Liberty Life Insurance Review 2021

Posted on Jan 12, 2021 by Staff Writer

Rateweb | South Africa

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Liberty Life Insurance covers four parts that are crucial to one’s family well-being. All aspects of the Liberty life insurance safeguards the income of a family should anything happen to the policyholder.

Liberty Life Insurance comprises of four divisions namely life cover, disability, illness cover and salary protection. One can take a single cover of a combination of some or all of the covers. It is all up to the customer to decide which cover to take.

Liberty Life Insurance Covers available for individuals

Life Cover

Life Cover from Liberty provides one of the most affordable life insurance covers in South Africa. From just R128, you can get a cover worth R1 million. The life cover is dependent on the customer’s individual risk profile.

Taking the Liberty Life cover is easy and doesn’t really require much, except for a health assessment you will need to have. So if you live a healthy lifestyle you will get to pay low premiums on your life cover.

With Liberty Life cover you can add as many beneficiaries you want. The Liberty Life cover pays beneficiaries a cash lump sum in the event of death. The beneficiaries can use the money to settle debts, cover living expenses and continue living their lives without any financial burdens.

Liberty Life cover offers the following benefits:

  • A tax-free lump sum payout of up to R10 Million. Your beneficiaries will receive your cover amount in the event of your death and it will be tax-free.
  • Direct application – application is direct on the phone so you can get a cover without going anywhere.
  • Hassle-free cover – the Liberty Life cover is straightforward with no hidden costs.
  • Unlimited beneficiaries. You can nominate as many beneficiaries as you want. You also have to decide on who gets how many percent of the cover value when you die.
  • It’s Flexible – as your needs change so will your life cover. The Liberty Life cover allows the policyholder to adjust their insurance at any point.

Liberty Disability Cover

The Liberty disability cover gives you freedom of knowing that should you face disability, you and your family will receive a lump sum payout. Liberty pays out a single lump sum when you claim for disability.

Disabilities inflicted on oneself do not count and cannot be part of a claim. Disability according to Liberty is an Illness or injury with permanent effects and totally prevents one from working in their current field or a field where you have work experience and training.

The definition of disability is very important and one should fully understand the meaning before taking a disability cover. You can get a cover of R1 Million for a disability cover for just R126 per month.

Let’s look at the Features of the disability cover from liberty.

  • Tax-free lump sum payout of up to R3 million. The lump-sum payout is only applicable if your injury meets the definition of disability according to Liberty.
  • Direct application – application is over the phone with step by step question and answer. There are no application forms.
  • The cover amount is up to R3 Million – this is subject to the amount you pay on premiums and other factors.

Serious Illness Cover

No one is immune to serious illnesses and anyone can be diagnosed with one during their lifetime. From R190 per month, you can afford the serious illness cover that pays R1 Million for the same amount or more.

The monthly premiums are subject to the customer’s credit risk profile so not everyone can get a cover of R1 Million for R190.

The last thing you need when facing a serious illness is financial pressure. This cover from Liberty will cover you should you fall ill because of cancer, stroke, heart attack and open-heart surgery.

You won’t be covered if you die within two weeks of being diagnosed with a critical illness. For cancer, your cover must have been in place for at least three months before being diagnosed.

Let’s look at the Features of the serious illness cover from Liberty.

  • Tax-free lump sum payout of up to R2 Million. In the event that you are diagnosed with serious illness by an appropriate specialist, a cash lump sum is paid out.
  • Cover starts from R190 – you can get cover from R190 per month.
  • Direct application – application is direct on the phone so you can get a cover without going anywhere.

Salary Protection

The Liberty salary protection solution guarantees a fixed income should you lose your job because of illness or injury. Injuries and illnesses are unpredictable so this insurance option is suitable for everyone.

Unless you have one of those investments that can pay out instalments that are equivalent to one’s salary.

Liberty doesn’t make any payouts if a policyholder harms or injure themselves. Additionally, if a policyholder gets injured breaking the law or internationally exposing oneself to warlike activities Liberty doesn’t pay.

So, when taking the Liberty salary protection you need to be aware of these none pay clauses.

Here are the main features of the Liberty salary protection:

  • Tax-free monthly payouts – the basis of the monthly payouts are on 90% of the policyholder’s take-home pay. The payouts start 3 months after receiving your last salary from your employer. Payouts will last until you are able to go back to work or reach 65.
  • Direct application – application is direct on the phone so you can get a cover without going anywhere.
  • Hassle-free cover – the Liberty Life cover is straightforward with no hidden costs.

Conclusion

Liberty Life Insurance division has been providing life insurance for ages. With exceptional yet attractive premiums, Liberty Life insurance is for the people. From the company’s genesis the founder, Sir Gordon has always been in pursuit of offering financial freedom.

Liberty Life insurance is giving millions on families financial freedom that lasts for generations. Premiums are low and start at R126 per month. The working class can afford this kind of premium without much financial pressure.

Liberty Life Insurance is helping many South Africans with their insurance products. It is wise to take any life insurance policy with Liberty. The process is easy, with just a phone call you can get covered.

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