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
What to expect from Momentum Life CoverThis is what Clientele Life Cover Pays OutHow much do you get from 1Life Life Cover?
1Life life cover products are design to give you personalized life cover. It would be unfair to dump us all into little boxes and stick lables on us – so it’s really not fair to say that you get this much cover for a certain premium per month. You can see some of the options available from 1Life life cover in the image below.
Please give me a call and tailor make a life cover package for me.
It is a contract that is taken out for the entire lifespan of an insured person – usually up to 95 years of age. The guaranteed monthly premiums are fixed for your whole life so long as the policy holder (person paying the monthly premiums) pays them monthly. The policy has a “Face Value” and you pay into the policy until such a time that the “Cash Value” (the actual amount saved) matches the Face Value. If the insured dies, the beneficiary receives at least the Face Value, no matter what age the insured is or what the Cash Value is.
A whole life policy generates a cash value, which can be used whilst you are alive, through withdrawal options. Whole life insurance is therefore life insurance which is part insurance and part investment.
Is a Tax friendly vehicle allowing additional top ups to be made to the policy – increasing it’s cash value.
Offers a guaranteed death benefit (or payout) – which remains the same for life.
The insurance cover pays out upon your death and is very much associated with funeral insurance, and pays out in the event that you become physically or mentally impaired. The investment type of whole life insurance accumulates cash, which you can take out or borrow against. Furthermore, whole life insurance does not expire after a certain number of years like term life insurance, but continues to cover you until you die.
Some of LifeCompare’s insurance partners offer whole life insurance, while others have a separate investment options which you can top up you basic life insurance policy with. A life insurance product like Momentum Myriad is a great example of whole life insurance. Find yours by filling in the form below.
A growing number of South Africans are viewing their life insurance policies as more than just that, and considering them as a type of investment, thus arises the question, “Is whole life insurance a good investment or not?” There needs to be some clarity on a couple of money-related issues which will be discussed below.
An investment is any product or even service which you put money in, betting that money will grow in the future. An investment has risk, and it is that risk that encourages your money to either grow or diminish in value at a later stage.
Whole life insurance is an innovation in the insurance industry, and a much needed one for us South Africans. Think about it, only 20% of us have a life policy out of a total population of 50 million people. And South Africa is a spending nation, with little regard to save for now nor the future. Whole life insurance tackles both of these problems by encouraging the uptake of life insurance, while creating a savings and investing culture among South Africans.
Finally, to answer the question of whether or not whole life insurance is a good investment, we at LifeCompare say, “yes, it is!” With these products, you get the full benefits of both insurance and investment. The combination of the two drives down your own costs because they are a united product, offered by the same company, which allows it to drive down costs that are passed onto you. What’s great is that you can also borrow against your policy, even though the cash is not in your bank account yet.
Besides being a high street bank, ABSA, has major life insurance operations which cater to many thousands if not hundreds of thousands of South Africans. ABSA Insurance is the umbrella name to what is ABSA Life Insurance and other insurance services by the bank. Here you will find the products it offers.
Life insurance terms explained easily – click here for more!
The main benefit of the ABSA Life Cover option is that it prioritizes younger folk – adults between 18 and 45 years, who on average pay less for life insurance than their older counterparts. The option is available to those who want to buy a new life policy or add to an existing one. This existing one could be with ABSA or any other insurer. Life cover from ABSA offers insurance for at least R50,000 to R1 million!
Another really great and possibly innovative product because of its flexibility is ABSA @ Ease. With this, you get various insurance types not limited to just life cover unlike with other life insurance companies. You can choose from a wide range of insurances including accidental cover, occupation disability cover, functional and impairment disability cover, critical illness cover, a funeral policy, and loss of income and employment insurances. You could say ABSA @ Ease is a mix and match type of life insurance.
ABSA Life Extreme is an accidental death and serious injury insurance. If you are into extreme sports for example, you are more likely to get seriously injured or die accidentally than someone who’s more into golf. This uncertainty can be mediated with the appropriate life insurance, and ABSA Life Extreme is exactly that. You get up to R1 million cover, and this amount is paid directly to your estate and/or beneficiaries. There are really no hassles to it.
0860 100 372
www.absa.co.za
Before it demutualized into a public company, Assupol Life Insurance was one of South Africa’s leading and oldest mutual assurance societies. This means that it was owned by its policyholders, many of whom are now public shareholders. With regard to its main business of life insurance, Assupol is certainly up there with the best.
The company offers three life insurance solutions:
The most affordable of the three options is the Progress Accident Plan. For a maximum cover of R1,000,000, Assupol Life Insurance offers you Assupol On-Call, which is a medical assistance service operated with the insurer’s partners, and of course accidental death cover.
The Progress 4Sure Plan costs about R90 per month, and with it comes a maximum cover of R300,000. This includes a funeral policy for you and your spouse, and for an additional premium you can cover your parents and children as well. With this option, all your premiums are paid back in 10 years if you have not made a claim.
