The Nedbank Funeral Cover is a funeral policy with coverage ranging from R10,000.00 to R100,000.00. Funeral insurance premiums start at R30.00 per month.

Paying premiums in advance can result in policyholders receiving two months’ worth of premiums paid. This benefit is only available to those who pay their premiums for 10 months in advance. For those who pay full premiums for 11 consecutive months, a one-month full cover is available.

The policy provides policyholders with a maximum of 3 months of grace period during which they are not required to pay premiums. If the policyholder can only pay a portion of the premium, the plan will not lapse and will remain in effect until the policyholder can catch up on premiums.

The main member, spouse, children, parents, and parents-in-law, and extended family members can all be covered by the Nedbank funeral cover. The plan allows for a certain amount of coverage for each immediate and extended family member.

All plans cover accidental death, and each plan provides immediate coverage for the main member’s immediate family and extended family members. Natural death comes with a 6-month waiting period and a 12-month waiting period for other lives assured on the plan.

There are several funeral cover plans to choose from; we discuss the funeral plan options and exclusions under each plan in detail below.

Nedbank Funeral Plan Options

The Nedbank funeral plan comes with 4 options for individuals to choose from. The options available include:

• Individual R10,000.00 MyCover funeral fixed,
• Individual R30,000.00 MyCover Funeral Fixed,
• Family Cover, and
• MyCover Funeral.
• All the funeral plans are discussed below.

Individual R10,000.00 MyCover Funeral Fixed

Individual R10,000.00 MyCover funeral fixed is a funeral cover that is available for one person. The plan, as the name suggests, includes R10,000.00 in funeral coverage. The plan’s monthly premiums start from R30.00.

The plan is one of the most secure funeral plans because it covers difficult times due to income loss. The policy does not lapse if the policyholder is unable to pay the premiums due to financial difficulties.

If the policyholder is unable to pay the premiums, the plan provides a 30-day grace period. The policyholder must make a payment towards the plan by the 30th day.

The plan also includes a cashback benefit that does not require an additional premium. If the policyholder pays full premiums for 11 consecutive months, the plan will provide one free month of full coverage.

Accidental death is covered with no waiting period and is activated immediately after Nedbank accepts the policy. Natural death, on the other hand, is subject to a 6-month waiting period after the policy is activated.

The plan includes an automatic stillbirth cover that equals 12.5% of the main member’s coverage. The policy allows for two claims per policy term, with a maximum of R1,000.00 per claim.

The plan also includes a repatriation benefit that includes the transportation of mortal remains to a funeral home. The plan also assists with obtaining a death certificate and making funeral or cremation arrangements. If you use the free transaction service, you will receive an R1,000.00 grocery voucher.

The plan also includes assistance benefits, such as R5,000.00 in medical cover for trauma, assault, and HIV. Personal health advisors are also available to assist with counseling, medical advice, assessments, and other services.

Individual R10,000.00 MyCover funeral fixed Exclusions

The Individual R10,000.00 MyCover funeral fixed plan includes a variety of benefits, but it also has some exclusions. Here are the exclusions for the plan:

• Permanent disability related to self-inflicted injury.
• Participation in any dangerous pursuits that can cause permanent disability or death.
• Claims for intentional self-inflicted injury, suicide, or suicide attempt in the first 12 months of the policy.

Individual R30,000.00 MyCover Funeral Fixed

The R30,000.00 Nedbank Individual MyCover Funeral Fixed plan includes funeral coverage for a monthly premium of R50.00. The plan includes a fixed funeral cover amount of R30,000.00.

The policy includes immediate coverage for accidental death. However, natural death requires a 6-month waiting period after activating the plan.

Stillbirth cover is also available on the policy for no additional cost and provides 12.5% of the main member’s cover. The policy has a claim limit of two claims per policy term, with a maximum payout of R1,000.00 per claim.

If the policyholder is unable to pay a premium, the policy provides a 30-day grace period to make a payment. If they can only pay a portion of the premium due to financial difficulties, the policy will not be canceled.

Every 12 months, the policyholder receives one free month of coverage. To be eligible for the benefit, the policyholder must have paid all premiums for 11 months in a row. The plan also includes two free months of full coverage if the policyholder pays 10 premiums in advance.

The plan includes a repatriation benefit that covers transportation of the deceased to a funeral home. The benefit also assists with obtaining a death certificate and making funeral or cremation arrangements.

Trauma counseling is covered up to the value of R5,000.00, while HIV support is covered up to R5,000.00. A personal health advisor is also available for counseling, medical advice, assessments, and more.

Individual R30,000.00 MyCover funeral fixed Exclusions

For the Individual R30,000.00 MyCover funeral fixed plan, the exclusions are:

• Permanent disability caused by self-inflicted injury.
• Participation in dangerous activities that can result in permanent disability or death.
• Claims for intentional self-inflicted injury, suicide, or suicide attempt are not covered in the first year of the policy.

Family Cover

The Nedbank Family Cover is a funeral insurance policy that covers the policyholder and a maximum of six family members. The plan has a monthly premium of R90.00 and a maximum cover amount of R30,000.00.

