Life Insurance

The importance of life insurance is not something that should be avoided despite being a difficult subject to think about. If you are not properly covered you are putting your family and dependents at significant risk in the event of your death. With life insurance, when you die, generally speaking, a lump sum will be paid to those left behind to provide financial protection and can be used to pay for things like education, paying off your debts, for funeral costs or for day to day living expenses. If you have anyone who is financially dependent on you or you want to make life a little easier for your loved ones when you are no longer around then you should consider life insurance. The exact terms of each policy will vary and depend on your individual circumstances and requirements. Most policies can be inexpensive so long as you make sure you only take out the cover that you need. You can compare the wide range of benefits and deals offered to find the best policy.

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Get peace of mind with life insurance that should you die your loved ones are financially secure.

Why take out life insurance?

If you have anyone that is financially dependent on you then life insurance is really important. If you do not need to protect anyone else, then life insurance is not needed.

Although you yourself will not need money when you die your family, business or favourite charity might.

There can be many different types of life insurance available. The most common way that life insurance works is that you pay a monthly or yearly premium for the duration of your life. When you die any beneficiary will receive a lump sum of money plus any bonuses that have built up.

What does life insurance cover?

Funeral expenses, burial costs and medical bills can be very expensive. The last thing you want is for your loved ones to be left with this burden. Life insurance can be used to pay for these final expenses.

You can help fund your children’s futures because life insurance can help pay for your children’s education. School and university fees can be costly but you can help cover these expenses.

Life insurance can also be used to protect any assets you might have and settle any debts or unpaid bills including mortgages so your family will not have to deal with this burden

How much will it cost?

The cost of the insurance varies with certain characteristics of the insured including gender, health and age. You will find that the younger and healthier you are the lower your premiums are. If you are a smoker or in ill-health it is likely that you will pay more for the insurance.

Life insurance can have fees and charges associated with it. Often there will be additional costs for customizing your policy to suit your individual needs.

Finding the right policy

There are many different types of life insurance policies available that will suit a variety of budgets and circumstances. Remember that personal situations change and so will your life insurance needs. Always weigh any associated costs before making a purchase.

Don’t ignore the small print and make sure you know what is and what is not covered. Also know what happens if you miss payments or want to cancel the policy at a later date.

Use the table above to compare different life insurance policies.

Check you are eligible

Life insurance policies in South Africa have the own set of application criteria that you will need to meet before you will get approval for life insurance. Before you apply, ensure you are eligible. Compare the insurance policies above and check whe n they expire. There are many terms and conditions which apply to individual policies, such as maximum age or specific terms of the policy. If you are retired, it is always worth looking at specialist life insurance before you start your comparison search. Check the maximum age limits and tailor your policy to suit you.

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