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Life Insurance

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.

 

Life Insurance/cover policies in the event of your death:

If the policy is referred to as life cover, it pays out in the event of the policyholder’s death. This means that upon the death of the insured, the life cover or benefit amount is paid to the nominated beneficiaries of the policyholder, to ensure that your dependants, debt, estate duty, business and other needs are taken care of if you die. In return you pay the insurer a monthly premium. Life Cover is an integral part of your family’s financial security, it doesn’t matter what stage you are in your life.

Whole life insurance?

A Whole Life Insurance quote is for your whole life, as opposed to Term Life Insurance, which is for a specific term. The primary benefit of Whole Life Cover is that a payout is guaranteed. You will not have to worry about becoming uninsurable later in life, and unable to obtain Life Insurance of any kind. Whole Life Insurance is ideal for your beneficiaries as it is a good way to save money, time and grief for your family. Once beneficiary/beneficiaries are chosen the covered amount will be paid directly to their account on a determined time after your death, without involving any other 3 rd party representatives. It is imperative that you know what your family needs are to be financially secure if something would happen to you. We always advise that you look at your budget before signing any policy.

Term life insurance?

Term Life is Life Cover which provides coverage at a fixed premium for a limited period of time, normally a maximum of 25 years. You have the option to renew your life policy, or you can choose to upgrade to a Whole Life Insurance policy. Term Insurance is cheaper than Whole Life Insurance but the catch is the underwritten life has to end within the time period specified, if not, then the Insurer will not pay out the covered amount. The short term policy is more affordable since it is only for a short period of time. Term Insurance might be more cost effective over the term of the policy, but to upgrade eventually to other options will be very expensive at a later stage, due to your older age and other age related factors, thus revise that option before buying Term Insurance. Term Life Insurance is perfect for you if your personal needs include any of the following: paying for child care, covering debts or liabilities, paying for higher education or replacing an income stream.

Am I covered immediately?

Yes, with Old Mutual your cover begins on the day we accept your application or 30 days before the first premium payment.

Can I increase my level of cover?

Yes. While your policy is active, you can apply to increase your cover or to add additional benefits at any time. Your application will be subject to our normal assessment process and eligibility criteria.

Can my partner and I take out policy together?

Yes. Up to two people can be insured on one policy. This could be you and your spouse/partner or another person.

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