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Insurance policy pay-outs change lives! Your 1Life Insurance Life and Funeral cover gives your family financial stability when they need it most - whether it’s paying for a beautiful send-off, ensuring your child receives a good education or having money to pay monthly living expenses. We found the top 5 ways your policy pay-out can change your loved ones’ lives for the better.
1. Your funeral policy pay-out fills an immediate need and gives lasting peace
When a loved one passes away funds are needed to cover funeral costs, which must be paid upfront and may be higher than you expect! A modest service will cost at least R30 000, taking into account expenses such as a burial plot, coffin, after gathering, as well as extras including transport, special flowers, unveiling and cleansing ceremonies.
Your funeral policy pay-out, or the Pay now death benefit on 1Life Insurance life cover policies, pays valid funeral claims within 48 hours giving you and family members funds to pay for a loved one’s funeral! Your family won’t have the financial stress of worrying about how to pay the bills. Nor will they have the long-term burden of paying off debt that is often required to pay for the service when there is no funeral cover.
Top tip: Download our funeral and estate planning guide to read more on what to do when a loved one passes away.
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What is the Pay now death benefit?
1Life’s Pure Life Cover Pay now death benefit pays out R50 000 from your total sum assured within 48 business hours, which is available on your 1Life life policy. These funds can be used to cover funeral and other immediate expenses for the life assured on valid life claims. The 1Life Priority Life Cover Pay now death benefit pays out R25 000.
2. Your life policy pay-out can secure your children’s future
Your five-year old has been building bridges since they could crawl! Turn their unique talent and curiosity into a profession! An engineering degree at Wits University will cost around R350 000, based on 2025 fees. A life cover policy of R500 000, with the sum assured increased in line with inflation each year to account for annual increases in tuition fees, will cover your child’s education costs if you are no longer around.
Your policy pay-out ensures your child has the education they want and need, without any financial stress or debt burden. Best of all, they can use their formal learning to secure their financial independence and grow their family’s wealth!
3. Your life policy pay-out can create a debt-free generation
South Africans spend on average 68% of their monthly income paying debts, leaving very little to pay living expenses and invest in the future. Life insurance pay-outs that cover debts in full, leave a lasting legacy for the next generation. With no debts to pay, budgets become a lot more manageable and there are funds for extras, emergencies and future expenses.
Leave your loved ones this lasting legacy: List your debts and find out what would happen to them if you passed away. Would they be covered by credit life insurance, or – would your family be liable for them and have to pay them out of their own pocket, or - would your estate have to pay them from the proceeds of the sale of your assets such as a car or home? By ensuring your life cover or credit insurance is enough to cover any outstanding debts, you can leave your family debt free!
Top tip: Credit life cover pays the outstanding loan amount when the life insured passes. Overdrafts, bank loans, personal loans, hire purchase agreements and credit cards may come with credit life cover as part of the agreement, or you can ask to take out credit life cover with the lending institution or a licensed insurance company.
4. Your life policy pay-out can fund living expenses when you are no longer around
Living expenses for a family of four in South Africa are at least R15 000 a month, for just the basics. If your life cover policy pays out R750 000 for a valid claim, your family can invest this with the help of a financial adviser, and use the money and any income it earns to pay for living expenses for years to come. That’s food, clothes and transport sorted – for life!
5. Your life policy pay-out can secure a family home
Your life cover policy of R700 000 can give your child a substantial deposit on a home! For a property that costs R1.5 million, monthly home loan repayments are R15 482, for a 20-year loan at 11% interest. Not many young South Africans can afford this. However, with a R700 000 deposit, the home loan amount reduces to R800 000 and the monthly repayment is R8 257, which is a lot more manageable for a young professional. And, it gives your child a chance to save some of their earnings so they can build their wealth, pay off the home loan sooner, and purchase another property, business or investment!
Make sure your policy pay-out benefits your loved ones
These are just 5 ways your 1Life Insurance policy can change your family’s lives for the better. Let them know that this is what you want for them so that when the pay-out reaches their bank account, they don’t spend it on non-essential items such as the latest model expensive car!
At least once a year, chat to your family and policy beneficiaries, emphasise the reasons you took insurance and how they can use it to secure their financial future and create generational wealth.
Top tip: Also make sure you have a valid will that details what happens to your assets when you pass, such as who inherits your home. You can use the Truth About Money Wills and estate benefit to draft a will!
Create lasting wealth for your family
Insurance policy pay-outs give families financial stability and a chance to live their dreams. How you or your beneficiary or beneficiaries spend a pay-out is an individual choice, based on your circumstances. Spend it wisely and you can create generational wealth and change your loved ones’ lives forever!