Planning for end-of-life expenses is an essential aspect of financial planning. In South Africa, the EasiPlus Funeral Plan by Old Mutual is a popular choice, providing a financial safety net to cover funeral costs. With Old Mutual’s long-standing reputation in the financial services industry, the EasiPlus Funeral Plan offers a straightforward solution to ensure that loved ones are not burdened with unexpected expenses during a difficult time. In this article, we’ll explore the key features of the EasiPlus Funeral Plan, its benefits, and how it compares to other options available in 2024.
Why Funeral Cover is Important
Organizing a funeral can be expensive, with costs quickly adding up from catering to caskets. Without adequate preparation, these expenses can become a financial strain on your family. Old Mutual’s funeral cover is designed to ease this burden by providing a lump-sum payout upon the death of the insured. This payout helps cover funeral costs, allowing your loved ones to focus on what truly matters: saying their final goodbyes.
Key Features of the Old Mutual EasiPlus Funeral Plan
The EasiPlus Funeral Plan provides a lump-sum payout to cover funeral expenses, with coverage ranging from R5,000 to R40,000. This amount is paid out within 48 hours of submitting the necessary documentation. Here are some of the critical features of the plan:
- Flexible Coverage Options: You can choose the level of cover that best suits your needs and budget, from R5,000 to R40,000.
- Affordable Premiums: The premiums for the EasiPlus Funeral Plan are reasonably priced, making it accessible to a broad range of individuals.
- Quick Payout: Beneficiaries receive the lump-sum payout within 48 hours of Old Mutual receiving all required documents.
- Additional Benefits: The plan includes extra services such as trauma and assault counseling, legal and financial advice, and transportation benefits.
- No Medical Tests Required: The application process is straightforward and can be completed online without needing a medical examination.
Who is the EasiPlus Funeral Plan For?
The EasiPlus Funeral Plan is available to individuals aged 18 to 80, making it accessible to a wide demographic. This plan is ideal for those looking to cover themselves, their spouse, children, and even extended family members. Policyholders can select their desired coverage amount based on their budget and requirements. However, it’s essential to note that the policy has a six-month waiting period for natural causes of death, during which time the policyholder is not covered. Accidental death, however, is covered immediately.
How the EasiPlus Funeral Plan Works
- Policy Application: Applying for the Old Mutual EasiPlus Funeral Plan is simple and can be done online or over the phone. The application process requires providing personal details, bank account information, and beneficiary details.
- Premium Payments: Premiums are paid monthly, with the amount depending on the policyholder’s age. As the policyholder ages, premiums will increase. Payments can be made via debit order or stop order from the policyholder’s bank account.
- Waiting Period: The policy includes a six-month waiting period for death due to natural causes. During this time, the policyholder is not covered for death by natural causes. However, the waiting period does not apply to accidental death.
- Lump-Sum Payout: Upon the policyholder’s death, Old Mutual pays the lump-sum amount to the beneficiaries named in the policy. The payout amount is determined by the level of cover selected and is made within 48 hours of receiving the necessary documentation.
- Additional Benefits: Policyholders can access additional benefits such as trauma and assault counseling, legal and financial advice, and transportation assistance.
Advantages of the EasiPlus Funeral Plan
- Affordability: The EasiPlus Funeral Plan is designed to be affordable, with premiums calculated based on the policyholder’s age. Younger policyholders benefit from lower premiums.
- Flexible Coverage: Policyholders can choose from a range of coverage amounts (R5,000 to R40,000) to suit their specific needs and budget.
- Ease of Application: The plan’s application process is straightforward and can be completed online. No medical examinations are required.
- Additional Support Services: The plan offers extra benefits such as trauma and assault counseling, legal and financial advice, and transportation benefits, providing comprehensive support beyond just funeral costs.
Disadvantages of the EasiPlus Funeral Plan
- Limited Payout: The EasiPlus Funeral Plan only covers funeral expenses. It does not provide coverage for other financial obligations, such as outstanding debts or ongoing expenses for dependents.
- Waiting Period: The policy includes a six-month waiting period for death due to natural causes, meaning the policyholder is not covered during this time.
- Age Restrictions: The plan is only available to individuals between 18 and 80 years old. This limits access for older individuals who may need coverage.
Comparing the EasiPlus Funeral Plan with 2024 Funeral Cover Options
In 2024, Old Mutual has expanded its range of funeral cover options to meet diverse needs, offering plans that can cover up to R100,000. These new plans include the ability to cover not only the policyholder but also extended family members such as siblings, aunts, uncles, and grandparents.
- Coverage for Direct Family: Policies cover the policyholder, spouse, and an unlimited number of dependent children, including biological, step, and legally adopted children.
- Extended Family Coverage: Up to 10 insured persons, including siblings, uncles, aunts, nephews, nieces, and grandparents, can be covered under the policy.
- Optional Benefits: Additional optional benefits such as double accidental cover, paid-up benefits, grocery benefits, and education benefits are available, though these come at an additional cost.
Frequently Asked Questions About the EasiPlus Funeral Plan
- What is the Old Mutual EasiPlus Funeral Plan?
- The EasiPlus Funeral Plan is a funeral insurance policy that provides a lump-sum payout to cover funeral expenses upon the policyholder’s death.
- Who is eligible for the EasiPlus Funeral Plan?
- The plan is available to individuals aged 18 to 80 years old.
- How much does the EasiPlus Funeral Plan cost?
- The cost depends on the level of cover selected and the policyholder’s age. Premiums increase with age.
- What does the EasiPlus Funeral Plan cover?
- The plan covers funeral expenses, including costs associated with the coffin, transport, and other related expenses.
- How do I apply for the EasiPlus Funeral Plan?
- You can apply online or by calling Old Mutual.
- What is the waiting period for the EasiPlus Funeral Plan?
- There is a six-month waiting period for natural causes of death, but accidental death is covered immediately.
- How long does it take for beneficiaries to receive the payout?
- The payout is made within 48 hours of Old Mutual receiving the required documentation.
Conclusion
The Old Mutual EasiPlus Funeral Plan remains an affordable and flexible option for those looking to secure funeral cover in 2024. While it offers essential coverage and additional support services, potential policyholders should carefully consider the plan’s limitations, such as the waiting period and age restrictions. For individuals seeking comprehensive funeral cover with added benefits, Old Mutual’s expanded 2024 offerings provide various options to suit different needs and preferences.
