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Capitec Funeral Cover Reviews

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If you are looking for capitec funeral cover reviews, then you are at the right place. In todays topic, we will be talking about capitec funeral cover reviews. Kindly stay with us.

Below are capitec funeral cover reviews:

1. Changes to the names of the Natural Death Benefit and the Accidental Death Benefit

Previously Natural Death Benefit and Accidental Death Benefit were distinct in your Capitec Funeral Cover Plan. When a life guaranteed dies of natural reasons, such as suicide, the Natural Death Benefit pays the cover amount. The Accidental Death Benefit is worth twice as much as the Natural Death Benefit.

Funeral Benefit replaces both the Natural Death Benefit and the Accidental Death Benefit. Funeral Benefit is now defined as follows in terms of the amendments to Your Funeral Cover Plan:

There are no further changes to the Natural Death Benefit or the Accidental Death Benefit other than the names.

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2. Change to the definition of Married.

The definition of married is significant in determining which lives are eligible for coverage under Your Capitec Funeral Cover Plan.

Married/ Marriage was previously defined as:

  • Married or Marriage’, for purposes of this contract, is when 2 (two) people are:
  • Married according to the laws of any sovereign country
  • Married according to customary or tribal law
  • Married under any religion that is practiced in South Africa
  • Living together and financially dependent on one another for at least 6 (six) months; or
  • Party to a civil union in terms of the Civil Union Act, 2006.

Married is now defined as:

‘Married’ is when 2 (two) people are:

  • Married according to the laws of any sovereign country;
  • Married according to customary or tribal law;
  • Married under any religion that is practiced in South Africa;
  • Living together for at least 6 months, provided that You can produce adequate confirmation of the relationship’s permanence upon request by the Insurer; or
  • Party to a civil union in terms of the Civil Union Act, 2006.

3. Waiting Period for Death Premium Waiver and Newborn Premium Waiver:

  • The Death Premium Waiver’s waiting period has been reduced from 12 to 6 months.
  • The Newborn Premium Waiver’s waiting period has been reduced from 12 to 6 months.
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4. Waiver of Waiting Period for Funeral Benefit:

The Funeral Benefit (formerly known as the Natural Death Benefit) has a 6-month waiting period, which the Insurer may waive if the conditions for the waiver are met. Previously, the waiver of the waiting time only applied if the Lives Assured were covered under another licensed insurer’s funeral policy at least 31 days before to the Cover Start Date.

When the Lives guaranteed were covered under a previous Capitec Funeral Cover Plan within 2 (two) months after the Cover Start Date, the waiting time will be waived.

The terms and conditions of the waiver of the waiting period now provides:

The Funeral Benefit will not be subject to a waiting period if:

  • The Lives Assured had previously been insured under a previous funeral policy with another Licensed Insurer within 31 (thirty-one) days of the Cover Start Date, or under a previous Capitec Funeral Cover Plan within 2 (two) months after the Cover Start Date (“the previous policy”); and
  • The previous policy has lapsed or was cancelled; and
  • The waiting period expired in respect of that previous policy for the Life Assured.
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A waiting period on the Funeral Benefit will be applicable if:

  • At the time of the Life Assured’s Cover Start Date on this Funeral Cover Plan, the waiting period on the preceding policy’s Life Assured had not elapsed. We will impose a waiting time equal to the portion of the preceding policy’s waiting period that has not yet expired, or
  • During the cancellation notice period for the preceding policy, a claim for a Life Assured covered under the terms of this Funeral Cover Plan can still be lodged.
  • We shall only pay the lesser amount if the previous policy’s cover was for a lesser amount than the Cover Amount in the Funeral Cover Plan Schedule.

5. Entry Age of a Child

Previously, the Funeral Cover Plan stipulated that the Maximum Natural Death Cover and Maximum Accidental Death Cover for a Life guaranteed who is 14 years or older was R60 000. The maximum coverage amount remains the same, however a Child 14 and older will now be limited to 14-24 years of age.

Thank you for reading our post today on capitec funeral cover reviews. We hope you enjoyed it.

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