Nedbank Funeral Cover: About Nedbank
Nedbank funeral cover is a product of Nedbank Insurance, which is a division of the Nedbank Group. South Africans will be most familiar with the Nedbank name from their banking services, but the Nedbank Group is one of the largest financial services companies in the country. Nedbank is partnered with two other financial services companies: Old Mutual (see Old Mutual Life cover) and Mutual and Federal, with 52% of the Nedbank Group's shares being owned by Old Mutual. Currently, the Nedbank Group is headed up by CEO Michael William Thomas Brown, and COO Graham Wayne Dempster.
Where is Nedbank Insurance Located?
You can find the head offices of Nedbank Insurance at Nedbank Sandton, 135 Rivonia Road, Sandown, 2196.
Which Services Do Nedbank Provide?
The Nedbank Group provide for a large range of financial services, including banking, investment and wealth management, as well as insurance. Insurance wise they offer both long and short term insurance, with divisions for vehicle insurance, home insurance, Nedbank life insurance and Nedbank funeral cover, as well as a range of business and speciality insurance policies.
Nedbank Funeral Cover: The Options
Unlike with many insurance providers, there is a wide range of Nedbank funeral cover choices, as opposed to just one or two options. There are four main policies: EasyCover, Funeral Plan Plus, Gold Funeral Plan, and Premier Funeral Plan. We'll look at each of these policies individually below.
EasyCover
EasyCover is designed to be a flexible, family oriented funeral insurance plan. The main features of the EasyCover plan are:
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Coverage from between R2,000 and R20,000 for up to fifteen people;
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Pay out within 48 hours of receiving all documents;
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No bank account necessary;
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As long as a minimum of R10 is paid each month, the policy will not lapse or become invalid;
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No HIV or medical tests necessary;
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Pay ten premiums up front and the remaining two premiums for the rest of the year will be waived (this sounds like a great offer but be sure to check the overall cost and to compare with at least one other offer/company);
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Option to add a Family Supporter Benefit, which will pay a monthly income for a year should the main bread winner die (the amount of the income depends on the amount of coverage you choose).
Funeral Plan Plus
Nedbank's Funeral Plan Plus is designed to be a simple funeral insurance policy for those on a tight budget. The features of this plan are as follows:
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Coverage is R5,000;
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You must have a Nedbank bank account, but you make take out a Funeral Plan Plus policy for each bank account that you have with Nedbank;
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Claims will be paid out within 48 hours of receiving all necessary paperwork;
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There are no medical tests required;
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Accidental death will be covered as soon as the first premium is paid (though there is a waiting period for natural death coverage);
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You will get access to Nedbank's Value for Life programme, which gives discounts on things such as cinema tickets and magazines.
Gold Funeral Plan
The Gold Funeral Plan from Nedbank is the company's most comprehensive option for funeral insurance. The features of this plan are:
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Coverage is between R7,500 and R30,000, and you may choose to cover yourself, your partner, your parents and your immediate family;
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Should death be due to accident, double the coverage amount will be paid;
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Pay out will be within 48 hours of receiving appropriate paperwork;
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After a five year period with no claims, you will be given 10% of all your paid premiums back;
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After two years you can skip one premium payment per year and your policy will still be valid;
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If a terminal diagnosis is received with less than twelve months to live, 50% of coverage will be paid up front.
Premier Funeral Plan
Finally, the Premier Funeral Plan is designed as a family plan that will both pay funeral expenses as well as paying several other benefits to take care of a family financially should the main bread winner die or be unable to earn. The features of this plan are:
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Coverage is for up to R10,000, and you can cover yourself, your partner and up to four children;
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Pay out will be within 48 hours of receiving appropriate paperwork;
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As well as the funeral insurance pay out, families will receive a R1,000 payment each month to pay for groceries (though the Nedbank Insurance website does not specify for how long this will last);
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If you are disabled or are made unemployed you will receive a monthly payment of R1,000 for up to six months to pay for groceries and other living costs.
How Do Customer Reviews for Nedbank Funeral Cover Look?
The customer review website Hellopeter lists 606 positive reviews for Nedbank, and 3558 negative ones which at first doesn’t look very good. However, it is important to note that these reviews are for Nedbank as a whole, not just for Nedbank Funeral Cover and not even just for Nedbank Insurance. Although we can’t be sure, there is a large possibility that the negative reviews are mainly for their banking services which cater for a much larger number of clients. The good reviews centre around positive customer service. A Nedbank representative has responded to nearly all reviews, which indicates that customer service is a priority for the company. Negative reviews are mixed, though there does seem to be a concentration on billing and transaction mistakes which strengthens our opinion that most reviews are for Nedbank’s banking services. All in all it's tough to say what customers think of Nedbank's funeral cover policies and their service based on the reviews we've seen.
How User Friendly is the Nedbank Insurance Website?
As far as insurance shopping goes, the Nedbank Insurance website gave us a very good experience. The website is easy to navigate, it's simple to find the info necessary to make a decision. In many cases there is a link provided for a more comprehensive brochure about policies (though this isn't true for every policy). We liked that there were few life insurance terms and definitions, which meant that reading was easy. The only suggestion that we'd make is that it would be nice to have an overview page that lists all the policies and the differences between them, since this would make deciding easier. However, Nedbank do state clearly on each policy page what that particular policy is designed for. In conclusion, we had a very satisfactory user experience on the Nedbank website.
Nedbank Funeral Cover in Summary
Nedbank funral cover is composed of four different funeral insurance policies, meaning that you can choose the policy that fits your needs best and using the Nedbank website was pretty easy. Customer reviews were a bit more complicated however, since Hellopeter only lists reviews for all the Nedbank Group, making it difficult to know what consumers really think of just Nedbank Insurance. Whatever customer reviews say though, it's always a good idea to compare a few quotes from different companies, just to make sure that you're getting a good deal. Clicking on the banner above or on the top right of our home page will give you a couple of free quotes so that you can see what your options are. More and more insurance companies these days are offering funeral insurance, and that means that comparison shopping is more important than ever.
* Disclaimer: We do not represent any of the companies, products and/or services reviewed, published or advertised on this website. Nor are we financial, health or insurance professionals or services provider. If you request a quote or purchase a product/service, it will not necessarily be given by the company reviewed on any specific page. Any decisions you make based on the information presented is at your own discretion and we advise that before doing so, you consult with the relevant professional.
Main subject: Nedbank Funeral Cover
