The expense of memorial services in the nation increment by 12% year-on-year, as per StatsSA.
Taking into account the ascent in cost for most everyday items it is impossible that memorial service related costs will descend at any point in the near future.
According to Yaaseen Albertyn, product management head at Metropolitan, South Africa is the fourth most expensive country for dying, spending 13% of the annual average wage on funeral expenses.
The cost of burying a loved one is prohibitive for those who do not have funeral insurance, forcing them to dip into their savings or take on debt to cover the expenses.
See all conceivable burial service costs
Burial service costs on the day incorporate the help scene, blossoms, catering, reward setting, memorial service, projects, music and seats, while post-burial service expenses can incorporate a purifying and divulging function, and a headstone.
Albertyn said: ” You will be able to select the appropriate coverage amount once you have determined the kind of funeral you want and the costs associated with it.
Avoid selecting a cover level that you cannot afford. Instead, keep your expectations in check and focus on the kind of funeral you can afford without putting your loved ones in debt.
Be smart about how you use funeral cover Make sure the funeral you plan is within your budget.
Albertyn stated, “Drawing a budget is critical, and getting consensus from family members is important to ensure that costs do not get out of control.”
Albertyn went on to say that when planning a funeral, people need to concentrate on the things that are essential and cannot be changed, as well as save money on other things like extravagant flower arrangements and pricey catering.
Why individuals overspend on burial services
Absence of pre-arranging is one of the significant explanations behind going over a financial plan while arranging a memorial service. When a loved one passes away, people are unable to make sound financial decisions.
Before making a decision, get quotes from a friend or family member you can rely on to help you compare prices.