As healthcare costs soar and access to medical cover remains limited for most Zimbabweans, funeral insurance has emerged as the country’s most widely held financial protection product — outpacing health insurance by a significant margin.

Recent data and field reporting reveal that millions of Zimbabweans are prioritising preparations for death over preparing for sickness, driven by affordability, deep-rooted cultural values and the collapse of quality healthcare services.

Funeral Cover Outpaces Health Insurance

In Zimbabwe today, funeral insurance has become the dominant financial product, with entry-level policies available for as little as US$0.75 to US$1 per month, while private medical insurance premiums can average around US$200 per month — a prohibitively high level for most households.

Approximately 90 percent of Zimbabwe’s population — an estimated 16 million people — lack health insurance and pay medical costs out of pocket, according to the latest figures from the Zimbabwe National Statistics Agency.

“Funerals are immediate, unavoidable events that come with significant financial and communal expectations,” said a spokesperson from one of the country’s funeral services providers. “In contrast, comprehensive medical aid remains limited due to affordability challenges and unpredictable out-of-pocket costs.”

Economic Realities and Cultural Priorities

Zimbabwe’s public health system continues to struggle under chronic underfunding, staff shortages and limited drug supplies — conditions that have eroded public confidence in state-run facilities and private health coverage alike. Many Zimbabweans only seek medical care when absolutely necessary, often waiting until a crisis has already worsened.

By contrast, funeral insurance offers predictable premiums and guaranteed service delivery at the time of death — a major consideration in a society where dignified burial rites hold strong cultural significance. Funeral costs can range from US$800 to US$3,000 depending on services and attendance, making planning essential for many families.

Human Cost Behind the Statistics

The story of Steward Ganda, a 60-year-old Harare resident who lacked health cover but maintained funeral insurance, encapsulates the difficult choices facing Zimbabwean families. While Ganda could not afford treatment for a serious illness, his funeral costs were covered by his policy with a leading funeral services company.

“We couldn’t raise the amount needed for his treatment,” said his nephew, highlighting the stark reality that many face: substantial healthcare costs with no safety net, but affordable funeral cover that guarantees support when death occurs.

Industry Trends and Regulatory Focus

Industry data show that funeral assurance now accounts for the majority of life assurance revenue in Zimbabwe, with major players like Nyaradzo Group capturing a significant share of the market.

Regulators have also taken note. The Insurance and Pensions Commission (IPEC) has urged stricter compliance with industry directives and is reviewing product offerings, particularly as annually renewable policies — common in funeral assurance — come under scrutiny for their long-term value to policyholders.

Looking Ahead

While Zimbabwe plans to roll out a national health insurance scheme later this year aimed at expanding access to healthcare for all, experts say broader economic stability and increased public awareness of health cover’s benefits will be crucial to balance the current focus on funeral insurance.

For now, millions continue to confront the difficult choice between covering life’s unpredictable health risks and ensuring that death does not plunge families into financial hardship.