Quick Facts

• Cover from R20 per month for up to R100,000 protection
• No medical tests required – anyone can apply
• 75% of claims paid in under 30 minutes
• Cover up to 29 family members on one policy

What is Nedbank MyCover Funeral Plan?

MyCover Funeral is Nedbank’s funeral insurance product that helps you pay for burial costs when someone in your family dies. You pay a small amount each month, and if someone covered by the policy passes away, Nedbank pays out money to help with funeral expenses.

The best part is that no medical tests are needed. Anyone between 18 and 55 years old can apply, regardless of their health condition. You can choose how much cover you want, from a few thousand rand up to R100,000.

As of September 2025, Nedbank reports that 75% of valid funeral claims are paid out in under 30 minutes – much faster than most other insurance companies.

✅ How MyCover Funeral Works

Step 1: You choose how much cover you want and who to include on the policy.

Step 2: You pay a monthly premium (as little as R20 per month).

Step 3: If someone covered dies, your family contacts Nedbank to claim.

Step 4: Nedbank pays the money directly into a bank account within 24 hours.

💰 Costs & Premiums for 2025

Money-Saving Tips:

• Get 5% discount when you apply online through Nedbank’s Money app
• Get another 5% discount if you have the premiums debited from a Nedbank account
• Pay 10 premiums in advance and get 2 months free cover
• Get 20% cashback on all premiums after 3 years if your policy doesn’t lapse

Who Can Apply for MyCover Funeral?

Main Member (You):

• Must be between 18 and 55 years old
• Must be a South African resident
• No medical tests required

Family Members You Can Cover:

• Your spouse or partner
• Your children (including stepchildren and adopted children)
• Your parents and in-laws
• Your siblings
• Domestic workers employed by you
• Up to 29 people total can be covered on one policy

✅ How to Apply for MyCover Funeral

Option 1: Apply Online (Easiest)

• Download the Nedbank Money app or visit Nedbank Online Banking
• Look for “Insurance” then “MyCover Funeral”
• Choose your cover amounts and family members
• Set up your debit order payment
• Get 5% discount for applying online

Option 2: Visit a Nedbank Branch

• Take your ID document
• Take proof of income (payslip or bank statement)
• Take ID copies of family members you want to cover
• Speak to a consultant about your options

Option 3: Call Nedbank Insurance

Phone: 0860 333 111

Making Claims: What Your Family Needs to Know

When someone covered dies, your family must:

Step 1: Contact Nedbank within 180 days

• Call 0800 333 111 (24 hours)
• Or submit a claim on the Money app

Step 2: Gather these documents:

• Death certificate (from Department of Home Affairs)
• ID copy of the person who died
• ID copy of the person claiming
• Proof of relationship (birth certificate, marriage certificate)
• Bank account details for payment
• If unnatural death: police report

Step 3: Wait for payment (usually within 24 hours)

⚠️ Important: Waiting Periods

Natural Death: 6-month waiting period from when your policy starts.

Accidental Death: No waiting period – covered immediately.

This means if someone dies from illness or old age in the first 6 months, there’s no payout. But if someone dies in an accident, the payout happens immediately.

🚨 Risks & Things to Watch Out For

Policy Exclusions (When They Won’t Pay):

• Suicide in the first 12 months
• Death while committing a crime
• Death due to war or terrorism
• Death while driving drunk or on drugs
• Pre-existing medical conditions you didn’t tell them about

Other Important Rules:

• Maximum total payout across all funeral policies is R100,000
• If you stop paying premiums, your cover is reduced or cancelled
• If you travel outside South Africa for more than 3 months, tell Nedbank
• All information you give must be truthful

Watch Out for Scams:

• Only apply through official Nedbank channels
• Never pay cash to door-to-door salespeople
• Don’t give your banking details to unverified callers
• Be suspicious of “too good to be true” offers

Other Funeral Insurance Options to Consider

Other Banks:

• Capitec Funeral Plan: From R25/month, up to R100,000 cover
• FNB Funeral Cover: Various options available
• ABSA Life Plan: Funeral and life insurance combined
• Standard Bank Funeral Cover: Competitive rates

Other Options:

• Old Mutual Funeral Cover: Established insurance company
• Metropolitan Funeral Plans: Various packages
• Burial Societies: Community-based savings groups
• Stokvels: Traditional savings clubs

✅ How to Pay Your Premiums

Automatic Payment (Recommended):

• Debit order from your bank account
• Get extra discount if using Nedbank account
• Never miss a payment

Manual Payment Options:

• At Nedbank ATMs
• At Nedbank branches
• At participating retailers (Pick n Pay, Shoprite, etc.)
• Through MobiMoney wallet

🎁 Special Benefits & Bonuses

• Premium Bonus: Get a bonus every 12 months if you don’t make claims
• Flexible Payments: Pay partial premiums if you’re struggling financially
• Grace Period: 31 days to pay if you miss a payment
• Free Transport: Free transport of deceased to funeral home
• Grocery Voucher: R1,000 grocery voucher when using transport service
• Monthly Income Option: Set up R500-R2,500 monthly income for family after death
• Stillborn Cover: 12.5% of main member’s cover for stillborn babies

Nedbank MyCover Funeral Plan is a solid choice for South African families who want reliable funeral insurance from a trusted bank. The 30-minute claim payment is impressive, and the flexible family coverage options make it practical for most households.

Best for: People who want simple, no-medical-test funeral insurance with fast payouts and the security of banking with one of the Big 4 banks.

Consider alternatives if: You want cheaper options (check Capitec), need higher coverage amounts, or prefer community-based burial societies.

Action step: Get quotes from at least 3 providers before deciding. Apply online through the Money app for the best discounts.