Categories: Insurance Life Insurance News Reviews

1 LIFE INSURANCE LIMITED review 2021

1 Life Insurance Limited
Type Private
Founded 2006
Sector Financials
Industry Insurance
Address 16th Floor Metal Box Building
Auckland Park
2001
South Africa
Products Life insurance, funeral cover, expense protection, investments, dread and disability insurance
Phone 0860105194
Website www.1life.co.za

1 life insurance was formed on 14 March 2006 in Johannesburg, South Africa to provide life insurance to South Africans. With competition from the already established insurance companies such as MMI, Sanlam, Santam, OUTsurance and many other, 1 life insurance had to come up with a great plan to get a significant market share.

1Life insurance afforded South Africans a chance to own a life insurance cover by offering simple, affordable and convenient insurance products.

The company went further to insure those living with HIV/Aids of which it was not popular at the time amongst insurers. This set 1life insurance apart from other insurers.

1life insurance became the first insurance company in South Africa to sell life insurance online and on their mobi site.

This created convenience, making it a lot easier for people to access life insurance products.

1life products include pure life cover, disability insurance, dread disease cover and funeral insurance.

Since the company’s products included life insurance products since formation, the company expanded its products offerings by including personal loans to their list of products in 2012.

1life is 100% owned by Telesure Investment Holdings. The company is registered with the Financial SECTOR Conduct Authority with license number 24769. 1life is also a level 6 BBBEE contributor.

Products and Services offered by 1 life insurance limited

Life Insurance

1life insurance offers pure life cover that protects your family needs against death. Life cover payout can be used to cover daily living expenses, school fees and any other costs.

The cover money can also help with the seizure of assets as the payout can be used to pay any outstanding balance on assets.

There are no medical check-ups required but an HIV test is mandatory. Premiums stay the same for the first 24 months after taking the life insurance. Then after premiums will increase by 5% per year.

You are immediately covered for accidental and natural death. Suicide is covered after 24 months from taking the cover.

1life insurance allows for an upgrade when one gets married, buy a new home, have 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

Name Position
L A Hillman Executive Director
CEO
R J Pretorius Company Secretary
S Klinkert Non-Executive director
Group Chainman
I R Reech Independent Non-Executive Director
Group Deputy Chairman
E Links Independent Non-Executive Director
H Griffins Independent Non-Executive Director
D H Pead Independent Non-Executive Director
Chairman
TJ Creamer Executive director
Group CEO
AR Weilbach Executive Director
Group CFO
PN Kingston Independent Non-Executive Director
TZ Muranda Independent Non-Executive Director
TF Maenetja Non-Executive Director

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.

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Lethabo Ntsoane

Lethabo Ntsoane 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 reviews and financial tips.

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