Customers of Standard Bank may want to make use of the establishment’s funeral insurance, which is chiefly designed for those who have accounts at the bank. Like all funeral insurance, the Standard Bank funeral cover permits you to have a decent burial despite the current costs of interment services, without your family needing to impoverish themselves to do so.
Protecting both your dignity and the monetary situation of your relatives become easy when the risk of a funeral is managed with a good coverage plan.
The Standard Bank funeral cover is a rather basic funeral insurance policy, but is adequate for many situations, and is available to many (though not all) people who do not have bank accounts at Standard Bank. You can call the bank to see if you qualify to enroll even without a bank account, with a telephone number provided on their website.
Anyone who meets these qualifications and is under the age of 65 years can enroll in the plan, which offers anywhere up to R27,000 in benefits. The lowest premium available is R36 monthly. There are two basic plans for multiple people, in addition to the single individual insurance described above – the Immediate Family plan at R65 a month, which provides R10,000 in funeral coverage for each spouse, and from R2,500 to R6,000 for each dependent child, including stillbirths.
The Extended Family option lets you cover parents under 75 at time of enrolment, and other relatives younger than 65 when enrolled, at an additional cost of R36 monthly.
Interestingly, the Standard Bank funeral cover goes beyond insuring against your death and provides some benefits intended to help keep you alive as well. This insurance will help pay for emergency transportation to the hospital via ambulance, and also covers 20% of doctors’ consultation fees. Traumatic experience counseling is also offered to those who survive the deceased insurance carrier as well.
If your policy has been active and paid up for at least a year and half prior to your death, you can name a beneficiary who will receive R1,200 per month for five months after you perish. As is standard with all funeral insurance plans, the Standard Bank Funeral Plan will not pay for deaths from natural causes within 6 months of enrolment, though non-suicide accidental deaths are covered from the moment when the first premium is paid to the company, giving you the precious gift of peace of mind.