Secure your children’s future with life cover

4 January 2024
4 minute read

The future doesn’t have to be uncertain! You may not know what lies ahead for your children, but you can secure and protect your child’s future by taking out life insurance. Think of your life insurance policy as your family life insurance – a policy that will protect your family financially when you are no longer around to provide for them.

Protecting your child’s future with life cover

A payout from a life cover policy can be used to cover the costs of your children's basic needs such as food, transport, clothing and education. The lump sum amount paid from a valid claim can also be invested, so that it lasts for many years. It should be a sense of comfort to know that financially your children and family’s needs can be taken care of by the pay-out from your life insurance policy. Life insurance for parents doesn’t only give your loved ones peace of mind if you pass, it also gives them more confidence and certainty about their future.

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Top tip: When you name a beneficiary on a life policy you should name a person who is over the age of 18, such as a spouse or grandparent, as children under the age of 18 cannot take possession of the insurance policy proceeds until they turn 18 years.

Questions to ask before you take out life cover

Before taking out your life insurance policy, and to make sure you select the most appropriate cover for you and your family, we’ve identified four questions to ask!

How do I take out a life policy?

You will need to select a licensed insurer, select a certain amount of cover, as per your and your family’s needs, such as R500 000, answer all questions on the application form honestly, leaving nothing out, and take any medical checks the insurer requests such as an HIV test. You should receive a quote, so you know how much your cover will cost each month. When the policy is accepted by you and the insurance company, you will receive policy documents.

How do I know the insurer is licensed?

Visit the Financial Sector Conduct Authority's website to make sure the insurer you choose is licensed. Licensed insurers have to follow certain rules and regulations that protect policyholders and pay all valid claims.

Will I understand my policy documents?

Yes. These should be in plain English so that they are easy to understand. Have a read through your documents and contact your insurer if anything is unclear or you need the terms explained.

When are life insurance claims paid?

Reputable insurers will pay valid claims when the life assured dies and if all the terms and conditions of the policy are met. You need to ensure that you’re paying your premiums when they are due and disclose any health conditions as requested on the application forms upfront, as well as any changes to your risk, as it may happen, such as starting smoking.

Well over 90% of life insurance claims, are paid in South Africa each year, which is billions of rands. These payments give financial security to those who have lost a loved one and family breadwinner. However, insurance is a contract so if the terms and conditions have not been met, such as you have not paid premiums, or you have not disclosed that you have a serious illness, a claim can be declined or reduced.

Understanding the concerns of tech-savvy parents

When you are happy your insurer meets your basic requirements, you should look for an insurer who is tech savvy, just like you! Check if you can get quotes and buy your cover online and that the insurer has online policy management tools, where you can view and update policy details, when and where it is convenient for you.

Top tip: Buy your life insurance online from 1Life Insurance in minutes and you’ll save up to 13% on your monthly premiums!

How 1Life Insurance makes insurance simple, convenient and affordable

1Life Insurance is a licenced financial services provider and has been the leading direct life insurer for 11 years in a row. 1Life offers convenient, straightforward policies that can be tailored to suit your needs and budget and that you can take out without any medicals, except an HIV test, or paperwork!  You can also manage your 1Life policy online on the policyholder services portal, and on your smartphone using the 1Life WhatsApp service centre. 1Life Insurance makes insurance easy to understand, buy and manage!  

A note on child life insurance

One thing you can do to protect your children's future is to make sure they are provided for financially if you are no longer around by taking out a life insurance policy. However, you cannot take out life insurance on your child’s life as the life assured has to be over 18 years old.

Your family life insurance is your way of protecting your children’s futures

Your life insurance policy will be there for your children when you are not. Without it, they may not be able to get the education they need and want, or they might face financial hardship. Remember life insurance changes lives so make sure your loved ones are taken care of!

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