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Show your life policy some love in the month of love!

13 February 2024
4 minute read
smiling woman on couch

Your 1Life Insurance life policy is a lasting gift of love to your family, helping them financially when you are no longer around. In this month of love, why not celebrate all it offers and make sure that a valid claim is paid quickly by updating these important details!

But first, note that to complete your updates, you'll need your policy documents. If you don't have these on hand, you can view them online on 1Life’s online policyholder services portal. You can also download your policy schedule from our WhatsApp service centre. 

If you've got a question our client services consultants are here to help. Leave your details and we will call you back.

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1. Check that your sum assured will meet your family's needs

Your family can use the pay-out from your life policy to cover their future living expenses – one of the ultimate gifts of love! But, you need to make sure the sum assured is enough.

Ask yourself if it will cover all the costs you need covered such as school fees, transport, housing, food. Think about how your family and lifestyle have changed since you took out your policy, perhaps you have welcomed new family members, and perhaps your lifestyle has improved over the years. All of which may mean you need to review your sum assured to make sure it will meet your family's needs. You can use 1Life Insurance's Life Insurance calculator to help you work out how much cover you need.

Need more cover? Speak to your financial adviser or request a callback from a skilled 1Life Insurance consultant who can assist you and ensure that  your sum assured is enough to take care of your  family.

2. Check your beneficiary, or beneficiaries, details

Your beneficiary, or beneficiaries, will receive the policy pay-out for a valid claim and can use it to ensure your loved ones are provided for. Check that you have nominated a beneficiary who can use the pay-out responsibly for the good of those you love the most!

Don't forget to take care of the details and check the full name, ID number and contact details are correctly reflected on your policy document.

You can update your beneficiary details online or request a call back for assistance from a skilled 1Life Insurance consultant.  

3. Make sure your beneficiary or beneficiaries know how to claim

For a quick and hassle-free claims process, let your beneficiaries know where your policy documents are kept, how to contact your insurer and start the claims process. This will give them one less thing to worry about when you pass.  

You can read about 1Life Insurance's claims process on this website page.

4. Tell your loved ones about your policy

You love your family! Tell them!

Spend a few moments sharing how important your loved ones are to you and how you have made plans to safeguard their future when you pass by having a life insurance policy. The pay-out from a valid claim is paid directly to the nominated beneficiary, so it does not form part of your estate, which means your family can have access to funds soon after your passing without having to wait for a will to be finalised, assets sold or distributed, and debts paid! And, the pay-out from a life insurance policy is tax free.

To ensure all your other assets, such as property and investments, are distributed according to your wishes, you need a valid, updated, signed will. 1Life Insurance policyholders and their spouse can apply for the Truth About Money ‘s Wills & Estate benefit and get a valid will drawn up with the help of an expert. Let your family know where your will is kept so they can access it when the time comes.

Wills can take some time to finalise, usually months and sometimes years. This can be expensive as costs such as estate duty and executor fees have to be paid, which could mean your family incurs expenses while waiting for your assets to be distributed, and that the value of their inheritance is not as much as expected. The 1Life Wills and Estate Plan offers cover for cash shortfalls in your estate, as well as providing for a valid, signed, retrievable will.  

5. Share the love your insurer has for you

Yes, it is true, 1Life Insurance has a whole lot of love for you and your family! We're not just here  to pay your valid life insurance claim quickly - although we love doing this too - We can change your life in other ways as well!

Why not take advantage of these fantastic benefits you and your family can enjoy now:

  • Boost your financial knowledge with a free financial education course from Truth About Money, a 1Life Insurance initiative and get a head start on the road to financial freedom!
  • And, why not make use of 1Life Insurance's financial calculators to work out how you can grow your generational wealth, save for education and vacation, and even become a millionaire!
  • Ensure that your assets are distributed to your loved ones according to your wishes and sign up for the Truth About Money’s Wills & Estate benefit Our experts will draw up a free will for you and your spouse.
  • Finally, if you've got a few legal issues or are too deep in debt, use Truth About Money's legal assistance benefit and debt management services for 1Life Insurance policyholders and ease your legal and financial concerns!

Ready to share the love?

Make sure your life cover policy looks after your family just as you intended. Regular policy updates ensure valid claims are paid quickly and easily. Now go share the love!

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