1 LIFE INSURANCE LIMITED review 2024

1Life Insurance, established in Johannesburg, South Africa, on March 14, 2006, aimed to extend life insurance coverage to South Africans. Amid stiff competition from established firms like MMI, Sanlam, Santam, OUTsurance, and others in the market, 1Life Insurance crafted a unique approach to secure a significant industry share. By offering straightforward, affordable, and convenient insurance solutions, 1Life Insurance made life insurance accessible to South Africans.

Moreover, the company distinguished itself by providing insurance coverage to individuals with HIV/AIDS, a groundbreaking move at that time. This set 1Life Insurance apart from its competitors. Additionally, 1Life Insurance pioneered online life insurance sales in South Africa, enabling consumers to easily access life insurance through their website and mobile platform.

1Life Insurance offers a range of insurance products, including life insurance, disability insurance, dread disease insurance, and burial insurance. Since its inception, the company has been focused on providing life insurance solutions. In 2012, 1Life Insurance expanded its offerings to include personal loans, further enhancing its suite of services. The company is fully owned by Telesure Investment Holdings and holds license number 24769 from the Financial Sector Conduct Authority. Additionally, 1Life Insurance is a Level 6 BBBEE contributor.

Products and Services offered by 1 life insurance limited

Life Insurance

1Life Insurance offers a comprehensive life insurance policy designed to safeguard your family’s needs in the event of your passing. The proceeds from this policy can be utilized to cover daily living expenses, educational costs, and other financial obligations. Additionally, these funds can assist in asset protection by settling any outstanding debts on assets.

Unlike some policies, there is no requirement for medical examinations, although an HIV test is necessary. For the initial 24 months following the purchase of the life insurance policy, premiums remain fixed. Afterward, premiums increase by 5% annually. Immediate coverage is provided in case of accidents or natural death, while coverage for suicide begins after a waiting period of 24 months from the policy’s inception.

Furthermore, 1Life Insurance offers a unique benefit where policyholders can upgrade their coverage when significant life events occur, such as marriage, purchasing a new home, or welcoming a child, on the policy’s anniversary.

Funeral Cover

1life insurance funeral cover pays out should a holder or beneficiary die. Claims are settled within 3 minutes making sure the funeral arrangements can be made as soon as possible. You can cover up to 16 family members on one cover. However, there is a waiting period for natural death which is a period of 6 months. Accidental death is covered immediately.

Should the main policyholder die, the cover will remain in place for other members on the policy for an additional 24 months. During the 24 months, no premiums will be paid.

There is no premium increase for the first 12 months. The cover pays between R5000 to R50,000.00 depending on how much you are covered for. Cover includes R6000 grocery benefit payable upfront at the time of death.

Dread Disease Cover

Dread Disease cover pays out a percentage of your cover amount as a tax-free lump sum should you become a victim of serious illness. Serious illness includes cancer, heart attack, stroke, Alzheimer, organ transplant etc.

The premiums stay idle for the first 24 months with no increase from your initial premiums agreement. Premiums then increase by 5% from year to year, however, the insurance cover remains the same.

There are no medical checkups except an HIV test. You can get covered for up to R4 million depending on the cover you have chosen. Money is made available should you need to live with a dread disease or live on a reduced income.

Disability Insurance

Disability cover pays out a lump sum should you get permanently disabled. You can use the money to replace your income if you are no longer working or remodel your home to cater to your disability or pay off or reduce debt on your assets.

Premiums don’t increase for the first 24 months and will only increase by 5% after the 24th premium from year to year.

The cover pays between R50,000 to R10 million depending on the cover amount you have chosen.

When taking the cover there are no medical checks, only an HIV test is necessary to get the cover. There is no waiting period for accidental incidents or natural death. Although, Suicide has a 24 month waiting period.

Expense Protector

This is a form of income protection that pays out a monthly income if you are temporarily Ill or disable by accident. These funds replace your income since you won’t be earning income, you can then be able to pay your expenses and medications.

When taking the expense protector, there are no medical checks, just an HIV test. Premiums stay the same for the first 24 months and increase by 5% per year then after.

Investments

1life insurance offers an investment opportunity to those who want to invest in their future. The minimum investment is R100,000.00 with no additional deposit for the investment period.

Your lump sum is has a guaranteed fixed rate of interest. After the first year of investment, you can make a withdrawal from your investment account.

However, the withdrawal is not repayable. Upon maturity, you can choose to withdraw your investment in part or all, if in part you have an option to invest in other portfolio investment platform.

1 life insurance limited directors

Conclusion

1 Life Insurance Limited is surely a new kid in the insurance business with less than 2 decades in business. The company has successfully built a brand that resonates with speed and affordability, something that the majority of South Africans show interest in when shopping for insurance.

1 Life Insurance has tested the waters and perhaps it is in this decade that we will see more expansion that will stretch to other parts of Africa.