![The high cost of mourning](https://cdn.magzter.com/1605701739/1719191990/articles/fbNKU07IS1719194423831/THE-HIGH-COST-OF-MOURNING.jpg)
It is important to know the true cost of funerals in South Africa. This will prevent underinsurance which will force you to fork out all your savings at a time when you should be mourning with your family.
Funeral cover is the largest insurance segment in SA but despite the average South African owning up to four policies, most families are still underinsured and end up taking expensive loans or credit card debt to cover a loved one's funeral expense, says Clinton Macdonald, the CEO of KGA Life.
"South Africans underestimate what the average funeral costs because there are many potential costs they may not consider or be aware of when they take out their policies at banks, insurers, funeral parlours or burial societies.
"Financial distress arises when families are out of pocket and end up paying 20%-40% interest on emergency credit. In the current economic climate, it is time for consumers to get educated about what funerals cost today to enable them to make more informed financial decisions."
この記事は The Citizen の June 24, 2024 版に掲載されています。
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この記事は The Citizen の June 24, 2024 版に掲載されています。
7 日間の Magzter GOLD 無料トライアルを開始して、何千もの厳選されたプレミアム ストーリー、9,000 以上の雑誌や新聞にアクセスしてください。
すでに購読者です? サインイン
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