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Innovation key to ensure funeral cover keeps up with shifting trends, rising costs

Innovation key to ensure funeral cover keeps up with shifting trends, rising costs
13-04-23 / Tommy Jackson

Innovation key to ensure funeral cover keeps up with shifting trends, rising costs

Johannesburg - While South Africans are known for their resilience and tenacity, the many challenges that people and businesses have to face every day necessitate becoming innovative and adaptable.

Serious challenges like intensifying load-shedding, slow post-Covid-19 economic recovery, and recurring heatwaves have hit businesses hard, especially businesses in the funeral industry. Delays in obtaining death certificates and a growing backlog of burials make it difficult for funerals to take place within government’s recommended timeline of four days from the date of death.

Jason Lakey, Head of Life Solutions at Nedbank Insurance, says that while there is little we can do as individuals to solve the economic and environmental issues causing these challenges, partnering with a trusted and reliable insurer is an effective way of ensuring that you are not impacted, and that you and your loved ones can be assured of a dignified burial.

The unique challenges South Africans face make flexible, affordable and efficient funeral cover crucial, which is why Nedbank Insurance offers a MyCover Funeral solution from as little as R30 a month. At such a low premium, it will cater for everyone’s pocket, with cover designed to provide peace of mind, quick payouts within 24 hours, and other benefits ranging from cashback payments to premium discounts.

MyCover Funeral also includes a Value for Life programme, offering the following benefits:

  • Free transportation of the deceased to a funeral home of choice.
  • Repatriation of the deceased to a funeral home closest to the place of burial (limited to South Africa, Namibia, Zimbabwe, Botswana, Eswatini, Lesotho and Mozambique).
  • Free transport and accommodation for one night for one person to accompany the deceased to the nearest funeral home of your choice.
  • Legal help with funeral procedures like obtaining a death certificate.

‘While the expectations for every funeral will be different, it is estimated that a funeral can cost anything between R25 000 and R100 000’, says Lakey. ‘And when you add the cost involved in repatriating the deceased to where they must be laid to rest, those costs can escalate dramatically.’

Lakey points out that while the challenging economic situation in the country and rising costs of living mean that many people can’t afford large premiums for funeral cover, it doesn’t mean that they have to compromise on the quality or dignity of a loved one’s farewell.

‘The ongoing socio-economic challenges have implications for both insurers and those looking for cover. That is why it’s so important to find an insurance provider that understands your needs, treats you as an individual, and offers flexible cover options at premiums that suit your budget.’

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