Life Insurance Policies, Companies and Quotes
There has never been a better time to get life insurance. Because the cost normally rises with age, the sooner you apply, the better. Start comparing alternatives from our partners right away.
Purchasing a life insurance policy can be quick and simple. Not sure where to begin? We’ll help you through the entire process, allowing you to compare life insurance rates and select the best policy for you and your family.
What is life insurance?
A life insurance policy is a legally binding agreement between you and an insurance provider. The insurer pays out money after you die in exchange for recurring payments known as premiums. This payment is made to the people you designate as beneficiaries, who are typically children, a spouse, or other family members. It can be a valuable safety net if somebody financially relies on you. Beneficiaries can use the proceeds to pay off debts, replace lost income, or cover future obligations such as college tuition.
What type of life insurance do I need?
There are two types of life insurance in South Africa: term and permanent. There are different types of policies within these two categories. Understanding which one is best for you might assist you in developing a solid life insurance strategy.
Term Life Insurance
Term life insurance protects you for a set length of time, such as ten or twenty years. You can select a term length that meets your demands, and if you die during the term, the payout is paid to your beneficiaries. When your term life insurance coverage ends, you can purchase a new policy or reconsider your alternatives. Ideally, by the end of the term, you will no longer require life insurance because your house will be paid for, your children will be grown, and you will have some money in the bank.
Permanent life insurance
Permanent life insurance is more expensive than term life insurance, but it includes extra benefits such as a cash value account that grows over time. In most circumstances, you can borrow against the account’s worth while you’re still living. Whole life insurance is the most well-known type of permanent life insurance. Other classifications include universal life, variable life, and variable universal.