Assupol Life Insurance’s Progress Legacy Plan is a premium solution, where you can get cover of up to R10,000,000. This includes some of these: critical illness, and disability cover, a “loan protector” which settles your mortgage bond if you die before you complete repaying it, an education facility for your children if you die, and if you already have a retirement plan with Assupol, the value of that annuity is increased.
As you can see with the life insurance options, Assupol Life has been very good at integrating their different life insurance products with things their other financial services like savings and annuities, and third party benefits.
Assupol has been serving lives since 1913, but other, younger life insurance companies do an equally good job. Read about them and compare life insurance quotes.
0860 103 091
www.assupol.co.za
Life insurance terms explained easily – click here for more!
Liberty Life Insurance Company has been at the forefront of proving life insurance to many South Africans. The life insurance company that claims to have built Johannesburg’s Sandton Suburb has built a portfolio of great life products, and within these are many benefits for you and your family.
Life insurance terms explained easily – click here for more!
Looking at your individual life insurance policy from Liberty Life Insurance, you can choose to mix and match the following options: (1) life cover for your whole life to the amount of R5,000,000, (2) disability insurance, (3) dread disease and terminal illness insurance, and a host of extras like financial planning and the very successful Liberty Rewards cash back programme.
Suppose you die of an accident. Who will fund your burial? Who will take care of your children? Won’t they regret that you left them with nothing but huge debts and a mortgage bond to pay off? These are all extremely likely, and taking up life insurance from Liberty eliminates most if not all of these stresses. You really have nothing to lose.
Knowing the above, by the time you die, you will know that your policy will pay a lump sum of R50,000 to your family to go towards your funeral. And within two weeks of making a claim and assessing your death and your profile, the insurer should be able to pay your beneficiaries what is due to them.
The Liberty Rewards programme is worth further focus because of the benefits involved. With your rewards card, you get discounts and/or cash back at many places. The include Virgin Active gyms, grocery store and much, much more.
The Liberty Life Insurance Company has paid out many billions of rands over the years, and remains one of the best, and strongest life insurance companies in the whole of South Africa. It’s the right partner for you.
0860 327 327
www.liberty.co.za
In 2013, 1Life Direct Insurance officially changed its name to 1Life Insurance. There was nothing radical about that and indeed, the company continues to have the same DNA that has made it one of South Africa’s leading life insurance companies.
The 1Life Insurance Company is owned by the Telesure Group, and provides the general life insurance solutions for the Group’s other insurance service providers. Key to 1Life’s success in the past few years has been its insistence on direct insurance. They have no middlemen, and your policy is handled directly by the company. This has allowed them to promote technologies like managing your life insurance policy online. This goes a long way to being efficient, thus winning many accolades for outstanding customer service.
Insurance quotes from 1Life have been made easy to access via the internet. With these quotes are the following life insurance products –
Pure Life Cover is a product available to persons between 18 and 65 years old. This is the most comprehensive life insurance that 1Life offers, and covers you and your beneficiaries to a total of R10,000,000. That amount is payable upon your death, where R50,000 is made available immediately for your funeral. Also, R5,000 can be set aside for a memorial benefit. This goes to buying a tombstone for you, thereby ensuring your final resting place is as dignified as possible.
Seeing that taking out life insurance at 18 years for example, is a different issue than when you take it out at decade later, by which time you might be married, 1Life gives you the option to increase your life cover to reflect your changing lifestyle. This is called the Assurability benefit.
And like other life insurance companies, 1Life insures you for terminal illnesses and disability. In the unfortunate event that you are diagnosed with a terminal illness and are expect to die within the next 12 months, the full benefits of your life insurance are paid out to you in cash.
www.1life.co.za
0860 10 53 40
Life insurance terms explained easily – click here for more!
Life is priceless, that’s why Clientele Life stands for quality livelihoods and making sure your family is provided for. With Clientele life insurance products, you guarantee your family will be taken care of when you are no longer able to – this could be because of disability and even death – and this all for as little as R130 per month.
Clientele Life Insurance makes financial soundness a reality, especially in the tough economic times that South Africans find themselves in. With three life insurance offers, you’ll definitely find the right life insurance from Clientele, or quotes from our life insurance insurance partners.
Lasting Dignity Cash Back Plan
This is Clientele’s most popular life insurance product, and has been since the company’s early days. The Lasting Dignity Cash Back plan will cost you a mere R130 per month, which is a small amount to part with considering the benefits made available to you thereafter. These benefits include a R10,000 initial payment for your funeral, a cash back facility after 60 months of not claiming, accidental death insurance, and critical illness insurance.
Premium Life Plan
With the Premium Life Plan, you get cover of up to R10,000,000.00. That’s more than what many other life insurance companies offer, and this amount can go a long way in providing for things like your funeral of course, settling your outstanding debts, and securing the financial future of your beneficiaries. You can also choose additional critical illness and disability insurance with a Premium Life Plan.
