Johannesburg – With food prices continuing to increase, as well as fuel prices and electricity tariffs, South Africans could see the average cost of burying a loved one also rising significantly in the short-term.
This is the view of Lee Bromfield, chief executive of insurer FNB Life, who cautioned on Wednesday that burial expenses could increase substantially, along with the rising cost of living.
South African consumers are already braving tough economic times as the price of petrol will increase by between eight and 11 cents per litre at midnight on Wednesday.
A heavier burden will also be placed on informal settlement dwellers due to a steep increase in the price of illuminating paraffin.
Bromfield said that on average, the cost of burial is estimated to range between R30 000 and R40 000.
“The average cost of a burial takes into account standard expenses such as buying a coffin, catering, hiring a tent, buying a headstone, fuel or travel expenses for the family and the amount of electricity consumed when preparing for a funeral,” Bromfield said.
“Other expenses that are not always considered include the printing of a programme or an obituary, and even the airtime used to stay in touch with key suppliers such as undertakers or caters.”
Bromfield said if unplanned for, all these expenses could easily overwhelm families and negatively impact the hopes of providing a decent burial.
Bromfield said there were a number of options that people should consider to cope with high funeral expenses, including taking up funeral cover.
He said South Africans were fortunate because funeral plans were easily accessible, but consumers still needed to exercise caution because of the vast amount of unscrupulous providers in the market.
“This is why your decision to take up funeral cover is as important as the provider you choose to be insured with,” Bromfield said.
African News Agency