If debit orders and the general cost of living make you wonder if the cost of living could not get any higher, there is still the cost of having to plan a possible funeral. According to StatsSA, the cost of funerals in South Africa has increased by 12%, with no sign of dropping anytime soon. Are you financially prepared?
Here are the latest statistics when it comes to the cost of a funeral to help you see if you and your loved ones are financially prepared.
You could be looking at up to R86,000
Unless you are in a fortunate position to afford an elaborate funeral such as Bafana Bafana goalkeeper Senzo Meyiwa, which totalled a whopping three million Rand in expenses, planning for your own funeral is key.
Craig Baker, CEO of MiWayLife, says that while most South African’s have a funeral policy in place many people do not evaluate if it will be enough. “Having a policy is the first step but it is crucial to constantly check if it will adequately cover your needs. A R10,000 funeral cover will barely cover the needs of a funeral which is results in some families making last-minute arrangements to cover out of pocket expenses. It’s a financial pressure that no one should be dealing with during this difficult time, which is why it is vital to check if your funeral cover will adequately cover your needs,” says Baker.
On average, South Africans spend a minimum of R23,500 to a maximum of R86,000 to shoulder funeral costs. And this is just the tip of the iceberg since these prices do not include the costs of catering, flowers, tombstones and transporting the body.
Choosing a casket
Funeral parlours will differ in terms of their price range on caskets. However, to give you a general idea of what you will be looking at, you could pay anything from R6,000 up to R50,000. The more personalised the coffin is the higher the cost.
The cost of being cremated is considerably low when compared to being buried. At most, you will be charged R5,000 to have your body or the body of a loved one cremated. There could be an additional R6,000 that will be added to spread the ashes, depending on where you or your loved one wants their ashes to be scattered.
Funeral parlour fees
The topic of death tends to linger in the back of our minds, which makes the cost of it elusive, but there is a range of costs we need to prepare for.
Funeral parlour fees can cost anything between R5,000 up to R10,000 if you are having the body transported out of the country.
This fee is used to cover the safe keeping of the body, funeral preparations, transporting the body and the hearse that is used. If you are planning on including a couple of private buses to transport your relatives this could increase the amount. You will still need to consider the cost of digging a grave, which will be based on municipal prices, and can range between R1,000- R6,000.
Catering costs
Once again, these differ based on the type of funeral your loved one wants. However, for the average South African, a cow can cost them up to R15,000. If you are renting a tent, you could foot a bill that could be between R500 – R5,000 depending on the number of people you would want to accommodate.
“Should you pass away today, are you and your loved ones financially prepared to handle the costs? Not having a policy in place is more expensive than having to pay the monthly premiums on life cover that comes with a built in funeral cover,” says Baker. So, get started today with an affordable policy that will give you and your loved ones peace of mind.
