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Capitec Bank Funeral Cover Review 2024 | Rateweb
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Capitec Bank Funeral Cover Review 2024

Capitec Bank’s Funeral Cover offers a maximum coverage of R100,000.00 for the main member, with premiums starting from as low as R25.00 per month, subject to the underwriting process.

This comprehensive funeral cover is open to individuals aged 18 years and above, allowing the main member to extend coverage to their spouse, children, and extended family members.

Coverage For The Capitec Bank Funeral Cover in 2024

Coverage TypeAge RangeCoverage Amount
Main Member18 years and aboveR100,000.00
Spouse18 – 64 yearsR100,000.00
Children14 years and olderR60,000.00 each
Children6 – 13 yearsR50,000.00 each
ChildrenNewborn – 5 yearsR20,000.00 each
Parents26 – 85 yearsR50,000.00 each
Extended Family0 – 85 yearsR50,000.00 each

Key Benefits of Capitec Bank Funeral Cover

  1. Waiting Period Waiver: Policyholders switching from another licensed insurer can waive waiting periods for natural death, ensuring immediate coverage. Accidental deaths are covered from day one.
  2. Immediate Doubled Benefit: In the unfortunate event of a death due to an accident, the funeral benefit is instantly doubled, providing additional financial support to the bereaved family.
  3. Policy Pause Option: Policyholders have the flexibility to pause their plan for up to 6 months instead of canceling it outright. This feature provides temporary relief from premiums without sacrificing coverage.
  4. Newborn Premium Waiver: Newborns are covered for up to 6 months without monthly premium payments, upon submission of an unabridged birth certificate within 3 months of birth or adoption.
  5. Transportation Assistance: Capitec Bank Funeral Cover extends assistance with the transportation of the deceased within specified regions, covering transportation and accommodation for a family member accompanying the remains.
  6. Extended Cover After Policyholder’s Death: Upon the death of the policyholder after 6 months of policy inception, remaining covered individuals receive full cover for an additional 6 months without premium payments.

Requirements for Capitec Bank Funeral Cover

To access Capitec Bank Funeral Cover, there are specific requirements and eligibility criteria you need to meet. Here’s what you need to know:

  1. Capitec Bank Client: You must be a client of Capitec Bank to apply for Funeral Cover.
  2. Age Criteria: The policyholder (you) must be between 18 and 85 years old to qualify for coverage.
  3. Lives Assured: Family members covered under the policy can range from newborns to 85 years old.
  4. Birth Dates: You’ll need to provide the birth dates of family members you wish to add to the plan.

Waiting Periods of The Capitec Bank Funeral Cover

When it comes to waiting periods for Capitec Bank Funeral Cover, here’s what you need to consider:

  • Natural Death: There is a 24-month waiting period for natural death claims. This means that full benefits for natural deaths are only accessible after 24 months of continuous cover.
  • Accidental Death: Accidental death is covered instantly with no waiting period. This ensures immediate coverage for accidental deaths from the start of the policy.

Documents Needed

To facilitate the application process for Capitec Bank Funeral Cover, you’ll need to provide the following documents:

  • Unabridged Birth Certificate: To benefit from the Newborn Premium Waiver, you must provide an unabridged birth certificate within 3 months of the birth or adoption. This benefit allows for 6 months of full cover without premium payments for newborns or adopted children.
  • Policy Schedule of Previous Policy: If you’re switching from another funeral plan, you’ll need to provide the policy schedule showing that the cover was active 31 days prior to the acceptance date of the Capitec Funeral Cover Plan. Additionally, provide a letter of proof of cancellation or lapse of the previous policy at the time of claim.

Advantages of Capitec Funeral Cover

  • The cover can accommodate up to 21 family members.
  • Accidental death is covered instantly with no waiting period.
  • The cover can be paused for a maximum of 6 months.
  • There is no waiting period for those switching from another funeral plan to the Capitec funeral plan.
  • Newborn babies can be covered through the plan.
  • There is a death premium waiver of 6 months for the remaining lives assured, which gives them time to source funds and continue with the cover.
  • The main member can be covered for a maximum of R100,000.00 which is very high.
  • There is a burial repatriation benefit to transport mortal remains in South Africa and a number of SADC countries.
  • When using the app to buy the product, the premium for the cover is lowered.
  • The plan can be bought remotely.

Disadvantages of Capitec Funeral Cover

  • There are no add-ons available, such as a premium waiver benefit to waive the premiums for all members on the cover.
  • When the plan is paused for up to 6 months, the plan ceases until premium payments are resumed.

Conclusion

Capitec Bank Funeral Cover offers a robust suite of benefits aimed at providing financial security and peace of mind to policyholders and their families during challenging times. With features such as waiting period waivers, immediate doubled benefits, and policy pause options, Capitec Bank Funeral Cover stands as a reliable choice for individuals seeking comprehensive funeral cover.

Whether it’s providing financial assistance for funeral expenses or extending support during emotionally difficult times, Capitec Bank Funeral Cover ensures that families are well-prepared and protected against unforeseen circumstances.