Why your funeral policy is a R.I.P off (and how you can save money)

Sometimes  we do the wrong things for the right reasons. This is what sometimes happens when we get funeral cover. We often don’t realise the choices we make may be unnecessarily costing us and the value we will be getting from those choices is not what we really want. Here you will find out how you can save more money by tweaking a few things even on your existing funeral policy.

1. You are probably paying more than you should. When clients call us they ask, “ What is the premium for the cheapest and most expensive plan?” When we tell them , they immediately assume the cheapest is not a good plan and they opt for the most expensive. If you continue engaging them you will find out they do not actually need the most expensive but a middle level plan. To avoid ripping yourself off, when contacting us, rather say, ’What plans do you have that cost between .. rands and … rands” That way you are getting a plan you can afford

2. You will never get your premiums back whether you claim or not. If you are paying more than what you can afford (because your neighbour took the same cover) you will eventually struggle to keep up with your payments. Your policy will lapse and you are left with no cover. And sometimes death knocks when you are down. You will hate everything that says funeral cover. Always pay ahead if you can. That will cushion you during your financial dark days.

3. You are using your funeral policy as an investment. If you are not looking after your aunt or uncle now there is no reason for you to include them in your policy. The more people you include in your cover the more you pay. If you are not looking after your aunt now , why would you want to include her in your funeral policy. Cover people whose death will require your financial input. Kwete zvekutenga chingwa ka. Zvekuti vanhu vese vanotarisa iwe, vachingoti eee mukomana toda fuel, eee mainini  titsvagirei muriwo. (not finacial input of of buying bread but that input where people will ask you to buy whatever is required for the funeral)

4. You are paying a high premium covering your parents or other relatives, fully knowing they have cover for themselves back home or your sibling covered them. To save money, discuss with your relatives and find ways of paying for one policy and talk to a financial advisor on how you can invest  and get returns on your money.

5. Take Cover that suits you. Some of our members are referred to us by their friends and relatives. Instead of taking the cover that suits their personal circumstances, they want to take the same cover as their referrer. That is a R.I.P off. If you are referred by friends talk to us and we will help you get the best policy that suits your budget.

6. The biggest R.I.P off is staying in South Africa without a policy. We have witnessed people fighting with their employers trying to force them to pay for funeral expenses; which is never their obligation. Some people have refused getting funeral cover because they think they are too young to die. Others think the burden won’t be theirs when they die. We feel it is a bit of a lack of love when you want to leave a financial burden for your family. A few hundred rands will help you get a decent burial not only in Zimbabwe but in South Africa also.​

7. Did you know you are allowed to get services from another provider?  When someone under your policy passes away, get quotes from different service providers and you might be surprised to find it is cheaper if another company provides you with the funeral service and you only claim cash from your service providers. This can be true for some  cover amounts.

8. Do not let your policy lapse because of non-payment. When your policy lapses you are no longer eligible to claim from your funeral services provider.This means you should you start again, you must serve new waiting periods. If possible pay ahead to cushion yourself from unforeseen events like loss of income.

9. Want to continue your policy in Zimbabwe? A lot of people want a policy that continues in Zimbabwe. Continuing with your policy in Zimbabwe does not  guarantee you will get the same customer service and benefits you get in SA. The terms and conditions will probably change. If you are not going to Zimbabwe anytime soon, then live for the moment. A lot of us thought we will work a few years back and go home, but how many years have you been here now?

At Tanaka Life we do not tie you to Tanaka Life Zimbabwe or any of our partners. We allow you to choose any provider you want, when you go back. Do you know some providers will take you,without any waiting periods, if you show proof of having a policy before? If you choose those who don’t, we will continue your cover here in South Africa, at no cost to you, until you are fully covered by your new provider.

10. Get a personalised plan. Instead of taking a general plan, talk to your consultant and​ let them know what you really want in your policy. At Tanaka Life, if we do not have  it, we will do all we can, so you can have it. We personalise your cover to your needs. A blanket cover means you have to compromise on your needs and we think that is a R.I.P off.

11. Don.t  take expensive cover for mourners. Another rip-off is mourners taking an expensive cover to accommodate mourners who want transport to go to Zimbabwe and visit their homes pretending they are here for the funeral. If you can’t afford it there is no need to take an expensive policy because you need a bus for mourners. There will be mourners in Zimbabwe. Those who come to mourn with you should be prepared to cover the cost of their journey to Zimbabwe.