South Africans typically take out between three and four funeral policies in an attempt to deal with their changing circumstances. OUTsurance has launched a low cost flexible funeral plan tailored to meet consumers’ needs.
Each time a policy holder is faced with a difficult life event and is unable to pay the premium for a short period, they are often faced with debit order cancellation fees and a cancelled policy resulting in the need to purchase a new one once their financial situation has improved. Each time, the new funeral policy will have yet another waiting period.
“Due to the high number of funeral policies which South Africans typically take, OUTsurance Life has attempted to address the various factors which cause this situation for consumers. We now offer a low-cost, tailor-made funeral plan with various options which should cover all needs. To ensure that cover remains relevant, clients can increase or decrease cover and premiums as circumstances change with no penalties. Additional benefits can also be bought or discarded at any time also without penalties,” says Paul Myeza, Chief Operating Officer of OUTsurance Life. Competitively priced cover became available this week from R30 000 to R100 000 for the insured, a spouse, children, parents and parents in-law.
Clients can also select R5 000 worth of additional cover for each of the following: transport, tombstone, catering, after tears event and marquee which means that cover can be increased up to R125 000 depending on the client’s specific needs.
In addition, clients may have up to six months without paying a premium and without having cover cancelled. This is made possible in two ways.
The ‘pause and play’ feature allows a client to contact OUTsurance and request to pause cover for up to three months, without the policy being cancelled. A policy premium would only become due in the fourth month and the client would not have to pay back the unpaid months. Also the client would not have to serve a new waiting period if the policy is reinstated before the end of the pause and play window.
In addition, a client will be offered one premium holiday for every 12 months of premiums received. Up to three months can be banked per three year period, meaning that if a client can’t pay premiums, they may have up to three months where their policy will be unaffected.
OUTsurance also commits to paying claims quickly. “We understand this is definitely not a time when anyone would want hassles with claims payment,” concludes Myeza.