Tag: funeral insurance
Stokvels show resilience despite tough economy
As a testament to the resilience and dedication of South African stokvel savers, we reveal that its customers' stokvel net deposits have increased by 42%. Since November 2019, our stokvel customers have continually increased saving via a stokvel surpassing the R8.3 billion mark in total member contributions.
Life insurance or funeral insurance?
About 7 million South Africans have funeral insurance; this is according to Finscope’s 2019 statistics. This figure underlines the importance we place on making sure our loved ones have a dignified send-off. The question to be asked is whether it is necessary to have both types of insurance policies to achieve long-term financial stability.
No new waiting periods for funeral policy switching
Claims rejected for death occurring during waiting periods is one of the leading causes of complaints to the office of the Ombudsman for long-term insurance. Generally, funeral policies have a 6-month waiting period before a customer can claim. If a customer chooses to change their insurer, they would be obligated to serve a waiting period with their new insurer even if they had completed waiting periods with their previous one.
