What is life insurance?
It is an insurance policy that a person buy to take care of his/her family in case of terminal illness, cancer, disability or death of the household. It is a contract between you and the insurer (the company you choose to do business with). You, the policyholder, choose an amount of cover and pay a monthly premium to the business of your choice. If you should be diagnosed with a critical illness like cancer, disabled due to an accident or die a natural cause or by accident, a lump sum will be paid out to our loved ones or beneficiary. It is money they can use for daily needs, pay off debt, pay for education or anything that they want.
You should look at it as an investment for you and your family living in South Africa.
Two types of cover:
It is a policy that will stay in force for the policyholder’s entire lifetime (if the premiums are paid in full up to the maturity date). It will pay out the predetermined value stated in the contract.
Term or Variable Life
The policy has a fixed rate and consist of a relevant time, in other words, a fixed period that an assured is covered (like 5 or 20 years). The premiums are less expensive than whole life and do not build up a cash value. If the insured dies within the fixed term, pay out will be made to the beneficiaries. If not, the policyholder should forgo or get a new plan (with new terms and conditions).
How are quotes calculated?
Each company has got actuaries that take all the insurer’s details into account and calculate a reasonable monthly premium.
Most life insurance companies require medical examinations to get a good health status. Some aspects will increase your quotes like your career, hobbies, Body Mass Index, smokers or individuals with cholesterol or diabetes, etc. It is best to be as honest as possible during these examinations because if you leave anything out, the contract can be broken or your beneficiary will not receive any compensation.
Take note, that most companies do not want to cover people diagnosed with diabetes or HIV, but not to worry some places specialize in offering you a life plan.
Where can I get quotes in South Africa?
Well, there are a lot of companies that will gladly assist you in getting the right insurance plan. Your first reaction will be that “I will have to contact each and request quotes directly,” but in fact, you can just click on the banner. It will lead you to a form where details of your will be required (it is all confidential). A broker will get in touch with you to assist you. Their assistance is free, so you can make use of it as much as you like.
The broker will send you a few offers from various companies to compare; and will keep sending you offers until you found the suitable life cover. When you compare the quotes, you should do it with the benefits as well. This way you will find the cheapest policy plan with the most benefits. Then when you are ready and found a plan that is attractive to your needs, you can buy it through them.
Everything will be done online and telephonically (recorded). It will save you a lot of time and money contacting each company individually. Let us assist you!
Companies that provide life insurance in South Africa below:
- Standard Bank
- Old Mutual
- Alexander Forbes
- African Life
- All Life – specialize in Diabetics & HIV positive
- First For Women
As you can see, there are quite a few firms and contacting each will take up a lot of time and money. Some companies will be less expensive than other, but finding a policy for you and your household is something that can be done.
Conditions where a no compensation will be paid:
- Wrongful death
- Civil commotion
If any of the above should take place, the company will terminate the contract or just not pay out. It would be part of the agreement signed in the contract between the two parties. Please take note and follow the rules of the agreement.
Advance 4 Life is here to help you find the life policy that you require. Remember, we are only the middle man that helps you get in contact with a broker to send you all the quotes and benefits from various companies. Thus, we offer you an easy way of getting the information that you require. No hassle. No effort. No long hours. No money. Just a few seconds of your time and data; and you will receive or get in touch with an experienced broker within 24hours.