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Your young family is bringing you more joy than you ever thought possible! You want the best for them, always, and to ensure that they have a secure financial future when you are no longer around. As a young parent, life insurance is a must have because when you cannot provide, a life insurance policy pay-out can give your family financial stability.
Life insurance for families
One of the most important aspects of financial planning when you are an income earner in a family is to find ways the family can afford to maintain their standard of living if you are no longer around. Income earners give their loved ones, including extended family members, financial stability with their salary. When an income earner passes away, a family life insurance plan with an income earner insured on a life policy can do the same!
How life insurance policies work
Life insurance policies pay a lump sum amount on the death of the life assured for a valid claim. For example, if Mr Nkosi takes out a policy of R700 000, on his death the policy will pay out R700 000. The pay-out is tax free and is paid to the beneficiary or beneficiaries named in the policy. The beneficiary or beneficiaries can use the pay-out to fund living expenses such as food, rent and clothing, invest it for future use such as school fees, or pay off debts such as a home loan.
For many families, a life insurance pay-out means they don’t face financial ruin when an income earner passes away.
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Who can take out life insurance?
Adults, over 18 and in most cases younger than 65, can take out life insurance and name a beneficiary or beneficiaries to receive the proceeds. An income earner in a family can take out life cover, as can a carer such as when an extended family member caring for children takes out a life insurance policy. Your family life insurance plan should include policies that cover income earners and those who contribute financially or in kind to the household.
3 important life insurance facts
Life insurance can be complex and confusing! There are new terms to learn, questions about when and how policies pay out, and of course, how much premiums could be! These are the three most important life insurance facts families need to know.
1. Life insurance is not expensive
Your life insurance family policy premium will be worked out based on your risk factors such as your health. However, as most young people are healthy, without chronic diseases such as hypertension, premiums are affordable.
Top tip: Always get a quote for a policy so you can see how much the premium would be.
2. It is a myth that life insurance claims are often declined
South African life insurers pay around R300 billion every six months to beneficiaries! Over 95% of claims are paid!
3. Life insurance policies have lots of terms and conditions and are hard to understand
Licensed South African insurance companies are required to keep policy terms and conditions to a minimum and to use plain language in their policies so they are easy to understand. You can read more about life insurance terms and conditions in this blog.
Buying life insurance for your family
The steps to buying life cover for your family and extended family are:
- Work out how much cover you need, using the 1Life Life insurance calculator
- Get a quote online so you can see if the premiums are affordable
- Apply for cover, answering all questions in the application honestly, accurately and in full
- Make sure you name a suitable beneficiary on your policy who will receive the valid claim pay-out
- Tell your family that you have a policy and how to claim
- Pay your premiums each month
- Review your cover every year to see that it still meets your needs
1Life Insurance for all your family insurance plans
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 policies on the online policyholder portal or WhatsApp service centre. Claims can be submitted online and 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.
Start your journey towards a secure future for your family with 1Life today!
Your family insurance plan gives your loved ones’ financial stability. Select the right amount of cover with an affordable premium from a licensed and reputable insurer, and your family life cover plan will secure your loved ones’ future! Speak to a skilled 1Life Insurance consultant today to get the life insurance your family needs!