Posted: 01 Apr 2019
So what should one look out for when considering an underwriter for funeral insurance? First and foremost one should identify a company with a solid reputation as a reliable and trustworthy organisation. The industry is regulated by the Financial Services Board, which ensures that clients’ interests are protected and service providers are legitimate. Hence your funeral insurance should at the least be provided by an authorised financial service provider. Unfortunately there are many burial societies and underwriters who are not registered with the FSB and that makes it difficult to ensure their clients are treated with fairness and quality service.
One should have the peace of mind that the Funeral Insurance provider is underwritten by a reputable financial institution that will honour the claim. All documents should include the details of the underwriter and the FSB registration number.
The second differentiator is of course cost. A quick search reveals gaping differences in Funeral Insurance premiums for similar benefits, so like most things in life, clients are encouraged to shop around for a fair deal.
Why are some providers so much more competitive in their rates? Companies like Genlife specialise in group scheme insurance which, due to their large client base, can offer extremely competitive rates. They perform regular rate comparisons to competitors and understand the unique needs of their clients, therefore benefits like repatriation to any SADC country is automatically included.
Thirdly there is the question of service. It is important to deal with a company that strives for excellence at every step of the process to ensure that you as a client get world-class service from application to finalization of the claim.
It is important that your underwriter ticks all the right boxes to ensure your success in the industry. A good partner makes all the difference.