You take out life insurance on your own life, to give your family financial protection against your death and the loss of your income. The life insurer issues a payment to your nominated beneficiary.
Funeral cover insures you and your immediate or extended family members on the same policy. It pays out when a member dies to cover funeral and related expenses and if you pass, the policy pays out to your nominated beneficiary.
Your family can use your life insurance pay-out to cover daily living expenses, medical bills and school fees, or to pay off debts, like your house or cars. Your family can also use your pay-out to start building generational wealth.
Your premium is calculated based on your sum assured, age, health, occupation and other factors, including whether or not you smoke.
A natural death is caused by illness or old age and not by violence or injury as in the case of accidental death.
Accelerated benefits are amounts paid from the total sum assured. This reduces the total cover amount paid out on the policy by the amount paid out. So for example the Pay now death benefit will pay R25 000 from the total sum assured for funeral expenses and pay the balance of the cover amount at a later date.
If you are diagnosed with a terminal illness and have less than 12 months to live, your life sum assured or cover amount will be paid out in full on a valid claim.
Yes, you can get up to R300 000 cover if you are HIV positive. Your policy will, however, only pay out for accidental and not natural death. No waiting periods apply for accidental death.
Priority Disability Cover pays out up to R300 000 if you are disabled by one of the events detailed in your policybook, for example the loss of a limb or blindness. No medical exams or HIV tests are required. Premiums for events-based disability will only increase on the first policy anniversary and the premium guarantee period is also 12 months.
One of our skilled client services consultants will help you tailor your budget to suit your needs and your budget. Contact us on 0860 10 51 94 or request a call me back from the WhatsApp service centre.
A beneficiary is the person or persons who you nominate to receive the pay-out on your life insurance policy. 1Life allows you to nominate up to 10 (ten) beneficiaries on your policy. You can allocate a percentage of the cover amount to each beneficiary. The percentages you allocate to each beneficiary must equal 100% of the total cover amount.
You can change your beneficiaries at any time on the 1Life policyholder portal.
Your policy will not pay out if you commit suicide within 24 months of the commencement date (date of first premium payment) of your policy.
There are 4 changes you must inform 1Life Insurance about as they can affect your cover. These are:
No, your 1Life life insurance policy does not have a cash value or any amount you can borrow against. You can learn more about how cashback bonuses work in this blog.
If you need to lodge a claim, call our claims department on 0860 10 51 96. A claims consultant will provide you with the initial documentation required to process the claim.