It is important to know the true cost of funerals in South Africa to prevent under-insurance, forcing you to fork out all your savings at a time when you should be mourning with your family and have no time to make other plans.
“Financial distress arises when families are out of pocket and end up paying 20%-40% interest on emergency credit. In the current economic climate, it is time for consumers to get educated about what funerals truly cost today to enable them to make more informed financial decisions.” Taking publicly available sample information, this is how the costs of five of South Africa’s top funeral providers compare:
“A large funeral in the Eastern Cape or Harare for someone who lived in Johannesburg or Cape Town can also add greatly to the costs, due to factors such as accommodation, transport and repatriation of the body.”He says policies often only cover basics such as the casket, burial and limited catering because the policyholders did not foresee additional expenses they would have to cover. This results in families having to cover unexpected costs with high-interest loans.
“A repatriation from Johannesburg to Harare by road costs about R28 500, while air repatriation can come in at about R45 000, depending on the number of kilograms.A standard funeral policy in turn could cost R89 per month and families can claim from the third month , meaning it is a massive saving from having to pay for the repatriation and funeral in cash.
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