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FSB probes funeral schemes

Personal Finance

The Financial Services Board (FSB) is investigating 12 businesses selling funeral cover and says you should be cautious when buying this type of insurance.

The entities are: State Life of Welkom, Free State; Tefo Funerals of Matatiele, Eastern Cape; Tumi’s Funeral Home of Witsieshoek, Free State; M3 Life Funeral and Financial Services of Vryburg, North West; Six Feet Grave and Burial Funeral Scheme of Springs, Gauteng; Madito Thusanang Funerals of Ottosdal, North West; Vultures Funeral Administrators of Madibogo, North West; Semalaleng Trading and Projects of Lichtenburg, North West; Triple Desire Burial Schemes of Soweto, Gauteng; The Cow Boys of Boksburg, Gauteng; Tsomo and Areas Burial Society of Cape Town, Western Cape; and ET Funeral Scheme of Thohoyandou, Limpopo.

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The FSB asked these entities to provide proof that their funeral policies were underwritten by a registered long-term insurer, and were given 10 days to respond. They either failed to respond or failed to confirm that their policies were properly underwritten, the FSB says. Running an unregistered insurance business is illegal under the Long Term Insurance Act.

If you have a query about any of the above entities, call Milton Sebaka at the FSB on 012 422 2875.

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