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With the launch of 1Lifefuneral, a funeral insurance product launched in May this year, we have had a lot of queries from clients about the difference between funeral insurance and life insurance. This article will outline the difference between the two, and explain the benefits of each type of cover.
Funeral insurance
A funeral insurance policy from 1Lifedirect will cover the funeral costs of all family members included on the policy. You can include your spouse, children and up to 10 extended family members on the policy. Adults can be insured for a maximum of R45 000, children under 5 for a maximum of R10 000 and children aged 6 – 13 for a maximum of R15 000.
1Life funeral includes a number of benefits:
- A memorial benefit: one year after the death of the main member a memorial benefit will pay R5 000 towards the cost of a headstone.
- A repatriation service: 1Lifefuneral will pay R2 000 towards transporting the deceased from place of death to his/her final resting place.
- A grocery benefit: as the main member your family will receive R1 000 per month for six months after your death.
For a quote contact 1Lifefuneral on 0860 10 53 40 or visit the 1Life funeral product page
Pure Life Cover
Who will provide for your family in the event of your death? How will your children and partner or spouse survive without the salary that you bring home every month? The answer lies in life insurance. Pure Life Cover from 1Lifedirect will pay a lump sum to the beneficiaries of your policy in the event of your death. These funds can be used to cover living expenses, school and university fees and medical expenses.
With Pure Life Cover you can invest in between R50 000 and R6 million worth of life cover. Your policy also includes a terminal illness benefit which pays out your cover amount in full if you are ever diagnosed with a terminal illness and given less than 12 months to live.
To find out more visit the 1Lifedirect Pure Life Cover product page or contact us on 0860 10 53 40.
We answer your questions about our products and services!
What are some of the key differences between the two when it comes to funeral cover?
The key difference between life and funeral cover, is that life cover is for after the funeral and it provides for your family's ability to continue living in their home, your kids going to school or university and everything in between. All the things you will not be able to do once you have passed on. Funeral cover, however, is there for a once-off expense and that is to cover a final send off for you or your family member.
Can I have both funeral insurance and life insurance policies simultaneously?
Yes, you should have both life and funeral policies in your financial plan as they serve very different purposes.
Why do you need both funeral insurance and life insurance?
Funeral insurance is a policy you can use to cover your family members for a smaller sum assured so that you are able to provide them with a respectable send off. While a life insurance policy is only for you or the breadwinner and you can get up to R10 million sum assured, as this is to ensure your family can maintain their lifestyle once you have passed on.
