From the dawn of time men have strived to come up with solutions to life’s challenges that make life better and advance generational development.
One of the many ways in which our forefathers safeguarded generational growth was by adopting risk mitigating measures that ensured that the shocks of life were easily absorbed without being too detrimental to the victims.
Benjamin Franklin wrote in a letter in 1749 that nothing can be said to be certain except death and taxes and the former is a great source of anxiety and risk.
Zimnat Life Assurance, a part of the Zimnat Group whose purpose is to make life better, offers the Zimnat Family Funeral Plan, which is a tried and tested diverse funeral cash plan designed to provide financial relief in one’s time of need.
As highlighted by its name, this is a family funeral policy that can cover every member of the family. With Zimnat Family Funeral Plan we will cover both your nuclear and extended family.
Nuclear family cover will include you as the principal member, your spouse, children and parents, while the extended family member cover will include family members that do not qualify as part of the nuclear family who you may want to be covered.
It is hard to save in these difficult times. Taking out a Zimnat Family Funeral Plan insulates your family from high funeral costs. As highlighted by Benjamin Franklin, we cannot run away from death. However we can prepare for it in a manner that safeguards the financial well-being of our loved ones when it finally arrives.
While a funeral service policy will ensure we have a decent burial, it is imperative that we also think about the lives of our loved ones after the funeral. That is why it is crucial to have a funeral cash plan.
A funeral cash plan policy guarantees a cash pay-out to your registered beneficiaries in the event of the passing away of one of the registered policy members.
The Zimnat Family Funeral Plan does not limit financial assistance to funeral expenses alone. There are three categories of financial need that the plan provides for.
The first category is pre-death expenses, that is expenses incurred while still alive. The Zimnat Family Funeral Plan offers access to loans through Zimnat Financial Services. These include business loans, housing loans, salary-based loans and asset financing that are accessible to all instantaneously.
No one chooses when and how they become vulnerable to ailments. Some ailments last only a few hours, while others might confine you to hospital for months.
The Family Funeral Plan has a hospital cash benefit of $50 per day up to the day of discharge, with the minimum hours of admission to qualify for this being 48 hours. Should the hospitalised patient die, the daily cash benefit will be paid to his or her beneficiaries.
The Zimnat Family Funeral Plan also rewards the policy holder with a No Claims Bonus, if his/her policy runs for five years without a death benefit being claimed. The bonus amounts to 20 percent of the five years’ total premium contributions.
The second category is expenses during the funeral. This is when a person covered by the funeral plan has passed on. It is the main risk which all the benefits are pinned on.
The policy has funeral cover starting from $500 up to $10 000, depending on the premium paid. The lowest premium is 20 cents per day.
This benefit is only realised when a person covered by the policy passes on. It is intended to assist with funeral arrangement expenses not covered by a funeral service policy.
The third category is the post burial period, the dry period with regards to declining income streams due to the breadwinner having passed on.
It generally takes three months for pension pay-outs to be made. This time of waiting can be a financial strain on the surviving family members. The Zimnat Family Funeral Plan ensures that this mourning period is less financially burdensome with its flexible sum assured, which offers the flexibility to either claim during the funeral or after it in order to meet post-burial expenses.
In addition to the post-burial financial pay out option, the Zimnat Family Funeral Plan also offers an optional add-on benefit of a vigil and tombstone cover of $3 000 paid out a year after the death.
Staying true to our promise of making life better, the Zimnat Family Funeral Plan allows the beneficiaries to carry on with the plan, with the first annual premium of the policy being paid for.
We understand that the death of a breadwinner has a profound psychological and financial impact on the well-being of the family. Zimnat is committed to playing its part in easing the financial pressures for the year.
Zimnat guarantees flexible premium payment terms. That means you can choose how often you want to pay the subscriptions. You can choose to pay monthly, quarterly, semi-annually or annually.
Zimnat is associated with Sanlam, the largest non-banking financial institution on the continent.
The company offers businesses and individuals a variety of products including motor insurance, home insurance, life assurance, travel insurance, funeral cover, health and accident insurance, pension schemes, unit trusts and private wealth management.