Funerals can be costly affairs. An entire funeral plan can cost as much as SCR100,000 when you consider the cost of service (including pamphlets, buses), flower decorations, headstone, casket, funeral homes and funeral plots or cremation facilities.
For unexpected deaths in the family, bearing the full cost of funeral planning can be a burden when it comes at a time of great financial stress.
In February 2020, Sacos launched the Funeral Insurance Plan to relieve families of meeting the lump sum cost of funeral plans on their own. Considering the lump sum cost of funeral services, the Funeral Insurance Plan is considered to be one of the most affordable insurance plans offered by Sacos.
Sacos offers four different coverage limits with the Funeral Insurance Plan:
- Option 1 – SCR15,000
- Option 2 – SCR30,000
- Option 3 – SCR45,000
- Option 4 – SCR80,000
A policyholder can also provide coverage for other members of their family under the same Funeral Insurance Plan for an additional charge. The policyholder is referred to as the main member of the policy here. The same coverage limit that the main member takes for themselves will also apply to the other members of the family on the Funeral Insurance Plan. For example, if the main member takes the SCR45,000 cover, the same amount will be available for each member of the family.
For main members aged between 18 and 25 years of age, the monthly premium can be as low as SCR80 per month for a SCR15,000 cover. For those aged between 60 and 65 years of age, the same cover can be as low as SCR125 per month. The monthly premiums are based on several factors, the age of the main member, the ages of additional members of the family and the cover limit taken.
In consideration of the hard time the family is going through, Sacos has simplified the claims process for the Funeral Insurance Plan. The claimant (main member or beneficiary) can submit the claims form within 24 hours of the death occurring and Sacos will effect the payment within 48 hours of receiving all the documents. The payment of claims can be made to family members or directly to funeral homes.
For more information on the Funeral Insurance Plan, call us on 429 5000 or send an email to email@example.com. You can also find more information on our website and in the Sacos Funeral Insurance Plan brochure.