Buy online
Life insurance empowers your family, giving them financial stability when you are no longer around. In a country where unemployment and living costs are high, the advantage of a life insurance pay-out is that it ensures your family can pay the bills!
Financial stability is when you can pay your bills, save what you need for your and your family’s future financial needs, and can afford the financial emergencies life often puts in your path. Financially stable families have enough, today and tomorrow. Having a regular income and living within your means go a long way to ensuring financial stability. So does having life cover!
Understanding life cover
Life insurance policies pay a sum assured to a beneficiary or beneficiaries on the death of the life assured for a valid claim. These funds give families who rely in part, or completely, on the income of a loved one, the ability to continue paying their living expenses when the income earner passes away. For families of the deceased, this secures their financial future and offers them financial stability. Without life cover, these families may struggle to pay bills, may have to sell their possessions, including the family home, and face financial emergencies on an ongoing basis. Life cover is a lifeline for your loved ones!
Looking for a life quote?
We'll call you!
Life insurance policies are formal contracts that come with terms and conditions, but licensed South African life insurers make their policies easy to take out and understand, and easy to claim on. Terms and conditions are kept to a minimum and always explained in plain language. 1Life Insurance has developed a glossary of insurance terms and has the answers to all your frequently asked questions on their website!
Good to know: South African life insurers paid R599 billion in claims and benefits in 2023!
Advantages of life cover
It’s comforting to know that your loved ones will receive a lump sum on your passing from your life insurance policy. The funds can be used to ensure bills are paid and more! These are just a few of the advantages of taking out a life cover policy with 1Life Insurance:
- Your family and dependants can have funds to pay their living expenses such as food, clothing, transport and education when you pass
- Any outstanding debts, such as a home loan, can be paid on your passing, ensuring your loved ones are debt free and have a home to live in
- Should you pass away earlier than expected, your loved ones can deal with the financial consequences and any financial shocks with the funds from a life cover policy
- And, you can be assured that you will leave your family generational wealth and not generational debt!
Ultimately, your life cover policy gives you and your family peace of mind! You know you have taken care of your family by taking out life cover, and they know the bills can still be paid when you pass.
Why you should hold on to your life cover
Life cover policies pay out on the death of the life assured, but premiums have to be paid monthly. It can sometimes feel as if the money spent on life insurance premiums could be better spent elsewhere. And when budgets are tight and you need to cut expenses, you may be tempted to stop paying your life cover premium! Don’t! If at all possible continue paying your life cover premiums because the long-term advantages of life cover far outweigh the amount of the premium payment.
Let’s look at an example from a gap cover study, comparing the cost of premiums to the amount needed if there is no life cover. An average income earner needs to spend 4.5% of their monthly income to purchase sufficient life insurance. On a monthly salary of R30 000, that is R1 305. However, if an income earner passes and has no life cover, that same family would need to find an extra R5 630 a month to maintain their standard of living, or reduce their expenses by 30%! The cheaper option by far is the insurance premium!
More advantages of life insurance that make holding onto your life cover a better option than cancelling it:
- Protecting your investments: Life cover can help protect your investments and assets from being liquidated, sold or cashed in on your passing, to cover debts or expenses due by the life assured and the life assured's estate.What if your family had to find R350 000 on your passing to pay debts – would they have to sell the family home or take on additional debt?
- Locking in affordable premiums: Life cover premiums are usually a lot cheaper when you are younger! Cancelling your life cover and taking new cover in a few years when you are older means you are likely to pay higher premiums. And, if you have developed a chronic condition such as high blood pressure, your premiums could be even higher!
- Health changes: Keeping your life cover gives you peace of mind as you know that any future health changes won't affect your coverage or premiums as your premiums are calculated when you take out insurance.
Top tip: If you are struggling to pay premiums always talk to your life insurance company as there are ways to reduce premiums, such as reducing cover, without cancelling your life cover policy.
Creating generational wealth with life cover
Your life cover policy is a source of generational wealth for your family! You can leave your loved ones a lasting legacy as they can use the pay-out from a policy to not only pay their living expenses, but also secure their financial future. Three ways in which your policy builds your family’s generational wealth are:
- Helps your family maintain a standard of living and ensures a home can be paid off – the safety net a life cover policy offers ensures they can remain upwardly mobile and achieve financial independence
- Ensures education costs can be met, including school and university fees as well as extras such as books, equipment, accommodation and transport
- Allows for funds to be invested to grow wealth
Your life cover policy can also ensure the costs of death, such as any estate duty taxes and executor fees, can be paid without assets having to be sold. Which means your loved ones can inherit assets without the value being reduced by debts and costs such as executor fees!
Innovative solutions from 1Life Insurance
1Life Insurance offers flexible life insurance policies that you can tailor to meet your individual needs and budget. 1Life Insurance life cover policies can be purchased quickly and easily online, allowing you to save up to 13% on monthly premiums.
1Life Insurance life cover policies have a number of benefits including a pay now death benefit that pays a sum assured immediately for the costs of a funeral, if all policy terms and conditions have been met. Cover of up to R10 million can be taken, and medical tests are not required, apart from an HIV test that can be taken using a cheek swab at a local pharmacy. You can also access and update your policy on the online policyholder services portal and WhatsApp service centre, safely and securely in your own time.
1Life Insurance is committed to changing people's lives by empowering them to ensure financial stability for their loved ones. Speak to a skilled 1Life Insurance consultant today to find advantages of life cover and how 1Life Insurance can change your family’s life.
Financial stability and an opportunity to grow generational wealth
Life cover policies allow you to provide for your family’s future, at an affordable premium. Take out a life cover policy and you ensure your loved ones’ financial stability, while also giving them opportunities to grow their generational wealth! Not got a policy? Don’t wait any longer! Call 1Life Insurance today!