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Comparative Life Insurance Quotes

Compare Life Insurance Quotes only from SA’s Top Life Assurers

You get the best life cover rates when life companies compete.

Buying life insurance is an easy way to protect your family after you’re gone. If you know what to look for, you can get great coverage at a price you can afford.

Why would you buy life insurance?
One of the largest reasons for buying life insurance is the financial protection that life insurance offers you and your family. If you’re single and just starting out, you may not need life insurance. But as you take on more responsibilities and your family grows your need for life insurance increases. The proceeds from a life insurance policy can replace the income lost to your family upon your death. You might also want to buy life insurance to pay off debts and expenses, leave money to charity, and cover final and estate expenses.

Fork in the road
There are two basic types of life insurance: term life insurance (or credit life), which provides life insurance coverage for a specified period of time (the term), usually to cover outstanding home loan bonds [or Bond Cover] or other credit purchases (vehicle finance debt etc.) and permanent life insurance. Life insurance offers lifetime protection, while term insurance may be the most affordable option if you’re buying life insurance mainly for the financial protection it offers, and your need for life cover is temporary (until your home loan is paid off or your children leave the nest, for instance). Some term policies (called “convertible”) will permit you to exchange the term life insurance policy for a permanent one at some point.

How much coverage you’ll need
The amount of life insurance protection you should buy depends on how much income your survivors will need, how much you own and owe, and the amount of other life cover available to you. If you’re married, both you and your spouse should consider buying life insurance.

How much will it cost?
How much you pay for life cover will depend on a number of risk factors, including your age, your health, whether you use tobacco, your family health history, qualifications and income level, and the type and amount of life insurance you’re buying. Keep in mind that the premium you’re quoted initially will increase later. For instance, when you buy term life insurance, rates are guaranteed only until the end of the term (annually for annual renewable term or at the end of a specified number of years for level term). While most life insurance policies can be renewed at the end of the term, you’ll pay a higher premium for coverage.

Shop around
When comparing quotes for life cover, make sure that the insurance coverage you’re comparing is similar. And remember, any policy that you buy is only as good as the company that issues it. Good companies must be evaluated on the insurer’s financial condition and claims-paying ability. The company giving you a quote should provide you with this information.

Other Risk Cover to Consider
• Dread Disease Cover
• Disability Cover
• Functional Impairment Cover
• Accident Cover

Submit an application
Once you’re ready to purchase a life insurance policy, you’ll fill out a life insurance application that contains questions about your current and past health history and lifestyle. You’ll generally be required to take a medical exam, arranged and paid for by the insurance company. The answers you give on your application, along with the results from the medical exam and your past health history, will help the insurance company determine whether to offer you a policy, and if so, at what price.

Talk the Talk
Maybe a life insurance contract isn’t as exciting as a best-selling novel, but read it anyway. Policy provisions, the amount of benefits, the premium, and other charges you’ll pay will be listed along with other important information such as the beneficiaries you’ve named and the premium guarantee period. Make sure you understand everything in the policy. Under the South African laws you have 30 days “cooling-off” period during which time you can cancel the policy without penalty.