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Assupol Life Insurance Review 2021

Assupol life insurance offer covers that are affordable and can accommodate different clients. The Assupol Life insurance plans are for everyone, whether rich or poor, the Assupol Life insurance covers different individuals.

Life insurance policies are a better way to leave your family or others with a gift of financial freedom should anything happen to you. With a minimum premium of R73 per month, you can afford to leave your family with liquid cash.

There are a number of reasons why you need to leave some money for your family. This is especially applicable to those who do not have any investments such as unit trusts.

Since death is something that comes without announcement, taking Assupol life insurance can leave a legacy for your family. The cover amount can be used to do a number of things. This may include the following:

  • Paying off a home loan.
  • Covering living expenses for your family.
  • Cover your children school fees and/or college tuition.
  • Paying off term loans.
  • Investment in a unit trust to ensure continuous income on the payout amount of the life insurance cover.

As you can see there are a number of reasons that your family can use the Assupol life insurance payout money for. You need to first get your priorities straight and know why you need a life cover.

Assupol Life Insurance covers are up to R10 Million, however, the highest cover has the highest level of underwriting. If you want your family to be secured should something happen to then you need to take life insurance.

Let’s look at what plans are available for you from Assupol Life Insurance.

Assupol Life Insurance Plans

The life insurance plans include Progress Legacy, Progress 4life, Progress 4sure and Progress Accident plan. We will look at each of the four plans and analyse each.

Progress 4Sure Plan

Of all the four plans, the Progress 4sure plan is the least paying life cover. This is justified by the amount of the monthly premium that you need to pay. The plan starts from R90 per month and has an option to increase the cover amount to R1 million in five years.

Here are the highlights of the plan that you need to be aware of:

  • Monthly premiums start for R90 per month. This is dependent on your risk profile.
  • You get a funeral cover of R10,000.00 for you and your spouse to help should anything happen to one of you. Payout is within 24 hours or sooner when you or any of your family members claim.
  • Payout of up to R300,000.00 on your death.
  • This policy can be used as a security for debt such as a home loan.
  • Due to inflation your cover amount increases, as well as monthly premiums.
  • Cover phases in over 18 months for claims of natural causes.
  • This policy has an option to increase it to up to R1 Million cover after 5 years.

There are a number of things that you can add to your life insurance plan at an additional premium. These includes :

  • Funeral cover for your parents and children.
  • Your family can get premiums waiver upon your death without paying any premiums if you die.
  • 100% of your premiums can be paid back every claim-free ten years.
  • You can get a waiver on your monthly policy premiums should you face retrenchment. This is up only available up to six months.

The Progress 4Sure Plan is ideal for a first-time life insurance buyer. This is because the plan is affordable and cover key areas that life insurance should cover. It also includes a funeral cover of R10,000 which is a bonus.

Progress 4life Plan

Way better than the Progress 4Sure plan, the Progress 4life plan is a step above the Process 4Sure Plan. With an increased premium amount there is more to benefit from this cover. Not only will you be getting a better life cover but you also get better funeral cover.

The maximum payout on this plan is R1.2 Million, with funeral cover at R20,000.00. Premiums start from R120 per month which is R30 more than the Progress 4Sure Plan. So for an additional R30, you can get more when you choose this plan.

Here are the highlights of the progress 4life plan:

  • Pays out up to R1,200,000.00 on your death.
  • Funeral cover of R20,000.00 for you.
  • You can use the policy as security for debts such as a home loan.
  • The plan covers immediately deaths that are due to natural causes.
  • Yearly benefits and premiums increase to keep up with inflation.

With additional premiums, you can add a number of things such as funeral cover for spouse and children, disability and critical illness cover, premium waiver on retirement, premium waiver on death and can get 100% of your premiums back every 15 years.

Progress Legacy Plan

This is the highest yet the best of the life insurance plans from Assupol. As the name suggests, Assupol makes it clear that this is for those that want to leave a legacy. A legacy lasts for decades or even centuries so this plan aims at doing just that for the policyholder’s beneficiaries.

The Progress Legacy Plan covers up to R10 Million. This can be used for a number of things. However, this plan is the only plan that requires a blood test and thorough medical checks.

Let’s look at the progress Legacy Plan highlights.

  • Pays out up to R10 Million on your death.
  • Premiums start from R150 per month.
  • Premiums and cover benefit increase yearly to keep up with inflation.
  • For those with both the Progress Legacy Plan and Carefree Life Retirement annuity, their retirement value may increase if they qualify for the RA maturity rewards.

Progress Accident Plan

This plan doesn’t require any blood tests or medical checks. The Assupol Progress Accident Plan covers you and your whole family for accident-related deaths.

Here are the highlights of the Progress Accident plan:

  • Premiums start from R73 per month
  • The cover is up to R1 Million.
  • The cover is for you and your whole family.

Unlike the other 3 plans from Assupol Life insurance, the Progress Accident Plan only covers accidents. On the other hand, the 3 life insurance covers are for any type of death.

Conclusion

Assupol Life insurance provides a wide range of life insurance plans for individuals. Plans are well calculated and suit different individuals looking at different individual needs. The plans come at a very affordable monthly premium.

Before shopping for a life insurance policy you need to understand that your premiums will be dependent on a number of things. So, familiarise yourself with what Assupol will need from you before taking a life insurance policy.

Take advantage of low premiums by keeping healthy and by avoiding unhealthy habits. Taking medical insurance can benefit you a lot in saving on your life insurance premiums.

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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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