2019.

Stats SA has reported that South Africa's population over the age of 60 is increasing and some of this is a result of improved access and uptake of antiretroviral treatment over time has enabled HIV-positive people to live longer.

Moodley says in total funeral policyholders have been given more than R2-billion in additional funeral cover between 2013 and 2017.

Sanlam policyholders should not expect to get the same benefits as Cita Penn, the head of client solutions for Sanlam Developing Markets Limited, says it has found other ways of modifying its policies.

Metropolitan Retail says insurers each have their own way of giving you value for money.

Metropolitan provides benefits such as payment relief when you can't afford premiums due to disability or old age.

Old Mutual says if you did get extra cover, don't forget to check that you are not paying for too much cover, in which case some of your premiums could be put to better use.