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Liberty Funeral Plus Plan Review 2022

The Liberty Funeral Plus plan is one of South Africa’s most economical funeral plans. The funeral plan has benefits that can be added to the plan to improve the coverage. A tombstone benefit, for example, can be added to a funeral plan.

The Liberty Funeral Plus plan is adaptable to the needs of immediate and extended family members. The policyholder can tailor his or her coverage to the amount he or she wishes to be insured for and the cover can also be customized for an additional fee.

You can simply apply for the Liberty Funeral Plus plan on the Liberty website. However, a call from Liberty regarding the Funeral Plus coverage might be requested.

Below is further information on the Liberty Funeral Plus Plan.

Liberty Funeral Plus Plan Summary

The Liberty Funeral Plus plan starts at R40.00 per month and provides cheap funeral coverage. The minimum amount of insurance that the main member can take is R5000.00, and the highest amount of protection is R100,000.00. The primary member of the Liberty funeral plus plan can add his or her spouse and children to the plan.

For a minimum cover value of R5,000.00, the principal life assured can cover his or her spouse on the funeral plus plan. A spouse’s maximum cover amount is R100,000.00. Children can be covered for a minimum of R5,000.00 and a maximum of R100,000.00 under the Liberty Funeral Plus plan.

Children’s covers can be broken down into 4 categories with the first cover being for kids aged 14 years or older. With this cover, up to 10 children can get covered. The second option is a cover for stillborn which covers up to the amount of R3,000.00 for a stillborn or up to three-month-old baby.

The third cover is for children from 3 months to 5 years old, and it covers them for R20,000.00. The fourth cover, which is for children aged 6 to 13, provides up to R50,000.00 in coverage.

With the Liberty Funeral Cover, the principal life assured can additionally cover his or her parents. The minimum protection for parents is R5,000.00, with a maximum cover of R80,000.00. Parents that can be covered by principal life assured can be between 1 to 8 parents.

The Liberty Funeral Cover can cover extended family members for a minimum of R5,000.00 and a maximum of R50,000.00. The Liberty Funeral plus plan allows for a maximum of ten extended family members to be covered.

There are several benefits available with the Liberty Funeral Plus Plan. These extras are paid for separately and assist to enrich the funeral package. The following are some of the benefits that can be added to a funeral plan.

Liberty Funeral Benefits 

The Liberty Funeral Plus plan has 6 benefits to choose from where a policyholder can add one or more benefits to his/her funeral cover. Benefits include:

Tombstone Benefit

If the principal life assured or his or her spouse is covered by this benefit, the tombstone benefit provides a lump sum to the beneficiary. The benefit gives the recipient a lump sum of R10,000.00 per life assured to buy a tombstone for the life assured or his or her spouse. 

Because the Tombstone benefit has an age restriction, not everyone is eligible for it. Only people between the ages of 18 and 64 are eligible for the benefit. The main life assured is likewise subject to the age limit.

Double Accident Benefit

This benefit pays out twice as much as the chosen coverage. Only the principal life assured and his or her spouse are eligible for the double accident benefit. The spouse, on the other hand, must be chosen by the principal life assured and added to the double accident protection.

To be eligible for the double accident benefit, you must have a maximum funeral cover of R50,000.00. The double accident benefit pays a maximum of R100,000.00 with a maximum cover of R50,000.00.

Those between the ages of 18 and 65 are eligible for a double accident benefit. As a result, anyone over the age of 66 is ineligible for this benefit. Therefore, those who are 66 years of age or older cannot qualify for this benefit. The double accident benefit pays out if the assured dies in an accident which is sudden, violent, external, or unexpected and that death should happen within 14 days from the day of the accident event. 

Paid Up benefit

The paid-up benefit ensures that when the policyholder reaches the age of 65  he/she will have their premiums stopped. The funeral plan will still be active. The policyholder won’t be able to add new members to the policy once they reach 65 years. 

Inkomo cash benefit 

When making a claim the Inkomo cash benefit will also make a lump sum payment to the beneficiaries at the same time with the funeral cover. R10,000.00 will be paid per life assured so that a cow can be bought. 

Cashback benefit 

The cashback benefit is an optional benefit that can be taken with the Liberty Funeral plan. 10% of the policyholder will be paid back. Premiums paid back are those that have been received during a five-year cycle. 

Value Adds benefit

Value adds benefit is there to help in making sure that the funeral arrangements are conducted orderly. The benefit provides R1000.00 towards airtime, R1000.00 towards groceries, and R3000.00 towards transportation. 

Advantages of the Liberty Funeral Plus Plan 

  • The funeral plan comes with low premiums. 
  • There are a number of benefits that can be added.
  • Parents, spouses, and children can be added to the insurance policy. 
  • Extended family members can be added. 
  • There is an optional cash benefit. 

Disadvantages of the Liberty Funeral Plus Plan 

  • There are a 6 months waiting period for all lives assured. 
  • Suicide has 12 months waiting period. 
  • Payout takes up to 48 hours which is long considering that other funeral plans make a payout within 24 hours. 

Conclusion 

The Liberty Funeral Plus Plan offers a variety of benefits to policyholders and can suit both immediate and extended family members. One of the policyholder’s relatives may be excluded from the burial arrangement, which is something that no one desires.

Liberty Funeral Plus Plan Review 2022

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted at [email protected]

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