Pride is a strong emotion. It often wells up from deep down in your gut and erupts like a volcano. South Africans are some of the proudest people on earth, and that got us thinking about how we could help more South Africans pay for their own funerals. We’re sure most would like to be in a situation where they don’t have to rely on family or friends to pick up their final bill.
Back to the feeling of pride, for a second.
Have you ever wondered why parents scramble to be in the first row of a school nativity play? Or why someone might spend R1 000 on the new official Manchester United football shirt? It’s the same reason why you get up early on a Sunday morning to meticulously manicure your front lawn.
You are a proud parent looking forward to watching your 5-year old play the part of the innkeeper, even when you know they don’t know all their lines. You are a proud Manchester United supporter and even though the last few seasons have proven to be difficult, you want to represent your side at every chance you get. And you are extremely proud of your patch of Kikuyu that turns your neighbours’ green with envy every time they roll past the front of your house.
We simply wouldn’t shine our shoes in the morning, or iron our work clothes if we didn’t all feel a little sense of pride.
When it comes to money, there are also two common threads that weave proud people together:
- Proud people don’t like hand-outs
- Proud people don’t like to be a burden on anyone else
Put up your hand if you are the type of person who always insists on picking up your fair share of the bill when you’ve been out for a dinner at a restaurant?
It’s your pride that has you reaching for your wallet. You work hard for your money and you are proud of the fact that you can afford to pay for your fair share of the meal.
Put up your other hand if you’ve ever been in a tight financial position, and rather than asking your family or friends for money, found a way to grind through it?
Proud people tend to strive for financial independence. This has nothing to do with how much they earn, but rather making what they earn stretch as far as they can, so they don’t become someone else’s problem.
What does this have to do with us helping more South Africans pay for their own funerals?
Before we get into that, let’s look at why someone would take out funeral cover in the first place.
You need funeral cover if you don’t have enough money to pay for your own funeral. It’s that simple.
Not many of us have R50 000 lying around to cover the cost of a funeral, and that’s why having a funeral cover policy is so important.
There is one problem though – you might not be able to afford the funeral cover policy when you need it most.
The day you retire, you stop cashing in your company pay cheques. For 40 years you’ve been accumulating money and for the next 30 years, it’s about making your money stretch as far as you can.
When you retire it’s inevitable that you will be looking at your fixed and variable expenses and placing a few of them neatly on a chopping block, waiting to bring the cleaver down on the fatty bits of excess.
Insurance generally lands up on the chopping block for all the wrong reasons.
I can’t afford to pay my funeral cover policy after my retirement so I will just cancel it.
The irony is that it’s after your retirement that you need the policy the most.
There is a sense of pride that comes with knowing that the day you pass on, your funeral will be paid for by you.
At Stangen we are all about responsible insurance for responsible people. We also have a responsibility to keep innovating and finding solutions to policyholder’s needs.
If you want to hold onto your funeral policy through your retirement, without paying any premiums, this is the time to listen up.
When you take out a Stangen Funeral plan you have the option of adding our Paid-Up Option. That means that after the age of 65 you get to hang onto your funeral cover benefit without paying any further premiums.
Let’s assume that you retired at 65 and lived for another 15 years (to 80 years old). That means we would have subsidized 15 years of your premiums.
Is there a cost?
The Paid-Op option costs R5 a month and you can add it to your policy the day you take it out, or if you have a policy with us, simply bolt it onto your existing cover.
What about other people on my funeral policy? Do you also cover them for free?
Yes, the Paid-Up benefit is policy specific and not dependant specific. Let’s assume that you and your wife are covered on the same funeral policy. When you as the policyholder reach 65 (and you opted for the Paid-Up benefit) you don’t pay any further premiums on the policy, regardless of who is covered.
Our Paid-Up funeral cover benefit is just another way we are trying to help South Africans make wiser choices.
If you are worried about the cost of a funeral and how you are going to afford the insurance cover when you are in your retirement, why don’t you apply here today.
Until next time.
The Wise About Life Team