Life Cover

 

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Life Cover - Life Cover

Life Cover

Why use us?

It lies in the simplicity of knowing exactly what you get before crossing the Rubicon. Our brokers’ first and foremost concern is: what are your needs, objectives and what can you afford! We understand the frustration you have regarding sales people trying to sell you something you don’t need or can’t even afford. Our brokers are trained to give you the most comprehensive answers to any questions that you may have, with the purpose in mind to have a client make a completely informed decision with regards to any life products or long term investment vehicles; he/she is interested in. The financial products we promote are simple to communicate and very easy to understand.

The quoting process is stress-free and unpretentious. After filling in the enquiry form, a broker will contact you to gather sufficient personal information from you (your age, smoking status, occupation details, etc.) and will almost instantly give you an all-inclusive accurate quote from an insurer over the phone and a timely email will be sent to you afterwards for your perusal.

The general perception is that Insurers selling directly to the public offer more affordable products, which isn’t entirely true. The advertising budgets and client software these insurers utilize, needed to replace brokers, are enormous to say the least. These costs eventually filter through to the premiums that you pay at the end of the day, if not now most possibly later on.

Old Mutual

Old Mutual South Africa is one of the most consistent performers in the Long term Insurance Industry when it comes to generous compensation at claims stage, affordability of long term risk products, pinpointing the needs of their clients & operating performance in all facets of their business. Old Mutual South Africa is the leading and most well rooted Financial Services Provider in South Africa.

 

IMPORTANT FACTORS FOR CONSIDERATION

1)    Registered Financial Services Provider (FSP)

Is the brokerage or direct insurer that you have come into contact with indeed licensed with the Financial Services Board (FSB) and do they have a valid FSP number.

 

2)    Disclose everything that you can think of

The importance of being totally honest with your broker or agent when it comes to your medical history and personal information cannot be exaggerated! Insurers need a well-rounded overall picture of what exactly it entails to insure your life and what risks are involved.

 

 

3)    Medical underwriting

For a successful life insurance application clients need to either only answer the medical questionnaire and/or have a HIV test, blood profile or specific medical reports completed by a qualified doctor. Be very cautious when it comes to life insurance companies & policies with no upfront medical testing, there is unnecessary risk involved in such a process. Although sufficient testing can be time consuming even before anything has been issued, but at least you and your family will have peace of mind before and during claims stage.

 

4)    The disguise of premium patterns

Individuals enquiring for life insurance or current clients must absolutely be sure what their premium amounts will be at any future point in time. The structure of premiums made available on long term products varies from one insurer to the other. It can be confusing at times, especially when it comes to comparing different companies. Diligently ask each company what the projected percentage yearly increases are or when and by how much compulsory premium increases will be. Certain quotes may seem very affordable now, but the percentage increases from there on in are hair rising amounts.

 

5)    Comparing quotes

Be certain that you are weighing the cost with that which you are covered for. Insurance companies devise very clever schemes in lowering the cost of the premiums, but what you are unaware of is that certain elements are taken out of the equation, which means you are not necessarily covered for what you think you are normally covered for.

 

6)    Habits that transforms your premiums

Big factors that influence your premiums, whether it’s for life,-disability,-illness –or funeral policies, are: your smoking status, your age, your health, your income ability, your income security & whether you are a responsible citizen or not.

Where can you take more responsibility in saving money?

  • Live a healthy lifestyle!
  • If you have the financial means change the frequency of your premiums to annually.

 

7)    Incorrect folklores regarding life insurance

 

  • Being single means life insurance is completely unnecessary, right?

 

Your family could be in a situation where they sit with the medical & funeral bills incurred by you, obviously not on purpose, nevertheless still a reality after you have passed away. It is a matter of considering others not only in covering risks, but also in blessing others in the process.

 

  • My life insurance premiums are tax deductible, right?

 

The bad news is…your life insurance premiums are not tax deductible! Income Benefit premiums are tax deductible though, but is directly linked to your ability to perform a job or function, not upon death.

 

  • 2 - 3 times the amount of my annual salary is enough cover, right?

 

The general train of thought is that more or less 22 times your annual salary is sufficient cover, if a death benefit is the only source you lean on. Medicals, funeral costs, debts & mortgages are just some of the liabilities & expenses your family may have to deal with after your death, never mind daily costs of living.

 

  • Investing my money is a far better source of security than a life insurance policy, right?

Not if you are still young and your liabilities (mortgage, negative credit, loans, etc.) far outweigh your assets (stocks, property, unit trusts, bonds, cash, etc.). Even if your assets outweigh your liabilities, you must be sure that it is sufficient in carrying your family for a number of years after you have gone. Up until that time, long term risk policies (death, disability, illness, retrenchment, accident) are a good balance in minimizing risk for your family.

 

 

Licensed Financial Services Provider (FSP)

Confirm that the brokerage or insurer you are working with is indeed licensed with the Financial Services Board (FSB) and has a valid FSP number.

Medical Testing / Underwriting               

Check whether your insurer does your medicals upfront or at/after death for underwriting purposes. Please note that when no initial underwriting is done, but only at death, the entry into a life policy is relatively easy, but the risks a life covered undertakes, when it comes to non-payout, are very high.

Reason 1: Tax applicable on death

In terms of current legislation, estate duty of 20% is payable on the dutiable value of a deceased estate. This is after the R3 500 000 reduction is taken into account and any payments or bequests to a surviving spouse, which do not attract estate duty.

When an incident happens and leaves a person unable to either perform normal bodily, mental emotional functions that person is deemed disabled in some form. This agreement offers a person a variety of insurance options to protect the insured person and his/her family financially, either by paying out a large once off amount or a monthly amount to cover day-to-day expenses. Examples: Bodily Function Insurance, Occupation Insurance, Temporary Disabled Insurance, etc.

This agreement is very much the same as a terminal Illness assurance, except that the degree of seriousness of the diagnosis is either much less or more easily treatable by doctors. The affect though that this event has on your family’s lives is very much the same. Examples: Heart Attack, Stroke, Cancer, etc.

This agreement is made when a person wants assurance, that if he/she is diagnosed with a sickness and has less than 12 months to live, their family members don’t suffer financially, through a large once off amount, as a result of treating the sickness or adapting to the changes in their lifestyle. Examples: Cancer, HIV, etc.

Life Insurance

This is a deal or agreement between you and an Insurance Company, where you as a person must pay a certain amount every month to the Insurance Company while you are alive and in turn the Company agrees to pay a large once off amount to the person you choose to benefit from the deal once you have passed away, especially someone you love. The beauty of this agreement is that the monthly payments that you make is much less that the eventual amount paid out upon your death, but the disadvantage is that if you are unable to pay at a certain stage in your life the agreement can be cancelled, which means the total amount of money paid up until that point is lost, but do not despair Insurance Companies even have insurance for that.

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