Money & claims
Cash Back Funeral Cover
By FuneralZA editorial team · 7 min read · Updated 30 September 2026
- Published examples
- 10% to 20% of premiums at set intervals; Discovery Classic up to 100% at age 65
- Usual condition
- Policy kept active, and on some plans no claim in the period
- Grace period
- Monthly cover stays in force for 15 days after a missed premium
- No cash back
- Affinity Funeral says it has no cash-back option
Cash back funeral cover pays part of your premiums back to you while you are alive, usually after a set number of years. The percentage, the timing and the conditions differ by provider. Some pay every few years even if you claim, some pay only if you are claim-free, and some are optional add-ons that raise the premium.
This guide sets out what providers publish about cash back, shows how to judge whether it beats a plain policy, and explains how it differs from premium refunds. We are independent and do not sell cover. The details were checked on 30 September 2026, so confirm the current terms with the provider.
How cash back works
With cash back the insurer returns a portion of the premiums you have paid, as a lump sum to you, after a qualifying period. It is funded by your premiums, so the plan costs more than a similar plan without it. Three patterns appear in the published terms:
- A percentage of premiums back at set intervals, for example 10% every 5 years.
- A month of premiums back each year, on plans that count each year separately.
- Premium payback on death, where the beneficiary gets the cover plus the premiums paid. That is a different benefit, covered further down.
Cash-back terms published by providers
Every row comes from the provider's own published terms. Where the page does not say more, ask for the full policy wording.
| Provider | What comes back | When | Conditions and notes |
|---|---|---|---|
| Assupol | Cashback benefit | Every four years, even if you claim; the claims page says after three or four years depending on the policy | Optional on Absolute Advantage and Excellence Family |
| AVBOB Cashback Funeral Cover | Cash | For every five consecutive claim-free years | Special non-guaranteed bonuses may also be paid from time to time |
| Discovery Classic | One month's premiums back, and up to 100% of premiums in cash | Each year; the larger CashBack is paid at the later of age 65 or 10 years after the benefit starts | Classic Max also returns one month's premiums a year |
| Liberty | 10% of premiums | Every 5 years | Cash Back Bonus is an optional benefit at additional cost |
| Metropolitan | 12.5% of premiums | After the first 24 months, then every 36 months | Optional add-on |
| Nedbank | 20% of premiums paid | Over 3 years | Family and build-your-own plans, if the policy does not lapse. The individual plan has a premium bonus every 12 months if there was no claim in the previous 11 months |
| Sanlam | 10% of premiums (digital plan); cash back (adviser plan) | After 3 years on the digital plan; every three years on the adviser plan | Adviser plan pays while you keep paying premiums |
| Standard Bank | 10% of premiums paid | Every 5 years, whether or not you claim | Optional |
| Icebolethu Care Silver | 10% of premiums | If there is no claim over 5 years | Cash back benefit on the plan page |
| Shoprite Money Market (OUTsurance) | One month's premium (OUTbonus) | For every 12 premiums paid | Sold in store at Money Market counters |
| Clientele Ultimate Dignity | Half of premiums, in cash | At 65, if the policy is taken before age 50 (page text) | Premium Pay Back also pays premiums on death |
Affinity Funeral says it has no cash-back option.
Read the conditions before you rely on it
The same headline can hide very different rules. Ask these questions.
- Is it paid only if you have not claimed, or even if you claim? Standard Bank and Assupol pay whether or not you claim, while AVBOB and Icebolethu need a claim-free period.
- Does the policy have to stay active the whole time? Nedbank's cash back depends on the policy not lapsing, and Sanlam's adviser plan pays while you keep paying premiums.
- Is it built in or an optional add-on? On Liberty, Metropolitan and Standard Bank it is an optional benefit, and Liberty says its optional benefits cost extra.
- Is it guaranteed? AVBOB's bonuses are described as non-guaranteed and paid from time to time.
- What is the percentage applied to: the premiums you paid, or the cover?
Is it worth the higher premium?
Get two quotes from the same provider for the same cover, one with cash back and one without. Multiply the difference by twelve and by the number of years in the qualifying period. Then compare that total with the cash back you would receive if you meet every condition. If the two are close, you are mostly saving your own money with the insurer, and you also carry the risk of losing it if you lapse or claim in the wrong window.
A plain policy plus your own savings account keeps the money under your control, but it takes discipline. Cash back works mainly as a forced saving habit.
Premium payback and refunds are different
Several plans give money back in ways that are not cash back.
- Premium payback on death. Clientele's Ultimate Dignity Plan pays the beneficiaries the full cover plus all premiums paid for the deceased member. Finchoice refunds premiums paid over the life of the policy on top of the benefit when the policyholder dies, if no premiums were missed. Extended family and parents' premiums are excluded.
- Refund inside the waiting period. Old Mutual's money back guarantee, Liberty and Standard Bank return premiums if a natural death falls inside the waiting period.
These protect the family. They do not put money in your pocket while you are alive.
Keep the policy paid up
Cash back only pays if the policy stays in force. If a monthly premium is missed, the insurer must notify you within 15 days, and the cover must stay in force for 15 days after the due date. After that the policy can lapse. Some providers let you pause instead of lapsing: Sanlam's digital plan offers a premium break after 12 premiums, Metropolitan lets you skip premiums, and Old Mutual allows up to six missed premiums through premium holidays. Ask how a pause affects the cash-back clock.
Premiums also rise each year. FNB says its premiums increase 8% a year, and Clientele says its premiums escalate by 10%. A cash-back percentage applies to the higher premiums you actually pay.
Who cash back suits
Cash back suits people with a steady budget who like a forced saving habit and will keep the policy active for the whole qualifying period. If money is tight and you might miss premiums, the higher premium and the conditions can work against you, and a low-cost plain policy may serve you better. See best funeral cover in South Africa and compare funeral cover for other ways to weigh a plan.
Frequently asked questions
How does cash back funeral cover work?
You pay a higher premium, and after a qualifying period the insurer pays back part of the premiums you have paid, provided you meet the conditions. The percentage and timing differ by provider.
Which providers offer cash back funeral cover?
Assupol, AVBOB, Discovery, Liberty, Metropolitan, Nedbank, Sanlam, Standard Bank, Icebolethu, Shoprite's OUTsurance cover and Clientele all publish a form of cash back or premium payback. Affinity Funeral says it has none.
Is cash back funeral cover worth it?
It depends on the extra premium and the conditions. Compare the extra you pay over the qualifying period with the cash back you would get. If they are close, you are mostly saving your own money.
Do I still get cash back if I make a claim?
On Standard Bank's optional cashback and Assupol's Cashback benefit, yes. AVBOB and Icebolethu require a claim-free period. Check the terms on your plan.
What cancels the cash back?
Usually letting the policy lapse, and on some plans a claim in the qualifying period. Nedbank's cash back requires that the policy does not lapse.
Is a plain policy plus savings better?
It can be, especially if you might miss premiums. A cheaper plain policy plus your own savings gives flexibility, while cash back gives forced discipline.
Is premium payback the same as cash back?
No. Premium payback on death, such as Clientele's Ultimate Dignity Plan, pays the beneficiaries the premiums on top of the cover. Cash back pays you while you are alive.
