A Disability Plan looks
after your income in
case of an accident

A Hospital Plan covers
the expenses should
you suffer an emergency

Debt Relief ensures that
you don't leave your
family in debt

A Funeral Plan assists
with the expenses
related to a funeral

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Life Insurance Glossary

10-day free look period (See Free examination period)

Accidental death insurance more commonly offers a cover that is twice the cover if the insured person dies of other causes other than accidental death.

Automatic premium loan are unique and less known to policyholders. An APL works when the policyholder cannot make his or her monthly premium payments by taking out a loan on the cash benefit (accumulated) on the policy in order to pay outstanding premiums until the policyholder can make the payments.

Beneficiaries are the persons whom the life insurance policy will pay out when you die.

Commission is the percentage paid out to an agent or insurance broker where for bringing your business to the insurance company. This may raise your insurance premiums, but luckily, LifeCompare.co.za provides you with life insurance quotes directly from the life insurance companies.

Death benefit is the amount paid out on your death.

Disability benefit comes into effect when the policyholder becomes disabled and waives his or her right to pay premiums, and is usually entitled to a disability payout by the life insurance company.

Face value is the rand amount that the insurer will pay when the policyholder dies.

Family policies are life insurance policies that cover several members of one family under one plan.

Free examination period is the period of maximum 10 days which the policyholder can choose to accept or cancel the life insurance policy as is for a full refund of the initial premium.

Grace period is the full month following a policyholder’s last premium payment which he or she is given to make the next payment due without affecting the payout policy.

Insurability indicates that item about the policyholder’s life whose loss will affect the policyholder, e.g. the policyholder’s own life, that of his or her beneficiaries, your professional work (this relates to salary protection insurance), lifestyle (this relates to lifestyle adjustment insurance which is a term insurance type), and other factors.

Lapsing is the term used to define the time where the policy lapses or discontinues because of mispayments of premiums.

Life insured is the person whom the life insurance policy is taken out against.

Misrepresentation is a material misstatement whose truth would otherwise have affected the insurance policy. A common misrepresentation is that policyholder lying about his or her health.

Policyholder is the person who takes out the life insurance cover on behalf of him or herself and or other persons with which he or she has insurability.

Premiums are the money amounts usually paid on a monthly basis by the policyholder for insurance. LifeCompare.co.za provides estimates or quotes of how much premiums will be from various life insurance companies.

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