Investec Life Insurance Review 2023

Published by
Lethabo Ntsoane

Investec Life Insurance is a life insurance policy that provides any amount of life insurance coverage and makes an early payment of up to R100,000.00 within 2 working days of filing a claim. The Investec Life insurance policy includes an optional funeral cover with a maximum payout of R100,000.00.

Additional coverage for other adults and spouses is available. Funeral cover is available up to R100,000 for a spouse or partner, and R50,000.00 for adults. Children can also get funeral coverage of up to R50,000.00 for those over the age of 13 and up to R25,000.00 for those under the age of 13.

Disability cover is also available under life insurance for people under the age of 60. The cover pays out 100% of the cover amount in the event of permanent disability that renders one unable to perform the duties of one’s occupation. If the primary life insurer suffers from a disability that does not contribute to 100% inability to perform one’s duties, a 50% – 100% payout is also available.

Investec life insurance also includes mortgage and income protection coverage. Mortgage protector premiums are adjusted as the outstanding balance of the home loan decreases, which can help save up to 50% in premiums. Income protection policies typically cover 75% to 100% of net income.

The Investec Life insurance is a popular life insurance policy that offers numerous benefits. This product is discussed further below to help you understand it better.

Investec Life Insurance Summary

Investec life insurance is a type of insurance that covers a person’s life and pays out a lump sum or installments to the insured’s beneficiaries. The Investec Life Insurance cover amount is adjustable, and one may choose the amount of coverage that they want. The policy can be tailored to meet specific death-related responsibilities such as debt repayment, unit trust investment, and so on.

When the principal life insured passes away, the policy’s main beneficiary receives an up-front payout of R100,000.00 within two business days. This occurs following the submission of all necessary information and documentation for the purpose of filing a claim. After an evaluation, the remaining portion of the coverage will be paid out.

A funeral cover can be added to the life insurance policy. A separate premium will be required for this coverage, which will be added to the life insurance premium. In the case of immediate and extended family members, funeral coverage can be added. The premiums are determined by the overall coverage of the funeral plan.

Premiums for the Investec Life cover are age-rated and non-guaranteed, which means that premiums will rise each year on the policy anniversary. The amount of coverage on a life insurance policy will increase as premiums increase. This is to keep up with inflation so that the policy’s purchasing power remains constant.

Non-Investec account holders are unable to apply for the Investec Life cover because it is only offered to those who have an Investec Private Bank Account. Furthermore, at the time of application, the candidate must be under the age of 70. 

How the Investec Life Insurance work

Investec Life insurance is only accessible to Investec Private Bank Account holders, thus only people who meet the requirements for an Investec bank account can apply. On the Investec app or website, you can apply for the product. You can also request a callback through the Investec website.

When purchasing life insurance from Investec, one must select the amount of coverage needed. The chosen amount will be paid in installments or as a lump sum to the beneficiary. Beneficiaries will need to be added, and they can be either natural or legal individuals.

Before providing you with a premium quote, Investec Insure will conduct an underwriting process. During the underwriting process, age, qualifications, medical history, and other factors will all be taken into account. After receiving a quote from Investec, one can accept or decline it. When you accept the offer, your Investec Life insurance will be activated.

When the policy becomes active, the policyholder is required to begin making monthly payments to the life insurance company. The premiums for the Investec Life Insurance policy can be increased by adding a funeral cover benefit. For the principal life insured under the Investec Life policy, the funeral cover has a maximum limit of R100,000.00.

If the life insured dies, the Investec Life cover will pay the beneficiaries R100,000.00 immediately. Following a successful claim, the outstanding life insurance payout will be paid out. Depending on the beneficiaries’ preferences, the payout money may be distributed in installments or in one lump sum.

Advantages of the Investec Life insurance

  • The amount of coverage can be adjusted to meet the needs of the primary life insured.
  • You can earn reward points on your monthly premiums through the Investec rewards program.
  • Beneficiaries have the option of receiving a lump sum payment or payments in installments.
  • When compared to other insurers’ maximum application age, the maximum application age of 60 years is reasonable and competitive.
  • A portion of the insured amount is available within 2 business days.
  • There are add-ons available, such as disability coverage.
  • Investec Insure does not impose any restrictions on the payout, so beneficiaries can use it however you see fit.
  • Year after year, both premiums and coverage levels increases.

Disadvantages of the Investec Life Insurance

  • Only Investec Private Bank account customers are eligible for the product.
  • There is no cashback benefit that may be added to the product.

Conclusion

The Investec Life Cover is designed for Investec customers who want to maximise their benefits, earn opportunities, and save money on their premiums. Furthermore, since the product is tailored specifically for Investec clients, people who have one or more Investec products will benefit from having it and will be able to move up the One Place tiering level.

Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo