Life Insurance South Africa
Close to a third of all South Africans do not have any life insurance – a scary number when you consider the possible impact the lack of insurance can have on if your loved ones were to lose their primary bread winner? Ensuring you have adequate life insurance cover will guarantee that your family can maintain or possibly even improve their lifestyles and are covered for education, mortgage, living expenses and all life’s other little expenses…
However choosing your life insurance policy is not a simple process and picking the right partner is a critical choice. As such, Life&Insurance.co.za is here to help with life insurance comparisons amongst South Africa’s best life insurance companies as well as sourcing the best life insurance quotes from amongst our network of partners.
So don’t delay, get a free life insurance quote today!
Best Life Insurance Companies South Africa
Whilst there is not definitive ranking of Suth Africa’s best and worst life insurance companies, results from the latest South African Customer Satisfaction Index (SAcsi) for life insurance, conducted by Consulta, do provide some insighst into the South African life insurance market. A random group of 2460 were asked to rank SA’s to insurance providers based on a Customer Expectations Index, Perceived Quality Index and a Perceived Value Index to achieve an overall result out of 100.
Based on this, South Africa’s top 6 best life insurance companies are:
South Africa’s Best Life Insurance Companies 2017
Life Insurance Frequent Asked Questions
Life Insurance FAQ
Life insurance is designed to offer financial protection to your loved ones in the case of your death. This is especially important should you die prematurely or if you are the primary bread winner - in both cases the financial benefits of your life insurance payout will ensure that your loved ones can maintain their status of living and meet ongoing financial commitments.
Life insurance provides the financial safety net that will allow your loved ones to navigate any financial commitments or immediate impacts in the case of your death. Ask yourself - if my family suddenly lost my source of income, would they still be able to afford the mortgage, groceries, education or other basic needs and future expenses?
If you still don't have life insurance, get a quote today and ensure you and your family are looked after....
The final cost of life insurance all depends on the type and amount of cover you need! This is where it is crucially important to discuss this with a trusted professional so that you know EXACTLY what the costs are and what the cover includes.
Contact one of our top life insurance providers in South Africa today for a quote you can trust!
Everyone is eligible for personal life insurance.
Life insurance is supposed to provide financial cover to yoru family should you pass away and as such should be based on your current life styles, future planned expenses and level of debt liabilities.
A general - yet very crude - rule of thumb is to work out your annul gross salary and multiply that by your remaining working years. This is effectively the amount of cover needed to replace your income.
Ad to this any current debts and liabilities - such as a mortgage and subtract existing life insurance cover to get a baseline figure.
Note the above calculation does not adequately address inflation (which would increase cost of living), interest rates (which would increase cost of debt) or expected increase in salary over your working life.
A beneficiary is the person nominated to receive the payout in the event of your death.
Life insurance coverage only starts once your policy is approved and the first payment is made. Most providers offer an interim cover solution so make sure to ask your life insurance consultant during the application process.
Most life insurance providers only require an HIV test.
If you fail to cover your pemiun on time, you will not be covered for that month which could possibly be disastrous. Multiple failures to pay your premium on time might result in your policy being voided.
Your life insurance premium is based on various risk factors and as such these will impact how much you have to ultimately pay each month.
Some of the factors impacting your your risk profile are:
Age – younger individuals will pay a lower premium, due to the decreased likelihood of dying from natural causes at a young age
Gender – the premiums are slightly lower on average for women, as statistics have proven that there is an increased likelihood that they live at least six years longer than men
Health – if you have a current health condition or a history of illness, the risk is much higher compared to someone who is healthy
Lifestyle – if you participate in dangerous sports, such as regular sky diving, the risk of injury is higher and this would have an effect on your premium
Smokers - even if you have used tobacco products in the previous 5 years - could increase your premiums and classify you as higher risk.
Similar adjustments can be applied by some insurance companies for weight and history of alcohol/drug use.
Another big factor is your lifestyle and extreme sports or work could shift your risk profile. Whatever the impact, it is important that you are very honest during the quotation process as any misinformation your provide could result in the insurance company being voided....
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