What is Indie Family Funeral?
Indie Family Funeral is funeral cover that pays an immediate lump sum to you when someone on your policy dies, so you have ready cash for the costs associated with their death (like mortuary costs, their funeral, repatriation, or any other once-off expenses).
Do I need funeral cover?
When someone dies, other people have to cover the costs associated with their death (which will be thousands of Rands over just a few days). If you need to contribute to those costs, funeral cover protects you if you weren’t expecting to pay or can’t afford to pay.
Funeral cover is a good option if you might be expected to cover all or part of the costs of a death in the family. Because funeral cover is not underwritten, you can insure family members who otherwise don’t qualify for life insurance – like people who are over 60, or who have a serious illness. You can insure up to 20 family members.
What’s different about Indie Funeral?
We think we can improve on what the average funeral policy offers, so we’ve tried to make a unique product.
Firstly, your Indie Family Funeral cover amount will double after two years, but your premiums won’t increase at all. That means if you insure someone’s life for R50,000, after 24 months we’ll increase that cover to R100,000 automatically without you paying a single cent extra on your monthly premiums.
Also, we’ll match up to 100% of every premium you pay into an investment account which unlocks when you reach 70. So when you hit that milestone, we’ll give you cash money to do with as you please.
Claims & Payouts
Who gets paid?
As the policyholder, you do.
Is the claim amount taxable?
Nope. Funeral insurance payouts are not taxable.
When doesn’t it pay out?
Indie Funeral will not pay a claim if:
- The insured life dies due to a natural condition within 6 months of you taking out the policy
- The insured life commits suicide within the first year of the cover activating
- The insured life dies as a result of participating in something illegal
- You have provided us with incorrect information (like age or relationship to you)
Does the cover amount change?
No. Unlike life insurance products, your monthly premiums for funeral insurance won’t increase every year (and neither will the cover amount – except for when we double it after two years at no extra cost to you).
When does the cover end?
This cover will last for as long as you continue to pay premiums. If you die, we’ll continue to cover the lives on your Indie Family Funeral policy for 6 months, and we’ll even do it for free (nobody needs to take over paying the premiums). After those 6 months are up, the entire policy will get cancelled and we won’t pay out if anyone dies.