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South African life insurance companies offer policies that help you protect your family’s future. When you pass, your life insurance policy pay-out gives your loved ones financial security and peace of mind. The life insurance company you choose must be able to pay valid claims in good time and offer competitive premiums for the cover you need. Below we share the three criteria you should use to evaluate different life insurance providers.
Is your life insurance company licensed with the relevant authorities?
The first criteria you should consider when evaluating insurers is whether the life insurance provider is licensed to sell life insurance or not. South African life insurance companies should be registered/licensed with the Financial Sector Conduct Authority (FSCA). To obtain and keep a licence to sell insurance, companies must meet certain minimum requirements and follow all regulations. The FSCA determines and enforces these regulations to ensure that:
- Policies meet customers’ needs
- Policyholders understand the policies they are buying
- Insurance policies don’t have unreasonable and/or complicated terms and conditions
- Life insurance providers offer efficient servicing options, such as being able to change banking details easily and quickly
- Valid claims are paid quickly
- Customers can cancel policies if they need to
Always check that your South African insurance company is licensed with the FSCA on their website. Insurance companies should also list their FSCA registration number on their documentation such as life insurance quotes and policy documents, as well as emails.
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If your insurance company is not registered with the FSCA you have no guarantee that they will pay claims, or that they will offer policies that meet your needs.
Does your life insurance provider pay valid claims quickly?
The second criteria you can consider when researching insurance companies is claims paying ability.
All licensed life insurance providers must have an easy-to-follow claims process and pay valid claims in good time. For example, if a valid claim for a life insurance policy is submitted, which means all the policy terms and conditions have been met, the insurance company must pay the sum assured to the beneficiary listed on the policy within a certain period such as two weeks.
Your insurance company should have details of their claims process on their website and in policy documents. You can also consider online reviews to see if the life insurance company pays claims in good time.
Did you know: South African insurance companies pay over 95% of all life insurance policy claims!
Does your insurance company make it easy to take out and manage your policy?
A final key criteria you can use to evaluate life insurance companies is ease of doing business. This includes making it easy to take out a policy, such as online, over the phone or with a financial adviser. Your insurance company should also offer easy policy servicing options such as having a secure online service centre where you can update details such as your bank details and beneficiary nomination.
1Life Insurance, your life insurance company of choice
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.
Make the right choice for your loved ones and change a life
Taking out a life insurance policy is a long-term commitment so you need to be sure your life insurance provider will pay valid claims when the time comes. Make sure your insurance company is licensed with the FSCA and meets all their requirements, and makes it easy to take out, manage and claim when the time comes! Talk to a skilled 1Life Insurance consultant today about how life cover from a reputable insurance company can secure your family’s future!