WE TAKE out insurance for the unpredictable things in life – a burst geyser, a cracked windscreen or stolen household items. But what about the inevitable? A lot of people avoid talking about death – which is somewhat strange as this is something we cannot escape.
The only time we talk about death is when preparing for a funeral. However, even during this difficult time, instead of focusing on celebrating the life of a loved one, we are overwhelmed by the extensive costs that come with sending them off with dignity.
Not only can it become overwhelming when you are still grieving, but it can put a dent in your finances if you are not prepared.
You might now be asking yourself “what is the cost of a funeral?” and “how much funeral cover do I need to plan a dignified send-off for my loved ones?” Determining the average funeral costs in South Africa can be difficult as it depends on religious and cultural customs, the number of people attending the funeral, and the final wishes of the deceased.
“The rising cost of living in South Africa means that many people unfortunately live from paycheck to paycheck and when the inevitable happens, they are financially unprepared. Taking out adequate Funeral Cover can ensure that you receive a dignified funeral without leaving your loved ones in a difficult financial situation and you are able to send off your loved ones without getting into debt,” said Abulela Gazi, the executive head of client and business solutions at Metropolitan.
Gazi says that while most South Africans have a funeral policy in place, many people do not evaluate if it will be enough.
“Having a policy is the first step, but it is crucial to constantly check if it will adequately cover you and your family’s needs. Having an inadequate funeral plan that will barely cover the basic needs of a funeral, could result in some families having to make last-minute arrangements to foot the bill. It’s a financial pressure that no one should be dealing with during this difficult time, which is why it is vital to check if your funeral cover will adequately cover your needs,” says Gazi.
You could be looking at over R120 000
On average, South Africans spend a minimum of R23 500 to a maximum over R120 000 on funeral costs. And this is just the tip of the iceberg since these prices do not include the costs of catering, flowers, and tombstones.
Choosing a casket
Funeral parlours will differ in terms of their price range on caskets. However, to give you a general idea of what you will be looking at, you could pay anything from R700 up to R25 000. The more personalised the coffin, the higher the cost. The cost of being cremated is considerably lower when compared to being buried. At most, you will be charged R2 500 to have the body of a loved one cremated. There could be an additional R6 000 that will be added to spread the ashes, depending on where you or your loved one wants their ashes to be scattered.
Funeral parlour fees
The topic of death tends to linger in the back of our minds, which makes the cost of it elusive, but there is a range of costs we need to prepare for. Funeral parlour fees can cost anything between R3 000 up to R45 000 if you are having the body transported out of the country.
This fee is used to cover the safe keeping of the body, funeral preparations, transporting the body and the hearse. You will still need to consider the cost of securing a grave, which will be based on municipal prices, and can range between R2 500 and R4 000. For individuals who need to be repatriated to their country of origin, this could be an additional R25 000 to add to the cost.
Livestock costs
Once again, catering and livestock costs differ based on the type of funeral your loved one wants. However, for the average South African, a cow alone can cost them up to R15 000. If you are renting a tent, you could foot a bill that could be between R500 and R5 000 depending on the number of people you want to accommodate.
“Should you pass away today, are you and your loved ones financially prepared to handle the costs? Not having a funeral policy in place is more expensive than having to pay the monthly premiums for adequate funeral cover. Speak to an accredited financial advisor and get started today with an affordable policy that will give you and your loved ones peace of mind,” concludes Gazi.