The plan is one of the safest funeral plans because it covers difficult times due to income loss. If the policyholder is unable to pay premiums due to financial difficulties, the policy does not lapse.

If the policyholder is unable to make premium payments, the plan provides a 30-day grace period. The policyholder must make a payment toward the plan by the 30th day.

The plan also includes a cash-back benefit that does not require an additional premium. If the policyholder pays full premiums for 11 consecutive months, the plan will provide one free month of full coverage. Additionally, the plan includes 2 free months of full coverage if the policyholder pays 10 premiums in advance.

The plan also includes a repatriation benefit that covers the transportation of the deceased to a funeral home. The benefit also assists with obtaining a death certificate and making funeral or cremation arrangements.

Trauma counseling is fully funded up to R5,000.00, and HIV support is covered up to R5,000.00. Furthermore, counseling, medical advice, assessments, and other services are available from a personal health advisor.

Stillbirth cover is also available on the policy for no additional cost and provides 12.5% of the main member’s cover. The cover has a claim limit of two claims per policy term, with a maximum payout of R1,000.00 per claim.

Accidental death is covered with no waiting period and is activated immediately after Nedbank accepts the policy. However, natural death is subject to a 6-month waiting period after the policy is activated.

Family Cover Exclusions

• The plan does not cover death related to suicide,
• permanent disability related to self-inflicted injury,
• participation in dangerous pursuits that can cause permanent disability or death,
• or intentional self-inflicted injury, suicide, or suicide attempt in the first 12 months of the policy.

MyFuneral Cover

The Nedbank MyFuneral Cover is a funeral plan that provides up to R100,000 in coverage for the primary member. The plan can accommodate up to 29 beneficiaries, with both immediate and extended family members permitted to participate.

When purchasing the plan online, the policyholder receives up to a 10% discount on the payable premiums. To keep up with the rising costs of a funeral, Nedbank increases the cover amount by 0% to 10% on the policy anniversary.

Policyholders who pay the full premium for 11 consecutive months will receive one month of free full coverage. Additionally, policyholders who pay 10 premiums in advance will receive two free premiums.

The plan does not end if the policyholder maintains the account by only paying a portion of the cover’s premiums. The policy also includes a three-month grace period during which the policyholder is not required to pay premiums.

Beneficiaries of the plan will receive 24 months of the policyholder’s premiums paid prior to death. The burden of maintaining the cover will be lifted for the new policyholder because they will have money to pay premiums for a limited time.

Policyholders can also set up a monthly income benefit for their family that ranges from R500.00 to R2,500.00. The benefit is paid for up to 12 months after the policyholder’s death.

The plan includes a repatriation benefit that provides transportation to a funeral home for the deceased. This benefit also assists with obtaining a death certificate and making funeral or cremation arrangements.

Accidental death cover is activated automatically when the plan begins and has no waiting period. The main member’s natural death cover is activated after 6 months, and the other lives assured are covered after 12 months.

Exclusions of MyFuneral Cover

• Claims arising from suicide, attempted suicide, or self-injury within the first 12 months are excluded.
• Claims arising from a violation of criminal law, war, invasion, foreign enemy acts, terrorism, hostilities, civil war, rebellion, revolution, insurrection, or military or usurped power, or strike, labour dispute, or industrial action, or from ionising radiation or radioactivity contamination from any nuclear waste or fuel are also excluded.

Advantages of the Nedbank Funeral Plan

• There are different plans to choose from, with funeral plans starting from R10,000.00 and going as high as R100,000.00.
• The funeral cover comes with a 3-month grace period, during which policyholders can skip premiums.
• Each funeral plan comes with a number of benefits.
• Policyholders can also receive one month of free cover per 12 months if they make 11 successive premiums.
• Premiums and cover amounts of the MyFuneral cover can be increased to keep up with inflation.
• Repatriation benefit is available on all plans, and accidental death is covered immediately on every plan.
• Claiming is simple and can be submitted through the money app.
• The plan won’t lapse when paying part of the premiums. No medical tests are needed when taking out the funeral plan.

Disadvantages of Nedbank Funeral Cover

• There are no add-ons that can be added to each plan to enhance them according to the policyholder’s needs.
• The plan also does not have a premium paid up for those over the age of 65.

Nedbank Funeral Cover Application

• Applicants must be between the ages of 18 and 55 at the time of application and must be employed on a permanent or fixed contract, self-employed, or a pensioner.
• All dependents must be South African citizens and have a valid South African ID book or smart card.
• Applicants must provide proof of residence that is not older than 3 months at the time of application.

Conclusion

Nedbank offers a variety of funeral plans that are well-diversified, with some having fixed cover amounts and premiums, while others are customizable. Benefits are built into plans that do not require an extra premium. However, the plans lack add-ons that can be added to them to tailor them to customers’ specific needs. Some popular add-ons, such as repatriation benefit and grocery benefit, are available on some of the covers and do not require an additional premium from the policyholder.