Cancer Plans
A growing number of South Africans are being affected by cancerous illnesses. Therefore, both the young and old need the best life insurance cover to protect them at their times of need. Clientele Life has specialist cancer insurance, where you can receive a payout of up to R300,000. Through the course of your life policy, you will also receive R800 twice every 5 years for breast cancer screening.
Clientele is a life insurance company that cares, and not just for its bottomline.
011 320 3000
www.clientele.co.za
Life insurance terms explained easily – click here for more!
Affordable life insurance doesn’t have to mean bad service, limited coverage, or any of the things that are associated with affordability. On the contrary, 1Life Insurance is a good example of how a life insurance company should be. The life insurer was established in 2006 at the Telesure Group’s first life insurance company in South Africa.
Life insurance terms explained easily – click here for more!
1Life gives you direct contact with them, and has eliminated the broker system that other life insurers have, and this ultimately gives you control over your life insurance needs. 1Life has various life insurance products under its portfolio, and they are as follows –
The above are the main benefits of having a life insurance policy with 1Life. Through the Telesure Group, 1Life Insurance extends also extends its life cover to its sister companies. For example, Budget Insurance is mainly focused on car insurance, however, it is growing in the arena of life insurance with the help of 1Life.
Other benefits from this life insurer include free HIV testing and counselling if you are diagnosed with the disease. This is important as your health is arguably the most important variable that determines your life insurance premiums.
So, you can get a quote online, manage your policy, and make claims online with 1Life. That’s got to be a good reason to consider being a client of them.
www.1life.co.za
0860 10 53 40
Budget life insurance is a recent offering from the insurance company better known for its motor vehicle insurance. Budget Life gets its expertise by sharing the resources and knowledge of its sister life companies under the Telesure Group. Budget Life has comparative life insurance quotes that reflect your eventual policy premiums.
Basic benefit life cover is the first of Budget’s life insurance products. With this, you can get up to R200,000 of life insurance, and as low as R50,000. These two lump sum amounts depend on your monthly premiums.
Elevated life insurance cover is the more premium option. Its cover starts at R200,000 to a maximum of R10,000,000. That’s a lot of money and you should expect to pay more premiums than on the Basic benefit option. Also, with the Assurability benefit, you can increase the amount of cover you require (at any time) to meet your changing lifestyle needs.
The only major difference between the two options is the amount of the total cover. While the two have many commonalities. These include the following –
With both the Basic and Elevated life insurance covers, you get –
Immediate cover for accidental death, and a two years’ waiting period for natural death or suicides.
Like other life insurance companies, Budget Life Insurance determines your life insurance premiums and the minimum amount of cover you need based on your risk profile. For example, a 24 year old can get up to R500,000 at just R86 in monthly premiums.
Both policies cover you should you incur a disability and/or get a critical illness.
R50,000 is paid out within 24 hours of your death to your family for funeral arrangements.
HIV/AIDS testing and treatment from accidental HI virus exposure, thus making Budget Life Insurance South Africa one of the first companies to extend full life insurance cover to HIV positive South Africans.
www.budget.co.za
0860 86 04 44
Life insurance terms explained easily – click here for more!
Dial Direct calls their life insurance product Pure Life Insurance. That’s a simple name, and with good reason – it’s simple life insurance! Dial Direct Life Insurance is newer to South Africa’s life insurance scene, because since the company launched here, it has focused – and with great success – on motor vehicle insurance. Here’s a little bit more about the Dial Direct Pure Life product.
Life insurance terms explained easily – click here for more!
This life insurance is designed to be as simple as possible, however, it comes in two options. These depend on your budget and your lifestyle.
Basic Life Cover
The entire value of your cover is paid out if you are diagnosed with a critical illness. After a maximum two days of making the claim, your beneficiaries can get up to R50,000 for your funeral. Fixed premiums for the first 2 years of your life insurance policy. Pays between R50,000 to R200,000 on your death.
Elevated Life Cover
This is the more expensive option, and the main differences are that it covers you for up to R10-million. This is more of a lifestyle option, where your beneficiaries can completely cover the outstanding balance of your bond for example, and allow your children to complete school at tertiary level without worrying about payments. The Elevated Life Cover opens the option for you to increase your payout amount when major lifestyle changes occur in your life. For example, you could buy Dial Direct life insurance before you get married and have kids, thereafter you would probably need to up your life insurance cover because of this lifestyle change.
As a Dial Direct Life Insurance client, you will be made available to financial assistance and manage your life policy over the internet.
Death can strike at any time, and as such, Dial Direct has made provision to take care of your financial needs if your injure yourself during work. Occupational disablement insurance is an extra option which you can take as a top up to either of your main life insurance policies. However, this goes further than your place of employment and covers you for disability due to accidents.
See other life insurance companies in South Africa.
www.dialdirect.co.za
0860 10 45 80