Our comparative analysis can save you money
In light of higher cost of living, many South Africans are struggling to keep up with their monthly payments and are resorting to cancelling important insurances like funeral cover and life cover. At ThuthukaSA we strongly advise that you contact us before you cancel any policies. Because if you cancel a policy without a replacement one that is in force, when someone you had previously insured passes on, you will be in financial distress.
Before we met Khanyi:
Number of old funeral policies = 2
Total monthly premiums = R288,94
Benefits/pay out = R10 000 for each person when they pass away
- Funeral cover 1 – covered herself only, monthly payment was R47,13
- Funeral policy 2 – covered herself, her parents and siblings,monthly payment was R241,81
For the exact same funeral cover, she would have paid just R164 and would have saved R124. However, she was advised that because she had bought a car and was planning to buy her first apartment, that she rather take life cover so that both of these would be paid up if she passes on untimely. If she passes on much later in life, the life cover would just be an inheritance for her kids / family.
She has Life cover with R1mil payout, critical illness of R300 000 and disability of R500 000.
She also got a wealth bonus of R 2 592 146.03 when she turns 70 and for all this, her monthly payment was just R442.57.
If you want to re-look at your funeral policies and life cover policies, contact us before you cancel your existing cover.
Khanyi* is not their real name.