![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."
Denne historien er fra June 24, 2024-utgaven av The Citizen.
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Denne historien er fra June 24, 2024-utgaven av The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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Team SA flag bearers for Olympics, Paralympics chosen
Sprint star Akani Simbine and gymnast Caitlin Rooskrantz have been announced as South Africa's flag bearers for the Olympic Games in Paris from 26 July to 11 August.
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Mbappe: France just didn't do enough
France captain Kylian Mbappe (right) said his side \"didn't do enough\" in Tuesday's 2-1 semifinal loss to Spain and admitted he was disappointed after under-performing at Euro 2024.
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MIDFIELD MAGIC
DURBAN: DE ALLENDE, KRIEL HIT S3O-MATCH MILESTONE
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Novak gets free pass into semis
RECORD: DE MINAUR INJURED AS RYBAKINA CRUISES
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Spanish winger Yamal 'a genius'
DE LA FUENTE: COACH HAILS MATURITY AND ATTITUDE
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Getting SA back on track
PRIORITIES: CENTRE FOR DEVELOPMENT AND ENTERPRISE IDENTIFIES FIVE AREAS FOR GOVT
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City's water under pressure
DAMPENER: DESPITE THE RAINS, CAPE TOWN WARNS OF CONSTRAINED WATER SOURCES
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RAF appeal dismissed
APLICATION: NONE OF THE REQUIREMENTS HAVE BEEN SATISFIED, SAYS COURT
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July winner's rating up
Three-year-old Oriental Charm had his merit rating (MR) raised from 121 to 125 after his victory in the Grade 1 Hollywoodbets Durban July at Greyville on Saturday.
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July winner's rating up
Three-year-old Oriental Charm had his merit rating (MR) raised from 121 to 125 after his victory in the Grade 1 Hollywoodbets Durban July at Greyville on Saturday.