The funeral industry in South Africa is largely unregulated, which means that it’s very difficult to plan on specific expenses. What you can count on, however, is that it’s far more expensive than many people think and those costs keep rising. The average casket or coffin retails for around R8 000 these days, while some of the fanciest models on the market go for nearly R50 000 — and that’s just the beginning.
Statistics collected around the country have repeatedly shown that South Africans underestimate the costs associated with a funeral service. It’s not just about hiring a venue or clergyman, there are also costs associated with catering, providing a funeral pamphlet and acquiring a tombstone and funeral plot. And all this at a time when you may well have just lost a household breadwinner.
It’s unpleasant to think about this sort of situation but it’s one of those things which we should at least plan for first and then forget. One of the many benefits supplied by Essential Med includes flexible funeral cover options which cover the principal member of the policy for anywhere from R10, 000.00 to R30, 000.00. Immediate family members also receive a tiered degree of that coverage, with your spouse being covered for 75% of the total value of your cover.
For more information on our funeral cover, chat to a friendly consultant at Essential Med today.