A lifeline in times of loss: Exploring Nedbank’s Funeral Cover Solutions
By Allan Johnson
Nedbank Sales Manager.
Life is full of financial decisions, from buying a home to investing in our children’s future. But one important decision we often overlook is preparing for the financial implications of our loved ones’ passing. As the cost of living continues to rise, comprehensive funeral coverage is becoming more crucial than ever. Let us delve into the pressing issue faced by families after a loss.
In Namibia, much like in other parts of Africa, there’s a cultural responsibility to financially contribute to funeral expenses. Funerals are monumental life-cycle events that are considered more important than weddings in some societies. They preserve cultural traditions while bringing communities together as a way to pay respect to those who have passed on.
However, these funerals come with high costs.
Traditional funerals can cost Windhoek families between N$15 000 and N$30 000 for an adult, to cover expenses such as embalming, the grave, the hearse, the headstone, and flowers. A standard casket alone can amount to N$8 000. Without proper planning, these expenditures can land families in financial instability or even debt.
Local funeral undertaker, Tommy Jaarman Funeral Services, shares that while they offer all-encompassing funeral packages, they often need to exclude certain services to accommodate the family’s budget. They observe that ‘hidden’ costs associated with the event, such as catering for the memorial services, travel, accommodation for out-of-town family members, and even the printing costs of obituaries and programs, are often overlooked. These can add up quickly and often take people by surprise. In these times, funeral cover like Nedbank’s Extended Family Funeral Cover Plan can serve as a lifeline. It is a comprehensive plan, designed with cultural norms and financial realities in mind. The plan provides a lump sum benefit upon the unfortunate event of an insured life passing away. To ensure broad coverage, the plan covers up to 4 extended family members, each with individual premiums.
This cover extends to parents, parents-in-law, uncles, aunts, nieces, nephews, siblings, and even children over 21. This wide-reaching umbrella of coverage maximizes protection without diluting the benefits. With monthly premiums as low as N$23 for extended family members aged 19 and below and N$78.50 for parents aged 65 and older, the plan aims to make funeral coverage accessible to all.
Planning a funeral can be overwhelming. But by breaking it down into smaller steps, you can make the process more manageable while honoring your loved one’s memory.
Firstly, determine your budget to avoid overspending. Decide on the type of service you want, whether it is traditional or personalized, and select a venue that feels appropriate. Next, seek out a reliable funeral director who can help you make arrangements and fill out the necessary paperwork. Then, decide between burial or cremation based on personal beliefs and traditions. Consider having a gathering or reception to bring loved ones together and seek comfort. Choose the right location for the service, such as a funeral home or place of worship. Arrange transportation for the deceased and guests and think about appropriate funeral products and floral arrangements that hold special meaning. Lastly, add personal touches to make the service unforgettable, such as displaying photographs or playing favorite music.
If you are religious, reach out to your pastor or spiritual leader’s assistance and take things step by step during this trying time.
Talking about death is an uncomfortable topic, but it is essential to plan for the inevitable. And while honoring the departed is crucial, it is equally important to understand and address the financial burdens these traditions place on the living.
Ensuring that your affairs are in order, including a will, life insurance, and other relevant documents, is an integral part of supporting your loved ones. Have open conversations about these matters to save them from financial stress and confusion. Providing this level of care is the best way to support your loved ones, even after you are gone.