Funeral insurance and the FAIS Act Since the implementation of the FAIS Act of 2002, given effect in 2004, the FSB has generated a substantial number of licences. But … One good way to execute this step is to monitor the progress of the online providers of funeral insurances in South Africa nowadays. I would like to know the institutions dealing with the accual registration of Funeral Insurance Cover Business. Under the Prudential Authority, policies will be capped at R100,000 for life insurance and R300,000 for non-life insurance. This has caused dissension and a refusal to pay the high costs associated with licences and compliance. I would like to start a Funeral insurance. As a funeral home owner, you will have to deal with various insurance providers. Africa, insurance cover obtained by a registered insurer reflects a penetration rate of only 25.6%. A funeral policy is a type of life insurance whereby the benefit is used towards funeral expenses that arise on the death of the beneficiary. In terms of the Long-term Insurance Act, a company that provides financial services must either be registered as a financial services provider, or its policies must be underwritten by a registered insurer. Insurers can obtain this license with the help of the licensing companies and government agencies that offering insurance programs in the area of South Africa … The public is ignorant of the fact that they may well be dealing with an unregistered practitioner or, as the Act defines, “unregistered business”. Sibani Magwaza If you have a group risk cover like life insurance or disability insurance through your employer with Sanlam Group Risk, you will have access to this benefit. Our standard benefit includes a predetermined funeral cover amount for the principal member, as well as their eligible spouse and children. says: Hi, I need help on procedures to follow on setting up a funeral cover business that caters for Southern african countries. So for kids 0-6 years old our initial maximum is R10,000, and for children 6-14 years old our maximum is R25,000. I want to start funeral parlour ,can you please help me with procedure after registering bysiness. This special document should be created under the assistance of a licensed lawyer who specializes in the field of insurance businesses. My suggestion would be that assistance business is run under a separate Act or separate section of the various acts mentioned above, with less onerous license criteria coupled with a more befitting licensing fees. says: I want to start a funeral service the whole back a one stop shop. Sibani Magwaza Funeral insurance in South Africa: counting the cost of life and death Financial services reform has led to more policies being taken out by the poorest families. i want to start Funeral cover and i want help on how can i get an assist Remove the stress immediately by ensuring there is sufficient funeral cover available for a decent funeral for both you and your loved ones when the unexpected happens. Track the daily activities of the competitors of the new funeral insurance business and check their new offers to make great adjustments to such things as soon as possible. The Smart Life Insurance Company Limited ("Smart Life") is authorised as a category I Financial Services Provider (FSP 45983).