SAQA All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.
SOUTH AFRICAN QUALIFICATIONS AUTHORITY 
REGISTERED UNIT STANDARD: 

Describe funeral insurance 
SAQA US ID UNIT STANDARD TITLE
114956  Describe funeral insurance 
ORIGINATOR
SGB Insurance and Investment 
PRIMARY OR DELEGATED QUALITY ASSURANCE FUNCTIONARY
-  
FIELD SUBFIELD
Field 03 - Business, Commerce and Management Studies Finance, Economics and Accounting 
ABET BAND UNIT STANDARD TYPE PRE-2009 NQF LEVEL NQF LEVEL CREDITS
Undefined  Regular  Level 3  NQF Level 03 
REGISTRATION STATUS REGISTRATION START DATE REGISTRATION END DATE SAQA DECISION NUMBER
Reregistered  2018-07-01  2023-06-30  SAQA 06120/18 
LAST DATE FOR ENROLMENT LAST DATE FOR ACHIEVEMENT
2024-06-30   2027-06-30  

In all of the tables in this document, both the pre-2009 NQF Level and the NQF Level is shown. In the text (purpose statements, qualification rules, etc), any references to NQF Levels are to the pre-2009 levels unless specifically stated otherwise.  

This unit standard replaces: 
US ID Unit Standard Title Pre-2009 NQF Level NQF Level Credits Replacement Status
8995  Describe funeral insurance  Level 3  NQF Level 03  Complete 

PURPOSE OF THE UNIT STANDARD 
This unit standard provides a broad introduction to funeral policies and burial societies as part of financial planning.

The qualifying learner is capable of:
  • Explaining the concept of funeral insurance.
  • Identifying different funeral benefits related to funeral insurance and burial societies.
  • Identifying funeral insurance as part of financial planning.
  • Applying knowledge of customer profiles and risk to funeral insurance. 

  • LEARNING ASSUMED TO BE IN PLACE AND RECOGNITION OF PRIOR LEARNING 
    Learners should be competent in Communication and Mathematical Literacy at NQF Level 2. 

    UNIT STANDARD RANGE 
    The typical scope of this unit standard is:
  • Funeral policies and funeral insurance.
  • Procedure after a death includes death certificate, policy paid to date and notification of death in specified time. 

  • Specific Outcomes and Assessment Criteria: 

    SPECIFIC OUTCOME 1 
    Explain the concept of funeral insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The purpose of having funeral insurance is explained with reference to the advantages and disadvantages. 

    ASSESSMENT CRITERION 2 
    Basic terms associated with funeral insurance such as cover, benefits, contributions, claims and funeral support benefit are explained with reference to a specific policy. 

    ASSESSMENT CRITERION 3 
    The tax benefits of a funeral policy are explained for three different tax groups and premiums. 

    ASSESSMENT CRITERION 4 
    The role of the intermediary in marketing a funeral policy is outlined with reference to compliance with appropriate legislation when selling a policy. 

    ASSESSMENT CRITERION 5 
    The reason for a waiting period before funeral cover commences is explained and an indication is given of exceptions to the waiting period. 

    SPECIFIC OUTCOME 2 
    Identify different funeral benefits related to funeral insurance and burial societies. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The immediate costs that have to be considered when someone passes away are listed and an indication is given of the likely cost of each item on the list for own circumstances. 

    ASSESSMENT CRITERION 2 
    The different benefits offered in funeral policies are named and compared for two different policies. 

    ASSESSMENT CRITERION 3 
    The benefits of belonging to a burial society are explained and an indication is given of the role of burial societies in the community. 

    ASSESSMENT CRITERION 4 
    The risk attached to having, or not having funeral cover is compared with reference to the consequences for a family. 

    ASSESSMENT CRITERION 5 
    The role of funeral insurance is compared to the role of a burial society. 

    SPECIFIC OUTCOME 3 
    Recognise funeral insurance as part of financial planning. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    The impact of age on policy premiums is explained with reference to actual examples. 

    ASSESSMENT CRITERION 2 
    The concept of life expectation is explained using a graph to illustrate the underlying principles. 

    ASSESSMENT CRITERION 3 
    A premium is calculated for a specific policy using a calculator. 

    ASSESSMENT CRITERION 4 
    The procedure to be followed by the family when a relative covered by a funeral policy passes away is outlined and an explanation is given of the consequences of not following the correct procedure. 

    SPECIFIC OUTCOME 4 
    Apply knowledge of customer profiles and risk to funeral insurance. 

