FNB Funeral Cover (offered by First National Bank) is a funeral insurance policy offered by one of the major financial institutions of South Africa. The plans offered by this company are varied and flexible, though not quite as much as those provided by Metropolitan Life’s FutureProvide Funeral Plan. The FNB Funeral plan is a good choice for those who want dependable coverage for themselves and their families in case of an expensive death and burial.
To apply for FNB Funeral Cover, prospective insurance recipients need only bring their green barcoded identity book to any branch of the First National Bank – there is no need to undergo a separate medical examination prior to applying for this funeral insurance. The application process is quick and easy, and you are covered against accidental death as soon as your enrolment is completed and your first sign-up premium is paid.
Death from natural causes will only result in a funeral payout if the waiting period of six months after enrolment has passed, while suicide is not covered until two years after your initial purchase. As a special bonus for those who have bank accounts at FNB, however, the FNB funeral cover provides an immediate coverage of R1,000 for any type of death, regardless of the cause.
Valid claims are handled as swiftly as possible after the death of the insured person is reported, with proper documentation, though all claims must be made within one year of the insured person’s decease to be valid. The cheapest and most limited FNB Funeral Cover is a single individual, which is available for enrolment to anyone aged 18 to 64 years. This plan, and all other insurance policies provided by FNB, offers coverage of from R5,000 to R30,000, with premiums ranging from R15 to R50.
Family packages are available which offer coverage to the main insured person, their spouse, and up to eight children, with an additional Stillborn Benefit of R750 in case of a stillbirth. The family packages can be extended to other family members, such as parents, with the payment of additional premiums. Children are covered from birth to age 24, ensuring that the younger generation can also obtain a decent funeral if necessary without a major financial blow to the family.
Double benefits are paid if your death or that of your spouse is accidental rather than from disease or other natural causes, assuming of course that you have selected a policy that also covers your spouse’s funeral expenses. The FNB funeral cover is a good, solid, middle of the road funeral insurance policy, backed by a major national bank.