Are funeral policy increases killing your budget? Wendy Knowler advises

Hollard said it had to implement a second premium increase as result of mortality experience exceeding expected experience across our entire funeral portfolio, over a period of more than a year.

It affects the insurer’s direct book of business - that’s policies taken out over the phone and policies sold under the Kaizer Chiefs brand, but excludes any business sourced from partners such as Edgars and Jet.

Phumi’s policy document reads:

“Hollard may increase the benefit premiums from time to time by giving you 30 (thirty) days’ written notice of such increase.”

“Unfortunately,” Hollard said, “the combined effect of the re-rating and the increase have resulted in a substantial overall increase. We realise that policyholders may be facing financial challenges in these tough times, and fully understand if anyone wishes to decrease cover in order to lower premiums.

Take a listen as Wendy Knolwer thoroughly explains the importance of checking you funeral policy documents: