Nedbank expands funeral cover to extended families

Nedbank Insurance Namibia has introduced a new funeral insurance product that allows policyholders to insure up to 29 family members and domestic workers under a single policy, thereby broadening funeral cover beyond the traditional nuclear family.

The launch comes as many Namibian households continue to support extended family members, making funeral costs a shared financial responsibility.

Called MyCover Funeral, the product enables clients to cover immediate family members as well as relatives such as aunts, uncles and cousins. Domestic workers can also be included, bringing the total number of lives covered under one policy to 30, including the policyholder.

Nedbank Insurance Namibia head of client solutions Allan Johnson said the product was developed to better match the structure of Namibian families.

“Our aim is to make insurance simpler, more accessible and more responsive to the needs of the families and communities we serve,” he said. The company said customers will be able to choose benefit levels and payment options that suit their budgets. The policy also includes features such as premium-free months under certain conditions, an optional cashback benefit and flexibility for missed premium payments, subject to the policy terms. The launch is also the first product to be introduced on Nedbank Insurance Namibia’s new policy administration platform, developed as part of a business transformation programme that started in 2024.

According to Nedbank Insurance chairperson Koos du Toit, the company invested in new digital systems to improve customer service and make it easier to introduce new insurance products.

“We needed modern infrastructure that supports innovation, scalability and efficiency,” he said. The launch also marks the adoption of Nedbank Insurance Namibia as the business’s new trading name. Nedbank Insurance executive Biniam Ghirmatsion said the new platform will improve policy administration, speed up customer service and support the development of future insurance products. He said the company designed MyCover Funeral after consulting clients, financial advisers and business partners to better understand what Namibian families need from funeral insurance.

The insurer said it plans to use the new digital platform to introduce more insurance products as customer needs continue to evolve. Funeral insurance is one of the most widely used insurance products in Namibia because families often carry the cost of burying relatives.

By allowing policyholders to ensure extended family members and domestic workers under one policy, Nedbank is targeting households that support larger family networks while also strengthening its position in Namibia’s competitive funeral insurance market.

-pmukokobi@nepc.com.na

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