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Do you know why buying life insurance and a funeral cover is important? We tackle the issue to ensure that you know how to choose the right product.
How to choose the right funeral cover
Before making your decision, look at your needs and those of your family. Think about how much money you will need to pay for the policy every month. The Standard Bank Funeral Policy has extra, free benefits. These include discounts on doctors’ visits, an airtime benefit and a “free grocery benefit”. Talk to the bank to find out how to get the right cover.
How much does it cost?
There are a number of funeral plans available, depending on your needs and budget. Covers range between R6 000 and R50 000, from as little as R2.50 a day. You also have an option of adding your parents, parents-in-law, as well as two other relatives at an extra price.
Paying for your policy
It is important to make monthly payments on your policy. If you do not pay, you could lose your policy. You will also lose a peace of mind, and the money you already paid.
What is credit life insurance?
This type of policy will settle your loans in the events of death, permanent disability or serious illness. It could also pay limited instalments when you lose your job or become temporarily disabled. You don’t want your spouse, children or other loved ones left with any financial burden. Standard Bank has many plans to choose from, depending on your needs and type of credit.
When you can’t afford your policy
It is tempting to cancel insurance and funeral policies when you are under financial pressure. Instead of cancelling, rather change or downgrade to cheaper options until your situation improves. You never know when an unfortunate event could occur.
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As a consumer, you need to stay informed about your economic rights, responsibilities, the products you buy, as well as the services you use. The good news is that there is help out there.
So, you don’t have all the answers to your financial questions? Don’t stress. You can become WalletWise and learn to manage your finances in no time.
What to ask yourself first
- Do you know where to look for information?
- Do you know who to ask?
- Do you know how to find the right information?
Your bank has your back
Most banks and other financial institutions have these following services to help you with specific information:
- Call centres where you can call for your query (always ask for a reference number).
- Websites where you can send queries or get more information. You need a device that can connect to the Internet (cellphone, computer or tablet).
- Consultants at the branches.
Did you know: The Ombudsman for Banking Services resolves your complaints about banking. If you want to contact the Ombudsman, or you have other serious questions or concerns, ask your bank about the right channels to use.
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Standard Bank empowers you with the knowledge you need to reach your financial dreams. With its WalletWise initiative, the bank is finding out just how much the average person knows about banking, and helps with useful tips and tricks to make your money work better for you.
Christopher Mahlangu (26) attended a WalletWise activation in his hometown. He tells us what he understands about a funeral cover, and getting more information on banking.
How do you choose the right cover?
A funeral cover is important. I have to look at how much I can afford to pay, and also think of what my family will need when I am gone. I know that Standard Bank provides funeral cover options with a lot of benefits.
Do you know where to get help if you need any advice on your finances?
Yes, I know. You can go to a bank, or call.
Remember: Most banks and other financial institutions have these following services to help you with specific information:
- Call centres where you can call for your query.
- Websites where you can send queries or get more information. You need a device that can connect to the Internet.
- Consultants at the branches.