    ASSESSMENT CRITERIA
     

    ASSESSMENT CRITERION 1 
    Questions are formulated and used to establish a basic customer profile. 

    ASSESSMENT CRITERION 2 
    The risk category most likely to apply to the customer is identified and matched to the customer profile for two different funeral policies. 

    ASSESSMENT CRITERION 3 
    Possible funeral funding options are presented for the customer profile. 

    ASSESSMENT CRITERION 4 
    An explanation is given as to why funeral policies pay out more in the case of the death of an adult than they do for a child. 


    UNIT STANDARD ACCREDITATION AND MODERATION OPTIONS 
    This Unit Standard will be internally assessed by the provider and moderated by a moderator registered by a relevant accredited ETQA or an ETQA that has a Memorandum of Understanding with the relevant accredited ETQA. 

    UNIT STANDARD ESSENTIAL EMBEDDED KNOWLEDGE 
    N/A 

    UNIT STANDARD DEVELOPMENTAL OUTCOME 
    N/A 

    UNIT STANDARD LINKAGES 
    N/A 


    Critical Cross-field Outcomes (CCFO): 

    UNIT STANDARD CCFO IDENTIFYING 
    Learners can identify and solve problems by listing potential costs at the time of a death and indicating the likely cost of each item for own circumstances. 

    UNIT STANDARD CCFO COLLECTING 
    Learners can collect, organise and evaluate information when naming and comparing the different benefits offered in two different policies. 

    UNIT STANDARD CCFO COMMUNICATING 
    Learners can communicate effectively when presenting and explaining the tax free benefits of a funeral policy for three different monthly premiums. 

    UNIT STANDARD ASSESSOR CRITERIA 
    N/A 

    REREGISTRATION HISTORY 
    As per the SAQA Board decision/s at that time, this unit standard was Reregistered in 2012; 2015. 

    UNIT STANDARD NOTES 
    This unit standard replaces unit standard 8995, "Describe funeral insurance", Level 3, 2 Credits. 

    QUALIFICATIONS UTILISING THIS UNIT STANDARD: 
      ID QUALIFICATION TITLE PRE-2009 NQF LEVEL NQF LEVEL STATUS END DATE PRIMARY OR DELEGATED QA FUNCTIONARY
    Elective  48783   National Certificate: Financial Services  Level 2  NQF Level 02  Reregistered  2023-06-30  INSETA 
    Elective  48494   National Certificate: Financial Services Management  Level 3  NQF Level 03  Passed the End Date -
    Status was "Reregistered" 
    2012-06-30  INSETA 
    Elective  49649   Further Education and Training Certificate: Long-term Insurance  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  49529   Further Education and Training Certificate: Long-Term Risk Assessment  Level 4  NQF Level 04  Reregistered  2023-06-30  INSETA 
    Elective  66613   Further Education and Training Certificate: Wealth Management  Level 4  NQF Level 04  Reregistered  2021-06-30  As per Learning Programmes recorded against this Qual 


    PROVIDERS CURRENTLY ACCREDITED TO OFFER THIS UNIT STANDARD: 
    This information shows the current accreditations (i.e. those not past their accreditation end dates), and is the most complete record available to SAQA as of today. Some Primary or Delegated Quality Assurance Functionaries have a lag in their recording systems for provider accreditation, in turn leading to a lag in notifying SAQA of all the providers that they have accredited to offer qualifications and unit standards, as well as any extensions to accreditation end dates. The relevant Primary or Delegated Quality Assurance Functionary should be notified if a record appears to be missing from here.
     
    1. African Resources & Financial Training (Pty) Ltd 
    2. ALCARI 233 CC T/A ALCARI (Eversdal)(TP) 
    3. CKP Development Agency (Pty) Ltd. 
    4. De Vries Management & Training Services cc 
    5. DSBI (Pty) Ltd 
    6. Faisit (Pty) Ltd 
    7. Intec College 
    8. Invuya Institute of Learning (Pty) Ltd 
    9. Masifunde Training Centre (Pty) Ltd 
    10. Old Mutual Life Assurance Company South Africa 
    11. Ray Strodl Consulting (Pty) Ltd 
    12. Sanlam Life Insurance Ltd 
    13. Sanlam Life Insurance Ltd. 
    14. The Institute of Health Risk Managers (Pty) Ltd 
    15. Umfolozi FET College - Central Office 



    All qualifications and part qualifications registered on the National Qualifications Framework are public property. Thus the only payment that can be made for them is for service and reproduction. It is illegal to sell this material for profit. If the material is reproduced or quoted, the South African Qualifications Authority (SAQA) should be acknowledged as the source.