Life insurance provides financial protection for your family if you die or if you are no longer able to provide for them. It provides a dependable source of financial protection for you and your family.
Types of Life Insurance you can Get
Term life insurance- This is a policy that lasts for a fixed period of time. If you live longer than the policy term, there is no pay-out. This type of insurance is often cheaper, and more people sign up for it as a result.
Permanent life insurance- This policy is designed to last as long as you do. When you die, the policy pays out a lump sum to your beneficiaries. You are required to pay a monthly premium.
The Life Insurance Cover you get is Based on a Number of Factors, Including
- Your gender
- Lifestyle habits
- Health status
Ways to Find the Best Life Insurance Companies in South Africa
- You can use insurance comparison sites.
- Keep in mind that the sooner you purchase life insurance the lower your premium.
- Check online, but don’t underestimate the power of using word of mouth.
- Read consumer reviews on the internet.
- Figure out the type of life insurance for your needs
- At the minimum, life insurance should cover your debts, funeral expenses, full repayment of your mortgage and your family’s immediate living costs.
- Watch for exclusions, waiver of premium and terminal illness exclusions.
- Consider using an insurance broker
- Make sure that you check the rating of your insurance company
- Do some independent research. Keep in mind that there is no one-size-fits all approach.
- Make sure that you review your needs annually with your life insurance agent
Top 5 Life Insurance Companies in South Africa
A recent poll found that the top 5 life insurance companies in South Africa are
- The Metropolitan (81.1/100)
- Momentum (79.3/100)
- Old Mutual (78.0/100)
- Other (77.8/100)
- Discovery (75.0/100) (Where the industry average is 77.3/100)
Factors used to determine the top 5 life insurance companies in South Africa according to this poll include Perceived value, reliability and customer loyalty. Metropolitan scored the highest on the factor of reliability.