Budget Insurance Funeral Cover Review
Budget Insurance Funeral Cover at a Glance
- Six funeral cover plans to choose from.
- Cover ranges from R5,000 to R30,000 for adults.
- Policyholders should be between the ages of 18 and 65.
What we like:
Budget Insurance has taken a ‘no-frills’ approach to funeral cover plans, making it easy to decide on a plan that suits your needs. All you need to do is decide on the cover amount you’d like for the adult members on your plan. Upon a valid claim being paid out, your beneficiaries receive a lump sum that can be spent as they see fit.
Best for:
Budget Insurance’s funeral cover plans are perfect for people who are looking for financial assistance for funeral-related costs without restrictions and specifications on how the cover amount must be spent. It is also a great option for people who are looking to cover multiple people under one plan, such as their parents and even domestic workers.
- Cover multiple loved ones under one plan.
- Lumpsum is paid out to your chosen beneficiaries.
- HIV/Aids-related deaths are covered.
- There are no discounts or opportunities for cash back.
While nobody knows when or how they will pass away, it is a certainty of life that we can prepare for financially. Don’t let your loved ones fall into debt trying to give you a dignified farewell. Funeral cover plans pay out if you pass away, usually with amounts specifically allocated to certain funeral-related expenses.
As a subsidiary of Telesure Investment Holdings, Budget Insurance’s funeral cover plan is very similar to other plans on the market. For instance, the funeral plans offered by 1st for women and Budget Insurance have the same coverage amounts and structures.
What Makes Budget Insurance Funeral Cover Different?
There is a fast claims process, with the cover amount being paid out within two days. That is, of course, if all the correct documentation is received by Budget Insurance immediately. The cover amount itself varies from R5,000 to R30,000 which caters to most budgets.
While natural deaths have a waiting period, there are concessions available to apply for a reduced waiting period. If you had an existing funeral cover plan before switching to Budget Insurance, you can submit a copy of your previous policy schedule and the waiting period will be adjusted accordingly.
Budget Insurance Funeral Cover Coverage Options and Benefits
Budget Insurance’s funeral cover plans include accidental and natural deaths, as well as a repatriation benefit. So, if you pass away far from home, your loved ones will be assisted with transporting your mortal remains to a chosen funeral home. The repatriation benefit is only applicable to deaths and funerals both occurring within the South African borders.
The cover is available in the form of individual cover, family cover, and extended cover. The family cover option covers you, your spouse, and up to five dependents. Extended cover can be taken out if you’d like your plan to include other loved ones who are not dependants or are adults over the age of 21. In all plans, a lump sum is paid out in the event of a valid claim.
All adult members on your funeral plan will be covered for the same amount, which is also the individual cover amount. There are six funeral cover plans offered by Budget Insurance, with the main difference between each of them being the cover amounts. Plans start from R5,000 per individual and increase in R5,000 increments up to a maximum of R30,000.
Here is a table to compare the cover amounts offered by each plan:
This can sound confusing so let’s consider an example! Let’s say you wanted a funeral plan that covered you, your spouse, your parents, and three kids. If you chose plan A, your kids would be covered for an amount between R3,000 and R750 depending on their ages. You, your spouse, and your parents would be covered for R5,000 each.
Pricing and Discounts of Budget Insurance Funeral Cover
Cover for individuals starts from R26 per month, and R62 per month with premiums increasing for every member added to your plan. There are no additional benefits so premiums are based on the cover amount, the number of members, and risk profiles.
Your risk profile is made up of things like your age, gender, underlying health conditions, etc. In particular, if you are older, you may find yourself paying higher funeral cover premiums.
Where Budget Insurance Funeral Cover Can Improve
There are a number of exclusions when it comes to a claim being paid out. This includes but is not limited to deaths that are a result of suicide, mental illness, or under the influence of intoxicants.
It is unclear if their ‘Cash Back Bonus’ programme can be added to your Budget Insurance funeral cover plan. There are no other discounts available on their funeral cover plans. The plan is also not unique with very similar plans on the market.
How to Request a Quote for Budget Insurance Funeral Cover
- Fill in the short questionnaire on the website to get an online quote.
- Provide your name and contact number online to get a callback.
- Call their customer service line on 0860 10 55 38.
Frequently Asked Questions (FAQ)
How do I claim on my funeral cover policy?
Simply contact a consultant via the customer service line on 0860 10 55 38 with your documents ready.
What documents do I need to claim on my funeral cover policy?
- An official police report in the case of accidental or unnatural causes
- Your copy of the policy schedule
- Certified copies of the abridged death certificate, and ID documents
- Certified copies of the beneficiaries’ ID documents
- Proof of beneficiaries bank account and one month’s bank statement
- A letter of executorship from the high court if there are no beneficiaries
- A complete DHA 1663 form
What is the waiting period for natural deaths?
Your policy should be active, with premiums paid on time for six months for natural deaths.
Other Budget Insurance Product Reviews
Comments
No Spam, "drip-feed" or other BS email!
Get an email from us only when we can provide insights or offers.
