OUTsurance Funeral Cover Review 2022

OUTsurance is one of the best insurers in South Africa, and the Star Readers’ Choice Best of the Best Awards called it the best life insurance provider in the country. Taking out a funeral policy with such a reputed insurer comes with numerous benefits for both the insured and the beneficiaries.

OUTsurance‘s funeral cover has affordable premiums and it’s simple to include members of one’s family. Extended family members can be added to the policy, offering the family financial freedom during a funeral. The plan also covers children who are stillborn or legally adopted.

Policyholders might choose to expand their funeral coverage by adding additional benefits. Transportation benefit, after tears benefit, tombstone benefit, catering benefit, and marquee benefit are some of the additional benefits that can be added to the OUTsurance Funeral Cover. After a successful claim, any one of these benefits that can be added to the funeral plan pays a total of R5,000.00.

The OUTsurance Funeral Covers offer a variety of options for customizing one’s funeral coverage and adding perks that can help a loved one or the policyholder have a dream funeral. Read the discussion below to gain a better understanding of how the OUTsurance Funeral Cover works and what features may be added to the product before purchasing the insurance policy.

OUTsurance Funeral Cover Summary

OUTsurance Funeral Cover is an OUTsurance funeral plan that starts at R30,000.00 and covers the principal insured. The OUTsurance Funeral Cover has a maximum cover sum of R100,000.00. The policyholder can cover other members of his or her family with the OUTsurance Funeral Cover.

At an extra cost, the funeral plan can cover the spouse and children (including legally adopted children). The OUTsurance Funeral Cover can cover up to eight children. Extended family members of the primary life insured can also be covered. At an extra cost, up to 13 extended family members can be added to the funeral policy.

The OUTsurance Funeral Cover provides a payment holiday to policyholders who are going through a difficult moment, such as being laid off or being in financial hardship. Policyholders can put their coverage and premiums on hold for up to three months. When the insured restarts payments, his or her coverage is reinstated immediately.

A free premium bonus is included with the OUTsurance Funeral Plan. For every 12 months of premiums paid, funeral policyholders are entitled to a bonus month or premium holiday. Bonus months or premium holidays can be saved and used to pay off an overdue premium in the future. It is possible to save up to three bonus months.

As previously stated, the OUTsurance Funeral Cover has numerous benefits, some of which need an additional premium. However, benefits are only one aspect of the plan. It’s crucial to consider how the cover works. The OUTsurance Funeral Cover is explained in detail below.

How the OUTsurance Funeral Cover works

You can apply for OUTsurance Funeral Cover online or request a call back from the insurer. The applicant will be asked for the number of people who will be insured.

Family members can be added, including direct and distant relatives. Children over the age of 21 cannot be covered by the principal life insurance policy. Therefore, they should have their own policy. 

Only the ID number and personal information of the life insured are required for the application. Except for a basic question and answer underwriting process, no blood tests are required. 

The principal life insured will choose the level of coverage. As a result, the policyholder will select the amount of coverage for all lives insured. The monthly premiums are determined by the level of coverage chosen.

Should a life insured pass away, a claim can be submitted for the amounts covered online or by calling OUTsurance. After appropriate information is obtained, claims can take several hours to process.

Following the successful submission of a claim, a lump sum payment will be paid to ensure that the funeral arrangements are completed as planned. The payout varies between R30,000.00 and R100,000.00, depending on the amount insured.

Advantages of the OUTsurance Funeral Cover

• Every 12 months of premiums received comes with a premium holiday.
• The OUTsurance Funeral Cover premiums are competitive and among the most affordable in South Africa.
• The number of extended family members that can attend the funeral is limited to 13.
• The OUTsurance Funeral Cover might include your spouse and children.
• Each person covered by the funeral plan can be covered for up to R100,000.00 in coverage.
• On the OUTsurance Funeral Cover, there are benefits that can be added.
• The policyholder can add legally adopted children to the funeral plan.
• The policyholder has the option to pause the funeral plan for three months and then continue it.
• After a successful claim, payment is made within hours.

Disadvantages of the OUTsurance Funeral Cover

• The OUTsurance Funeral Cover’s minimum funeral cover is high, as some people may need coverage for less than R30,000.00 in order to pay low rates.
• There is no way to adjust the funeral cover amount to keep up with inflation from year to year.
• The transportation benefit is not included in the funeral plan and must be purchased separately for a fee.

Requirements of the OUTsurance Funeral Cover

• Must have a valid South African ID book or smart card.
• Be over the age of 18 years at the time of application.
• Nominate a beneficiary for the policy.

Conclusion

The OUTsurance Funeral Cover is a cost-effective funeral plan that covers immediate and extended family members. The R30,000.00 minimum cover amount can be perceived as a disadvantage by people who want a cover of less than R30,000.00. Since policyholders can pause their policies, this product is appealing to many people whose income is uncertain.