Jeez, the guys at Old Mutual have crammed a lot of value into a funeral plan range, starting from R31 per month.
Losing a loved one is never easy, right? During your time of mourning, you should be able to reflect and remember all the things that made that person special, without having to worry about not being able to give them a dignified funeral.
But times are tough and money is tight!
So, when you are spending money on things like funeral cover, you need to make sure it’s not going to break the bank (there is no worse feeling than letting your policy debit order bounce because you just don’t have enough money left over at the end of the month to pay the premium)
Onto the Old Mutual funeral plan range:
Old Mutual has 3 plans that allow you to cover yourself, your spouse/partner, your children, parents, parents-in-law and extended family members.
- Care Plan
- Standard Plan
- Comprehensive + Plan
Let’s take a closer look at the benefits of each plan below:
- The Care Plan
The Care Plan is super affordable, starting from R31 per month, for maximum cover of R50 000 and includes Accidental Death Cover (immediate accidental death cover from the moment you apply). That’s pretty neat because it means you are covered from day one (against death from an accident). It also includes a Money Back Guarantee which pays out the premiums, you have paid in (first six months of the policy), if you pass away.
Need to take a policy premium holiday?
The Premium Holiday benefit allows you to miss up to 6 premiums over the lifetime of your plan, while the cover remains active. You may pay some or all of the missed premiums to make use of the same number of Premium Holidays again in future.
And finally the plan has a Restart Benefit built in, which allows you to restart your policy if it has lapsed (under certain circumstances)
2. The Standard Plan
Besides the increased cover, what else does the Standard Plan offer?
The plan offers a Cash Back & Terminal Illness benefit.
- The Cash Back benefit will pay you money back for every 36 premiums Old Mutual receives from you.
- The Terminal Illness benefit will pay 50% of your sum insured out to you if you are diagnosed with a terminal illness, that will cause death within 12 months
3. The Comprehensive + Plan
Fractionally more expensive than the Standard Plan but it includes the following additional benefits, and as a result we think this is the plan to pick.
- Double Accident Death Cover – Double the benefit paid out on accidental death
- Paid-Up Benefit – Cover continues if you are disabled (subject to a waiting period)
- Retirement Paid-Up Benefit – When you turn 65, your premiums stop, but you continue to enjoy the cover.
How cool would it be to hang onto your cover well into your retirement, but never have to pay premiums once you reach 65?
Old Mutual’s Funeral Plan Table
|STARTING FROM:||R31 per month||R42 per month||R46 per month|
|Accidental Death Cover||Yes||Yes||Yes|
|Double Accident Death Cover||No Benefit||No Benefit||Yes|
|Money Back Guarantee||Yes||Yes||Yes|
|Cash Back||No Benefit||Yes||Yes|
|Paid-Up Benefit||No Benefit||No Benefit||Yes|
|Retirement Paid-Up Benefit||No Benefit||No Benefit||Yes|
|Terminal Illness Benefit||No Benefit||Yes||Yes|
But hold on, there is more:
ADDITIONAL BENEFITS ON THE STANDARD & COMPREHENSIVE+ PLANS:
- Funeral Plan policy holders have access to More4U, which are value-adds in addition to the insurance policy benefits, at no additional cost.
- Education Benefits – Provides payments for 12 months when a person dies, to be used for education expenses.3.
- More Cover Benefit – Get 10% more cover at no extra cost when you buy a Standard Plan and/or Comprehensive+ Plan and you already have R50 000 or more incover.
InsuranceFundi has partnered with some of SA’s most reputable insurance and investment companies. We believe that everyone should have access to a wide range of comprehensive and affordable solutions. Pick the product you are interested in below, and expect a call-back from our partners.
Until next time.
The InsuranceFundi Team