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Momentum Life Insurance Review 2021

Momentum life insurance has been the cornerstone of many South Africans in leaving their families with a legacy. The life insurance policy from Momentum is helping many South Africans reach their life goals.

In 2019 alone, the Momentum life insurance division paid out over R4 Billion in claims. This shows how Momentum puts its clients first. The highest single payouts in four categories of life insurance include payouts of:

  • R45,059,793.00 for a death claim.
  • R62,410,413.00 for disability claim.
  • R6,381,408 for critical illness claim.
  • R2,192,097 for income protection claim.

The company’s projections show that payouts are still yet to increase in the coming years. Claims are processed fast, as they can be done over a phone call on weekdays.

When choosing Momentum life insurance, you get help from financial advisors. These advisors will help you choose the right life insurance policy for you and your family. Advisors will look at your number of dependents, your income, household needs and all other matters that relate to you taking out life insurance.

It’s not an easy task to choose a life insurance policy and not many are aware of the gains that life insurance provides. So, speaking to an advisor before taking out a Momentum life insurance is highly advisable.

You don’t want to be trapped in a life insurance policy that will only cover a part of your needs when you can get a cover that benefits all your life insurance needs.

Remember that when making a claim it is best to make full disclosure of your claim and not in parts. This will speed up the claiming process. Nonetheless, claims on life insurance aren’t that complicated especially this one from Momentum.

Momentum Life Insurance policies for everyone

Momentum offers 3 types of policies for life insurance. The policies are direct and straightforward and are not complicated. Plans depend on your life insurance goals. The Momentum life insurance policies vary based on four critical aspects of life, disability, critical and income protection covers.

Life insurance policies from Momentum include essential, extended and comprehensive plans. To get a quote you can click here. Let us examine all the three life insurance policies from Momentum.

Essential Plan

The Momentum Essential plan has the least benefits of all the three plans that Momentum offers. This life insurance cover is mainly for young individuals particularly the youth with fewer insurance needs.

The Essential plan doesn’t cover critical illnesses so that is why it is best for young men and women because they are not so much at risk than the middle-aged or the elderly. Also, the cover doesn’t cover income protection, meaning should a policyholder lose their job then they can’t make any claim.

What the Essential Plan covers:

  • The Momentum Essential plan covers disability. Disability cover pays out should a policyholder become disable. Disabilities can be as a result of a car accident, work-related etc.
  • Essential Plan also covers life. This is just like any other life cover that pays out should the policy owner die. Payout varies depending on the amount of cover the policyholder has with Momentum.

As you can see the Essential Plan cover only two areas of life, life and disability and none other. It surely has its own limitations but can serve those with critical cover from another insurance company. Also, it is cost-saving as the holder pays less in premium payments than any other life insurance plans from Momentum.

Extended Plan

The Momentum Extended Plan is better than the Essential plan and offers extended cover on one other item. Extended Plan offers critical illness cover, unlike the Essential plan. At least this cover puts you ahead as it covers 3 basic insurance needs in your life.

You may need this cover if your financial needs are covered. That is if your income is guaranteed that it won’t be interrupted during your policy’s lifetime. The biggest drawback of the Extended Plan is that it doesn’t cover income.

You have more to benefit from the Extended Plan than the Comprehensive Plan if you earn your income from annuities or have guaranteed savings.

Let’s look at what you get from choosing the Momentum Extended Plan:

  • Life Cover- you get a life cover with Extended Plan to assure that your family has all the financial supply that they need should anything happen to you.
  • Disability cover – if you face a disability, you get a lump sum payout that will help you during tough times.
  • Critical illness cover – Momentum covers a number of critical illnesses such as stroke, cancer etc, if you become critically ill because of any critical illness covered by the insurance company, you get a lump sum payout. This is to help pay medical bills and living expenses during the days of such a critical illness.

Comprehensive Plan

This is an all in one life insurance policy that covers all available covers for life insurance at Momentum. Comprehensive Plan is better than both the Essential and Extended Plan as it offers some of the covers that both plans don’t offer.

The Comprehensive plan comes at a higher cost as well so be prepared to pay more when you take the Comprehensive plan. If you can afford to take the Comprehensive plan it is really worthwhile. You will be able to live knowing that all aspects of your life insurance needs are taken care of.

Here is what the Comprehensive Plan cover you for:

  • Life Cover – pays out a lump sum upon the death of the policyholder to the beneficiaries.
  • Disability cover – pays out a lump sum to the policyholder should they face disability.
  • Critical illness Cover – should a policyholder become critically ill, the policyholder will receive a lump sum from Momentum.
  • Income Protection Cover – this cover protects the livelihood of the policyholder should they lose their flow of income. At a time of retrenchment, the policyholder will receive money to cover their living and other expenses from Momentum.

Note that claim amounts are subject to the amount of the plan cover.

Conclusion

Momentum Life Insurance provides life insurance policies that favour different types of income earners. Also, offering needs-based life insurance covers allowing customers to pay for what they truly need.

Just like any other life insurance cover the less you pay the less are your benefits, vice-versa with those who pay high premiums. So the Momentum life insurance policies are progressively relative to the premiums policyholders pay.

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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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