Standard Bank Insurance has reported changes to its funeral policy customers, over the past three years. Prior to COVID-19, the average age of funeral policy holders was between 45 and 55 years of age. This has now come down about ten years, to sit between 35 and 45 years of age. Additionally, the insurer has seen a shift in customer focus, to a desire for greater flexibility and affordability. This comes due to tough economic times, as well as younger customers extending funeral cover to parents and extended family members that they are supporting financially.
