Are you looking for funeral cover for people over 75? If so, you’ve come to the right place to find out what funeral cover is, how to get access to it, how to claim it, and any extra benefits you might get.
There are a growing number of insurance products available for those over the age of 75, but they’re not always easy to find. This Budget Insurance guide looks at everything you need to know when looking for funeral cover for those over 75.
Can I get funeral cover for my parents over 75?
Death can happen at any time and often when we least expect it. You or a loved one may die unexpectedly from an accident or a critical illness. From January 2022 to August 2022, between 4,200 and 5,800 adults 60 years and older died weekly from natural causes. It’s impossible to know precisely when death will strike and take your elderly parents, but it is possible to be financially prepared for it.
Our parents are the first people who ever showed us care and love, from birth right through adulthood. Today, many of us can look after ourselves thanks to their constant love, guidance and support. Doesn’t it make sense to extend the same love and care to our elderly parents?
One of the most respectful things you can do is provide them with a dignified funeral. There are many different ways to take care of funeral arrangements for your parents or grandparents. But one of the most important things to have in place is funeral cover, which will pay for the funeral. If you have any queries about this, you can read more about the importance of funeral cover here.
If you’ve ever searched for funeral cover for someone over 75, or even 65, you were probably disturbed to discover that many insurance companies don’t offer it.
Why do insurance companies make it difficult for the over-75s to get funeral cover? The answer lies in risk. Insurance companies consider seniors far riskier since they’re theoretically closer to death than the younger generation. Many insurers avoid taking such a risk because they believe the cost of providing such coverage is too high.
Despite this, you’ll be glad to know that there are insurance companies, like Budget Insurance, who are willing to provide funeral cover for people over 75 without a waiting period. However, the cover can come at a significant price depending on the amount of cover and the risk profile of the insured person.
If it’s possible to provide funeral cover for parents over 75, how do you do it?
It’s simpler than you may have thought at first. You can give your family — spouse, children, siblings and elderly parents — a dignified funeral as long as you’re younger than 65. All you have to do is simply add your parents over 75 to your family insurance policy. Once you do, you’ll enjoy peace of mind knowing that you won’t have to get into debt to prepare a dignified funeral for any of your parents.
Does funeral cover come with extra benefits?
If you’re over 70, you can get a better deal on your funeral cover. Plus, there’s no waiting period for death by accident, and only a six-month waiting period for death by natural causes. Even if you’re 75, you can take advantage of Budget Insurance’s funeral cover benefits.
Funeral cover from Budget Insurance not only covers you and your immediate family, but it can also cover your parents, grandparents and domestic employees for an added premium.
A funeral can cost a great deal — you’ll need to cover expenses for food, the casket, religious ceremonies, etc. All these items can quickly add up to between R23,000 and R120,000, which is typically the cost of a funeral in South Africa.
Having a funeral policy that covers extra expenses, like food and the headstone, can be a welcome relief. Budget Insurance’s funeral cover does exactly that, which allows you to cope with your grief without any added financial stress.
Is there an age limit for funeral cover plans?
Age is an important factor when an insurance company evaluates your application for funeral insurance cover. Funeral cover plans are available to people of all ages; however, some aspects of the cover may be subject to an age limit.
The age limit often varies from one insurer to the next. Generally, anyone below 65 can get funeral cover and add family members such as a spouse, children, siblings, parents and grandparents.
For many insurers, people 75 and above can’t be the main policyholders of funeral insurance covers. This is where family members can be crucial in ensuring that elderly members of the family are covered to give them a proper send-off.
How long does it take for funeral cover claims to pay out?
We know how valuable cash is during times of need, such as death. That’s why it’s essential to receive the payout as quickly as possible. However, the speed with which a funeral cover claim gets paid depends largely on the timely submission of all the required documentation.
The following advice will help speed up the payment process when making a funeral cover claim.
Budget Insurance’s funeral cover claim begins when you call 0860 10 55 38 and inform the consultant of the insured’s death. The consultant will guide you on what you need to do for your claim to be processed.
Part of the process includes submitting all the following documents:
- Certified ID copies of both the nominated beneficiary and the insured life
- Completed official claim form
- Certified abridged death certificate copy of the insured life
- The policy document
- A completely filled notification of death form (BI1663)
- A month’s bank statement of the beneficiary for proof of banking details
- If death is due to unnatural causes, an official police report must be included
- In case there’s no beneficiary, a letter of executorship from the high court must be submitted
Other documentary proof may be required, but the consultant will let you know if this is the case. It’s sensible to keep as much of this documentation as possible in a safe and accessible place, so that it’s easily available when needed.
A funeral cover claim must be submitted within six months of the insured’s death. Most importantly, if you follow the claim process, Budget Insurance can pay out within two days of receiving your claim.
Common questions about funeral cover for over 75s
Sometimes it can feel like funeral insurance cover has more questions than answers. Since funeral cover can’t be left to chance, it’s worth getting the answers to all the questions you have about it.
The following are three common questions, with answers, to help you make an informed decision about funeral cover.
How much does funeral insurance for people over 75 cost?
Like traditional life insurance, the cost of funeral cover for those over 75 varies, based on age and the cover amount. The premiums for two people aged 75 with different cover amounts would be different.
To know how much funeral cover will cost for a specific person over 75, your best bet is to request a funeral plan quote online.
What is the maximum age for funeral cover?
The maximum age for funeral cover varies from insurer to insurer. Generally, the maximum age for you to be the main policyholder for a funeral cover is 65. Does that mean people over 65 or 75 can’t get funeral cover? No, they can get funeral cover as added members in a policy for someone under 65.
Do you get your money back if you cancel a funeral policy?
Before considering cancelling your funeral policy, ensure that you and your loved ones are fully covered. If not, you or a family member might die during the period between cancelling a policy and getting a new one. Such an unfortunate thing happened to Mrs Susan Church, who cancelled her policy and then died six weeks later.
There’s only one situation where you can get a refund if you cancel a funeral policy: it’s during the 30-day cooling-off period after commencing it. This means you’ll receive a one-month refund of your premium.
Any cancellation after the cooling-off period doesn’t result in premium refunds. The reason is that funeral cover is known as a risk product, unlike an investment or savings.
Get funeral cover for people over 75 from Budget Insurance
Whether you have a parent over 75 or are 65 or older yourself, having funeral cover can be crucial in the case of death. With funeral cover for over 75 from Budget Insurance, you can welcome financial peace of mind during times of need.
We make it simple to obtain funeral coverage for people over the age of 75. Simply contact us for a free, no-obligation online quote for funeral cover for over 75s and one of our experts will assist you.
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