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A life insurance quote is the first step to buying cover

23 November 2020
2 minute read

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Interested in buying life insurance? The first step is to get an insurance quote that will tell you how much life cover will cost. Your quote is unique to you because it is based on your personal details such as your age and gender and health. An insurance quote is an indication of how much you would pay for life cover, not anyone else.

You know how important life insurance is. It can provide for your family if you are no longer around and can be used for things such as your children’s education or to pay off a home loan.

We know that life insurance is a long-term commitment, so we want you to be happy with the amount and type of life cover you have chosen. That’s why life insurers will always give you an insurance quote before you buy so you can decide if the cover is right for you. Remember, you can change your sum assured or add other benefits such as dread disease cover if you are not happy. When you are happy with the cover and premium, you are ready to apply for an insurance policy.

How do I get a life insurance policy?
Find an insurance company who offers life insurance. They must be registered with the Financial Sector Conduct Authority as an authorised financial services provider (FSP).

Where can I get insurance quotes?
To apply for a life insurance quote, you can search online for life insurers in South Africa, ask your financial advisor or visit an aggregator site that lists a variety of insurers.

Get insurance quotes online
You can get a quote online on most insurers’ websites. It’s easy and can be done in a few minutes. All you have to do is answer a few questions and decide how much cover you want.

Information you need to provide
Your gender, age, and education details such as matric or a degree, whether or not you smoke and what you earn. You may also need to give details of your occupation and how much you travel.

What’s on a life insurance quote
The sum assured, any other benefits such as dread disease and the monthly premium you will pay. Make sure the name of the company is listed as well as their FSP number.

Quotes are not final offers
Quotes are only an indication of what you will pay for a sum assured based on limited information about you and your health. When you buy your policy, you will be asked to provide more information, which underwriters will use to assess your risk and provide you with a final premium.

How can I get insurance online?
Visit insurers sites to see if they offer you facilities to buy online. It is worth finding out if your insurer offers discounts if you buy your life cover policy online.

How insurance applications are assessed
Underwriters go through all your answers to the various questions asked, such as health or lifestyle and assess your risk based on these.  Once all the details on your application are considered, the premium is calculated against the cover you want.

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