Is it important to have funeral insurance in Zimbabwe?
The answer is YES.
The economic challenges that we face have seen a shrinkage in most household disposable incomes. Many people have been forced to reprioritize their expenses, and one of the most common "budget cuts" is directed toward funeral insurance expenses. Whilst this makes sense in the short term as this frees up some cash for the household, it creates an opportunity for doubt and uncertainty due to the lack of a financial safety net in the unfortunate event of a death in the family.
As a funeral insurance service provider our advocacy for funeral insurance coverage may appear self-serving, however, the reality still exists that funeral insurance is a necessary expense that should be kept in the budget. The following article breaks down what you need to know about how a funeral insurance premium is a good financial investment that helps you "save."
What is a funeral insurance cover in the first place?
Funeral insurance cover is a form of insurance that pays a specified amount of money in the event of a death, ensuring that the costs of a funeral will be covered so that family members do not have to struggle financially at this difficult time.
- Funeral insurance works in much the same way as other types of insurance. You decide how much funeral cover you want to buy and then you pay a monthly premium.
- You choose who to cover.
- Some funeral insurance policies also give you other benefits like burial repatriation, grocery benefits, or cash back.
- If you or your loved ones die, the money is paid out.
- A decision to take out funeral insurance should form part of a proper financial plan.
Gadziriro/Lungiselelo Funeral Plan also gives you more coverage and more choices at an affordable premium. You can choose the features and level of coverage you and your family need and can afford, and there’s the option of a savings benefit.
More cover
- Cover of up to US$5 000
- Premium holidays (you are exempted from paying premiums)
- Cover for up to 6 family members
- No medical or blood tests required
- Funeral cover that pays out in 48 hours
More choice
- Choose between individual and family packages
- Choose who you want to cover
- Choose how much you want to pay
- Choose the plan that’s right for you
Get covered against the financial burden of a funeral today. Sign up for Gadziriro/Lungiselelo Funeral Cash Plan
Zimnat partners National Foods to launch Stockfeed Funeral Cover
Zimnat Life Assurance in partnership with National Foods Stockfeed and Gain Cash and Carry has introduced another exciting innovation that is destined to change the manufacturing, retail, and life assurance industry landscape.
The leading Life assurance company, which is a subsidiary of the Zimnat group has partnered with National Foods Stockfeed and leading wholesaler and retailer Gain Cash and Carry to distribute embedded micro-insurance products to chicken farmers which they have aptly named Stockfeed Funeral Cover.
Commenting on the launch of this innovation, Zimnat Life Assurance Managing Director said, “ We are excited to be part of an innovation that will impact the lives of many farmers and households in Zimbabwe. At Zimnat our innovation processes are purely driven by the desire to Make Lives Better and offer solutions to the challenges we have. Our desire is to offer financial security to farmers and in developing this exceptional product I hope we have done our part in improving the livelihoods of many.”
The Stockfeed Funeral Cover is a free optional micro-funeral embedded product that extends a monthly renewable funeral cover benefit to a poultry farmer that buys their National Foods Stockfeed from Gain Cash and Carry stores.
Each 50kg bag of broiler or layer feed purchased provides a customer with a US$100 cover and a client may benefit from up to USD$ 2000 cover. The cover is valid for one month and has no waiting period.
Upon the death of an insured poultry farmer, the nominated policy beneficiaries can claim the funeral cash pay-out from Zimnat Life Assurance through either one of the following channels: Toll-free number 321, visiting your nearest Zimnat brand, visiting your nearest Gain Cash and Carry outlet and WhatsApp
The Zimnat Group continues to release innovative products into the financial services sector with the aim of making lives better for its customers. Zimnat Life Assurance is a member of the Zimnat group comprised of Zimnat General Insurance, Zimnat Asset Management, and Zimnat Microfinance.
The group is associated with Sanlam, the largest non-banking financial institution on the continent.