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Investec Life Insurance Review 2022

The Investec Life cover gives you comprehensive life insurance as well as the ability to preserve your assets after you die. One might receive coverage to ensure that all of his or her family’s wants and aspirations are fulfilled. It gives you the ability to protect your belongings, your children’s education, and more.

Investec Life insurance can be customised to the policyholder’s specific requirements, and additional coverage can be purchased for added security. To improve the product and offer coverage for items that the life cover does not cover, funeral cover, critical illness cover, and disability cover can be added to it.

Investec Life Insurance is also available to clients Investec Private Banking, so anyone with a private banking package can participate. Investec offers life insurance to non-private consumers who purchase one of the bank’s banking, investment, or insurance products.

Investec provides flexible life insurance, allowing the client to select the level of coverage. The amount of coverage, on the other hand, influences the monthly premiums. Following the death of the principal life insured, the policyholder must name beneficiaries who will receive the payout.

Investec Life insurance is an intriguing insurance policy for the principal life insured and his or her beneficiaries. Before buying Investec Life Insurance, read the following discussion to learn more about the product.

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.

Investec Insure will conduct an underwriting process before providing you with a premium quote. Age, qualifications, medical history, and other factors will all be considered during the underwriting procedure. One can accept or decline a quote from Investec after obtaining it. The Investec Life insurance will be activated once you accept the offer.

When the policy is active, the policyholder must begin paying monthly payments to the life insurance company. The Investec Life Insurance policy can be enhanced with a funeral cover benefit; however, this will increase the premiums due. The funeral cover has a maximum limit of R100,000.00 for the principal life insured under the Investec Life policy.

If the life insured passes away, the Investec Life cover will make an immediate payment of R100,000.00 to the beneficiaries. The outstanding life insurance payout will be disbursed after a successful claim. The payout money might be paid out in installments or in one lump sum, depending on the beneficiaries’ preference.

Advantages of the Investec Life insurance 

  • The level of coverage can be changed to suit the demands of the primary life insured.
  • Through the Investec rewards program, you can earn reward points on your monthly premiums.
  • Beneficiaries can choose between receiving a lump sum payment or receiving payments in installments.
  • When compared to the maximum application age offered by other insurers, the maximum application age of 70 years is reasonable and competitive.
  • Within two business days, a portion of the insured amount becomes available.
  • The Investec Life Insurance can be supplemented with a funeral cover benefit.
  • Investec Insure does not place any conditions on the payout, so you can use it any way you choose.
  • The product is available for purchase online.
  • The premiums and the level of coverage increase year after year.

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 maximize 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.

Investec Life Insurance Review 2022

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 at [email protected]

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