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The best life cover in South Africa

1 April 2022
5 minute read
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Making the decision to buy a life insurance policy is a small step you can take to protect your family from financial distress if you pass on. Your life cover can provide for your family when you cannot, which is an important part of building your family’s generational wealth. But how do you decide which life insurer offers the best life insurance in South Africa?

Best Life cover options in South Africa

All life insurance policies will offer you an amount of life cover, known as a sum assured, that pays out to a beneficiary or beneficiaries upon the death of the life assured. But not all life insurance policies are the same! Life insurance policies come in many different shapes and sizes from different companies, with different benefits.

What should I look for to find the best life insurance?

You need to look for a policy that offers you the amount of cover you need, is flexible, easy to manage and easy to claim on, and has benefits you will use.

Flexible policies change as your life changes

From young and single, to married with your first child, your life and your insurance needs change. Your life cover needs to be flexible so that you can meet these changing needs. 1Life makes it convenient and easy for you to change your policy so that it continues to meet your needs as your life changes. 1Life’s Guaranteed Assurability benefit, for example, allows you to increase your cover when your life changes – for example if you get married or have children – as well as on every third policy anniversary. Most importantly, it means you can increase your cover, by a certain percentage, without any additional underwriting! 

Life cover that's easy to manage

You also need a policy that is easy to manage, preferably in your own time at your own convenience. You need to be able to view your policy details online and change details such as your beneficiaries and contact details. 1Life’s WhatsApp service centre and online policyholder portal allow you to do this with a quick, secure login. Changes are made in real time, so you can immediately see if your new policy details are correct!

Life cover that's easy to claim

This is the true test of any insurance policy: Does it pay valid claims quickly? 1Life pays claims as quickly as possible, with no delays for valid claims where all the documentation, such as a death certificate, have been received. We’ve also made it easy to claim, by providing a how to claim guide to help your beneficiary or beneficiaries claim and automating as much of the process as possible to speed up your claim.

What else should a good life insurance policy offer?

In addition to cover, policies may also offer other benefits. For example, 1Life policyholders also have access to a free financial education course from Truth About Money. This course helps you learn, in your own time, good money management skills! In addition, 1Life policyholders have access to a free legal assistance benefit that will help draft wills and offer legal advice for family, civil, criminal and labour matters. And there is help to manage your debts with Truth About Money’s debt management services. These benefits help you become more financially aware and manage your money, and debt, well! You can also read our blogs for smart money saving and management tips!

Get the best life insurance policy

How can you tell if you have a good life insurance policy? Look for the insurer's track record and make sure they are authorised by the regulatory authority to sell insurance. Also look at customer satisfaction surveys to see how customers feel about their insurer!

Your insurer must be registered with the Financial Sector Conduct Authority as an authorised financial services provider (FSP). They should also have a good track record in the industry. 1Life Insurance has been a registered insurer since 2006 and in 2021 maintained its position as South Africa’s leading direct life insurer, with the largest market share, for the 10th consecutive year in the annual Swiss Re Individual Risk Market New Business Volume survey.

Cover you need, benefits you will use

When your policy offers you the cover you need with additional features that can save you money and offers great benefits, and is from a reputable insurer, you know you have a good life insurance policy.

We answer your questions about our products and services!

How do I determine the amount of life cover I need for my insurance policy?

You would need to spend time calculating what your total debts and assets are as well as what you want covered and for what period, such as schooling, your home and a lifestyle that your family is accustomed to. The amount will more than likely be overwhelming but it is important to consider covering at least some of it and ensuring that your family can manage any changes to finances when you pass.

What factors should I consider when choosing a life insurance policy in South Africa?

When considering a life insurance policy in South Africa you should first and foremost consider dealing with a reputable company that is regulated and authorised to sell long term insurance products such as life cover and one that has a good claims paying record. Thereafter you should look at the benefits associated with the cover, ease of managing your policy and the after sales service you receive.

What is the Guaranteed Assurability benefit & How does it work?

You get a guaranteed assurability benefit with your 1Life Pure Life Cover policy, and it allows for an increase in your sum assured without undergoing any underwriting. Read more by visiting our glossary that covers a plethora of insurance terms.

What online services are available for managing my life insurance policy with 1Life?

Manage your policy 24/7 offering you convenience and allowing for quick access to your policy using our online policyholder portal and WhatsApp service centre.  

How quickly does 1Life process and pay out valid claims, and what documentation is required for a claim?

Visit our claims page for additional information on claims processes with 1Life Insurance. 1Life endeavors to pay valid claims within 24 business hours after received all required documentation. Documents required by 1Life for any claim include death notice, death certificates and a completed claims form as well as additional documentation that will be listed on the claims form. Requirements for documentation depend on the nature of the claim submitted and each claim is handled on an individual basis.

What additional benefits, besides life cover, does 1Life offer to its policyholders?

1Life Insurance offers additional benefits with their 1Life Pure Life Cover policies such as guaranteed assurability and a pay now death benefit to cover immediate expenses such as a funeral. You also get access to Truth About Money, a 1Life initiative that offers free financial education courses as well as services such as debt management and legal services.

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