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Are Your Parents Pensioners? Here’s Why a Funeral Policy is Essential

No matter who you are, where you are in the world, or how old you are, life happens. Preparing for those unexpected events, such as the loss of a loved one, is a tough topic to navigate, but it remains important. Unfortunately, the older one becomes, the more likely the chance for death from an accident, illness, or conditions associated with old age. For many, ensuring that their parents are covered is delayed due to fear of approaching the subject, but a funeral policy is the wisest choice to safeguard one’s future. If you are looking into a policy for your parents, then we at AVBOB have the right solutions for you.

Avoid the Financial Burden of Funeral Costs

Talking about funerals and after-death plans brings up a lot of emotions for some. Many elderly individuals are left without funeral cover until it is too late, which creates stress and anxiety for loved ones that are left behind. The greatest gift you can give to those you love is peace of mind – and the knowledge that even after you are gone, your funeral costs are covered. It can be difficult for pensioners to find the right kind of cover, as many insurance companies see seniors over 65 years old as too much of a risk. We at AVBOB, however, have plans that are suited to both pensioners seeking a policy, as well as children looking to cover their parents.

Our Family Funeral Policy

Our family policy for funerals is flexible and affordable, and we make the entire process easy for members to understand. This insurance provides between R10 000 and R20 000 cover, depending upon the plan you select that best suits your needs. Applicants must be 65 years old at their next birthday or younger, which means that seniors above this age are not suited to becoming policyholders. This plan is ideal for families with children under 20 to 25 years old (provided they are still full-time students and not earning an income), as there is no extra premium for them.

Our Cashback Policy with Benefits for Parents

The AVBOB Cashback Funeral Policy is a whole-life plan that allows policyholders to insure everyone from their children and parents to extended family members. It also comes with FREE funeral benefits when the funeral is conducted by AVBOB. The main insured member can choose to cover their parents (up to four people) which includes biological parents, stepparents, foster parents, and even parents-in-law. When a parent covered under this benefit dies, AVBOB will pay out the insured amount. One of the limitations of this policy is that the parents chosen to be covered must be younger than 80 years of age when the policy starts. The maximum coverage for each of the parents on this plan is R30 000.

Our Group Funeral Insurance for Pensioners

We at AVBOB have a specially designed plan for pensioners over the age of 64. This policy is not limited by a maximum age either, but pensioners over 84 years old are only able to get insured when they pay a once-off premium of R10 000. Those under 84 years of age will receive an insured amount of R8 000 when a monthly premium of R150 is paid. Members can also add two additional funeral benefits to the value of R2 000. These benefits cost R30 per benefit per month. Alternatively, a single, once-off payment of R2 000 per benefit can be paid.

Members also qualify for the following FREE benefits (when AVBOB conducts the funeral) which exceed the value of the policy:

  • A R2 500 upfront cash payout.
  • FREE funeral arrangement services.
  • A coffin and hearse, valued at R12 500.
  • FREE transportation of the deceased to any location in the country.

These benefits apply to policies in place for 24 months or more. This policy for pensioners is also subject to a waiting period of six months if premiums are paid monthly. The waiting period can be waived, provided your funeral policy with another insurer is cancelled within 31 days of taking out this policy or if members pay the single, once-off payment. This policy is subject to our Terms and Conditions. For more on the limitations and exclusions of this policy, be sure to contact AVBOB today.

It’s never too late to start planning for the future and ensuring those you love are covered. If you would like to find out about the best policy options for your parents, whether they are pensioners or not, we at AVBOB can assist you. To find out more, contact us today for your tailored quote through any of the following channels:

  • Visit your local AVBOB branch.
  • SMS ‘CONNECT’ to 30776. The SMS is free.
  • Visit our site for further funeral policy information.
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