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Do you know all you need to about funeral insurance?
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By Felix Kagura, Head: Life Insurance Propositions at Standard Bank Insurance


The Ombudsman for Long Term Insurance’s latest annual report indicates that complaints by long-term insurance buyers have been growing steadily over the years, with more than 40% of all complaints received in 2019 relating to funeral insurance products. Often people purchase funeral cover without researching the best options for their needs.


I will take you through the ‘ABCs’ of things you need to consider when purchasing funeral cover.




When buying funeral cover look at how much can you afford on a month-to-month basis. Calculate how much you can pay each month for funeral insurance once you have deducted all your expenses, including debt repayments, and living expenses. This will help you determine the type of funeral insurance that is best suited to your budget. Also, remember that your premiums could be increased annually by the insurer so plan for this.




Consider what you want the funeral insurance policy to cover. Do you want additional benefits, such as monthly payments to be made to your dependents upon your death, maybe help with paying for groceries and expenses for a fixed period, grief counselling, emergency medical support, or a memorial benefit? Some additional benefits may already be included in your cover. Standard Bank Insurance has a Flexi Funeral cover offering which allows you to tailor your funeral cover based on what you can afford, and which benefits you need. 


Claiming when you need to:


When the time comes for your insurance provider to pay-out your claim, understanding your funeral cover is essential. Funeral Insurance can be taken out for people up to a specified maximum age. Some insurers may provide additional cover for seniors over the age of 65, but this will differ from one insurer to the next. Legal limits apply on the amount of cover that can be purchased for children and some insurers may also apply their own cover limits. The Standard Bank funeral policies cover a child under six for a maximum of R20 000 cover and a child between six and 13 for a maximum of R50 000.




You need to be informed about how many dependants you can have in one plan, and you moutt also know the processes. You must also understand how much is going to be paid out should anything happen to you, and how your family is going to be looked after. Funerals can quickly become costly, but with the right funeral insurance, you have the peace of mind of knowing that in the event of your death or that of a loved one, being laid to rest will not leave those near to you burdened with debt.


Exclusions in funeral policies:


To avoid the strain that comes with your claims being rejected, it is important to understand what may not be covered in your policy. In some instances, your funeral cover may not be paid out if:


  • The covered individual was killed when engaging in a criminal activity.
  • If there was a death in the event of war, public disorder, rioting, or invasion of foreign enemies.
  • If you have claimed for a death that did not actually take place.
  • If you have stopped paying your premiums, even though you may have paid for many years previously.




Choose an insurance policy that fits your lifestyle and your budget, remember to compare, and choose wisely. Always get multiple insurance quotes until you are happy with the terms you have. Pay your premiums every month to ensure that there are no problems when the time comes to claiming. Know what to do if you are struggling to afford your premiums. The best way to make sure you have the right funeral cover is make sure you are informed. Follow the steps provided here and don’t be afraid to ask questions when purchasing a funeral policy in the future.



DISCLAIMER: The views and opinions (information) expressed in this article are for information purposes only and do not necessarily reflect the official policy or position of The Standard Bank of South Africa Limited or any of its subsidiaries and holding companies or their subsidiaries and holding companies (Standard Bank Group). The information does not constitute advice and is not to be relied upon as independent professional advice of any kind. The Standard Bank Group makes no warranties or representations (implied or otherwise) as to the accuracy, completeness or fitness for purpose of the information or as to its being free from errors or omissions. The Standard Bank Group and its employees, agents and representatives accept no liability for any loss, damage or claim arising from the use of any information presented in this article.


Standard Bank Insurance Brokers (Pty) Ltd (“SBIB”) is an authorised financial services provider FSP 224. SBIB is a Group company of The Standard Bank of South Africa Limited (Reg. No. 1962/000738/06), an authorised financial services and registered credit provider (NCRCP15).


Product underwritten by Liberty Group Limited


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