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Life insurance gives you and your family financial security when you are no longer around. However, with budgets stretched to the maximum, life insurance premiums can seem unaffordable. They aren’t! You can find affordable life insurance policies and secure your family’s financial future. We show you how.
How to find an affordable life insurance policy
Life insurance is a long-term commitment with premiums needing to be paid every month! Miss a premium and your policy could lapse, leaving your loved ones without cover. It is crucial to find a policy that meets your needs as well as your wallet.
These are the four steps you need to take to find an affordable life insurance plan for your family:
1. Work out how much cover you need
First, work out how much life cover you need, taking into account any debts you need life insurance to pay on your death, such as a home loan. You should also consider how much you would like your family to have for future living expenses including school and university fees.
Read ‘How much life cover do I need’ and use the 1Life Life Insurance calculator to work out the amount of cover, also known as the sum assured, that is appropriate for you and your family.
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2. Work out how much you can afford
You also need to work out how much life insurance you can afford. To do this, review your budget so you know how much you can spend on life insurance each month.
You can use the 1Life Insurance Budget calculator to help with these numbers.
3. Get quotes and compare plans
The third step is to find out how much the cover you need will cost!
Get quotes from life insurance companies to see how much the monthly premium would be and compare plans. When comparing plans make sure the sum assured is the same and that the details such as age are accurate as these can affect premiums. You must ask about premium increases as well so you know how much premiums could go up each year. Also ask about benefits, such as loyalty programmes, as these can help you save money each month, sometimes even as much as the insurance premium!
You can get online quotes from most insurance companies’ websites.
4. Select an affordable family life insurance plan
The final step is to bring everything together. After step 3, you will know if you can afford all the cover you need or not.
If you can afford the life cover you need, select a licensed insurance company that offers online servicing options and pays valid claims quickly.
If you cannot afford the cover you need, you will have to adjust the sum assured to make the premium affordable, or look for ways to save in your budget so you can afford the premium. It’s important to remember that some cover is always better than none. A family of four with R300 000 life cover will be in a far better financial position than a family without any life cover should an income earner pass away.
Making life insurance more affordable
There are ways to make life insurance affordable:
- Look after your health: Don’t smoke, maintain a healthy weight, and manage any chronic conditions – smoking can double your premiums!
- Take out life insurance when you are young: The premiums will be lower!
- Buy basic policies that keep costs low: Look for a basic plan such as the 1Life Priority Life Cover that keeps premiums competitive and affordable.
- Buy affordable life insurance online: You may also qualify for a lower premium if you take out life cover online!
1Life Insurance for your family’s needs
1Life Insurance is a licensed life insurance provider offering a range of flexible life cover policies that you can tailor to your needs and budget. You can take life cover for a sum assured of between R300 000 and R10 million at a competitive premium, and save on premiums if you buy online. You can manage your policy on the online policyholder portal or WhatsApp service centre. Valid claims are assessed and paid quickly. 1Life Insurance was awarded the Life Insurance Category winner in the 2023/2024 Ask Afrika Icon Brands Benchmark survey. You can follow 1Life Insurance on Instagram, Facebook, X and Youtube.
Taking care of loved ones without breaking the bank
You can give your family financial security! Ask your insurer about affordable life insurance policies and how to keep premiums low, and your loved ones can have the cover they need. Visit the 1Life Insurance website or talk to a skilled 1Life Insurance consultant today to get affordable life insurance.