Africa First FS is a subsidiary of Magoba Risk Solutions Group that focuses on providing financial products to the South African market and is registered Financial Services Provider. This company will initially focus on providing simplified funeral covers and may expand to other products.
Africa First FS provides a standard funeral plan to South African residents. Death occurs mostly at unexpected times and those that are left shouldn’t have to worry about ever increasing funeral cost but rather devote their energy in the grieving process.
The standard plan from Africa First FS;
- The plan is a family plan meaning no extended family members are covered
- Principal and a spouse are covered for R15 000
- Children under 5 years are covered for R3 000
- Children under 21 years but over 5 years are covered for R6 000
- Biological parents of the Principal member are covered for R10 000
- Member receives 20% of premiums back if policy has been in-force for at least 5 years and at least 60 premiums have been paid
- Members whose policy is in arrears by more than 3 months but less than 6 months may qualify for 50% of the relevant benefit in the event of death
- Members whose policy is in arrears by 3 may qualify for 60% of the relevant benefit in the event of death
- Waiting period for all members is 6 months
To be eligible for this funeral plan benefit, parents must be under the age of 75 at the time inception.
