Life Insurance

What is life insurance?

Life insurance helps you secure your family’s financial future and build generational wealth. A life insurance pay-out can be used to pay off your home loan, cover living expenses and even pay for your children’s schooling. Each policy pays out a tax-free lump sum in cash to nominated beneficiaries in the event of the life assured’s death. With a life insurance policy your family will not only be taken care of, but they will also have the funds they need to thrive and secure the family home, get a tertiary education and even start their own business. Now that’s wealth building! On this page you will learn everything you need to know about life insurance and how you can use it to create generational wealth for your family.

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What is the best life insurance in South Africa?

Choosing a life insurance provider is a bit like choosing a life partner. It’s a long-term relationship so trust, reliability and suitability are important. In South Africa, we’re fortunate to have many world-class companies offering a variety of life insurance products. However, there are many things to consider when choosing the best provider to help you grow your family’s generational wealth.

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Honesty pays when applying for life insurance

Imagine paying your life insurance premiums month in, month out, only to have your claim rejected or your pay-out reduced because you failed to disclose important information to your insurer. With life insurance, honesty really is the best and only policy, every step of the way. Read these top tips to avoid reduced or rejected claims.

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How is life insurance calculated?

Life insurance is a risk product and the amount of cover (sum assured) that you qualify for as well as what this cover will cost, depends on several factors. Some of these include what you can afford, how much cover you already have, the cover amount that you choose, as well as your risk profile, which includes your age, health, lifestyle, hobbies and occupation. The higher your risk, the more expensive your premiums will be.

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When to increase life insurance

Life insurance premiums increase annually, but this doesn’t mean your sum assured (the amount of life insurance that you have purchased) increases too. This means that if you don’t increase your sum assured your family might not have enough cover when the time comes to claim. It’s a good idea to review your cover amount regularly, for example when your income increases or you get married.

Life insurance calculators

Having life insurance is essential, but real peace of mind only comes in making well-informed choices to ensure you have provided enough financial protection and support for your loved ones when you pass. This means knowing that the pay-out will be sufficient to pay off your debt, cover your family’s living and education expenses, and leave a legacy of generational wealth too. If you are trying to figure out how much cover you need or could qualify for, there are several approaches you can take, from rule of thumb estimates to online calculators.

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Get a life insurance quote

Everyone deserves the peace of mind that comes with having life insurance, but many of us think it’s not affordable. It can also be quite daunting to work out where to start and how to go about exploring your options. The good news is that you can get the advice and support you deserve right here. Learn more about how to work out how much cover you need before sourcing comparative quotes from reputable providers and choosing a product that is best suited to your budget and your needs.

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Life insurance that matches your life stage

Wherever you’re at in your life journey, and whatever your unique circumstances might be, it’s never too soon or too late to take out life insurance. But everyone is different, and the amount of cover you need will depend on your life stage. From single to married with kids and empty nesters we’ve got the advice you need to secure your family’s financial future.

What happens if you cancel life insurance?

It’s tempting to cancel your life insurance policy when your budget is stretched to the limit. But without life insurance your family is left without the financial protection they need if you pass away. Find out what happens when you cancel a policy and rather how you can reduce your premiums to suit your needs and your budget.

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Life insurance claims submission process

When you pass away, the responsibility to submit a life insurance claim will fall to your nominated beneficiary/ies. You made the life changing decision to take out a life insurance policy but do your beneficiaries know that you have a life policy and how to make a claim if you pass away?

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