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Life Cover, Life Insurance, Life Policies… You name it. Life insurance has got so many different terminologies that not even we can keep up. The bottom line is, with so many insurance companies and brokers offering you the best life insurance you can get, it’s no wonder that the closing rate on life insurance quotes is so low.

When taking out life insurance you need to provide comprehensive details not only about your lifestyle, but also about your health and your medical history as well as that of your very closest relatives.

The main reasons for rejected claims are usually nondisclosure which accounts for 61, 9 % of all claims not being paid out, whereas suicide accounts for 24, 1% and fraud for 4, 6%.


Life Insurance South Africa
Having dependents can be stressful at times, especially when planning for unfortunate yet inevitable events. When you are no longer around, will someone be around to take care of your family financially? Probably not.
You can, however, ensure that they are looked after, even when you’re not around. By taking out life insurance, you’ll be able to live knowing that even after you are gone, your loved ones will be financially taken care of.

Who Should Get Life Cover
Anyone who is planning or has already started a family should get life cover. If you are financially responsible for anyone, or anything – such as house or car payments – you should have some form of life cover.
If you have any debts, which would then fall to your family to pay after your death, you should have life cover that will pay off the debt once you are gone. If you have your own business, life insurance is also important, since your employees become your dependents.



Is there one policy for everyone?

There is never a “one size fits all” type of life insurance. Beware of these offerings advertised by financial institutions that present comprehensive products for everyone that costs the same for almost everybody. A policy needs to be structured according to your individual needs and requirements to determine your premiums. It is important for you to examine the conditions, exclusions and future increases in the premiums.

Do I already have life cover?

If you work for a group or large company, chances are you already have life insurance cover through your employer. But note that this is usually quite limited; therefore it might be best to ensure you have one of your own, too. The expertise of a financial adviser will help you work out how much you need.

What dangerous sports or activities need to be disclosed?

Sports such as paragliding, motor racing, parachuting, diving amongst others are all dangerous sports that need to be disclosed to your insurance broker. You are compelled by law to divulge any risks that are associated with your work – for example if you are a pilot, a miner or you work with weapons.

How does suicide affect my insurance policy?

There is a two-year exclusion period on all life insurance policies to prevent people from taking out insurance once they have decided to end their lives.

What is underwriting and what does it do?

Underwriting is an in-depth evaluation of your lifestyle as well as your medical history so that the insurer is able to assess your risk profile and offer you life cover so that they can work out what your premiums are going to be.


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