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You want the best for your family! This includes taking care of them, paying the monthly expenses and ensuring there is enough for future costs such as education. Your South African life insurance policy ensures you can continue to care and provide for them when you are no longer around. These expert tips will help you choose the most appropriate life cover policy for your family.
Why life insurance matters for parents
You care for your children, giving them love, clothes, education and more! But the time could come when you are no longer around to provide for them. If this happens, you can make sure they have a financially secure future by taking out South African life insurance.
South African life policies pay a lump sum amount on the death of the life assured that the beneficiary and loved ones can use to pay their immediate and future expenses. A life insurance pay-out can be used for anything from paying off a home loan to funding living expenses and future education expenses. Without life cover, could your family pay all their expenses?
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Key things to consider before buying life insurance in South Africa
The first thing to consider is how much cover to take out. The amount should be enough for your family to cover any living expenses, such as housing, food, transport and education costs. You can use the 1Life Insurance life insurance calculator to work out how much cover would be appropriate or ask a financial adviser for assistance with the calculation.
The second thing to consider is the monthly premium amount. You can request quotes from various licensed insurance companies and compare cover and premiums.
The final thing to consider when taking out a South African life cover policy is the terms and conditions, such as when the policy won’t pay a claim. For example, not paying premiums when they are due and not disclosing any health information on your application, such as whether or not you smoke or have a pre-existing medical condition.
Common myths and misconceptions about life insurance in South Africa
Many people avoid life insurance because they believe it is too expensive. Premiums can start from a few hundred rands a month, the cost of two takeaways a month for a family of four! And, what you get with life insurance is the peace of mind that your family’s future financial needs are taken care of.
Another common belief about life insurance is that you don’t need it if you are young! The truth is that, sadly, even the young can die and that many pass away while having long-term financial obligations, including childcare costs. If you have people who rely and depend on your income, and who would miss it and you if you were no longer around, you need for life insurance.
Finally, there is the misconception that insurers don’t like paying claims! In fact, over 95% of life insurance claims in South Africa are paid!
Steps to buying life insurance in South Africa
After you have requested and compared quotes you can apply for life cover, either online, over the phone, or with the assistance of a financial adviser. You will be required to answer questions on an application form, such as questions about your health, and give personal details such as ID number and bank details for the premium payment. Answer these truthfully and in full because failing to disclose information can lead to declined claims.
When your application is complete the insurance company will underwrite it to determine the cover they will offer and the premium for the cover amount. When you accept this, your policy can commence and your family will be covered!
1Life Insurance for your family’s needs
1Life Insurance offers life cover policies for sums assured of up to R10 million. You can tailor your policy to meet your needs and budget, and there are options to increase your life cover should your needs change. You can apply for and manage your policy online, safely and in your own time. 1Life Insurance pays valid claims within 48 hours.
Protect your family today
Your South African life cover policy secures your family’s financial future. Take your time selecting the right cover amount and insurance company for you! Talk to a skilled 1Life Insurance consultant today to find out how you can protect your family’s financial future or buy your cover online and save up to 13% on your monthly premiums.