Liberty offers life insurance to South Africans who want to ensure they protect those who they leave behind. Life insurance is a great way to ensure protection of you loved ones, but how do you get it and who is it for?
Life Insurance is often suited to adults with dependents. They take out the life insurance so that if they die early, they know their family will receive a substantial pay out to help them make ends meet. Without it, you could leave behind a family without a breadwinner.
But how do you get life insurance in this new day in age? Well many companies including Liberty Life Insurance have online portals to sign up. However, we have found talking to a broker can be comforting for a number of reasons:
- They can help you work out your needs.
- They can help you compare covers from different companies.
- They can work with you to find the right cover within your budget.
Life Insurance Brokers have to study and pass exams to be able to assist you with your insurance needs, take advantage of this knowledge!
What types if life insurance do you get in South Africa?
Life Insurance in South Africa sounds simple. You die, your family gets the money. However, it is a little more complicated than that. Life Insurance, or rather whole life insurance often includes a number of other benefits and types.
Some life insurance value goes up over time as the premium rises, but other times it stays the same. This all depends on the type of cover and your personal situation.
Some common addons to life insurance:
- Dread and Disability Cover – this cover pays you a lumps sum or portion thereof, in the event of a serious disease, accident or illness. Examples could be amputation, stroke or heart attack. But this does differ from policy to policy.
- Loss of Income Generation Cover – this cover pays you out a lump sum if you are unable to work any longer due to illness, accident or similar. There are a number of criteria that you broker will explain.
These addon covers can help you in the worst-case scenario. While they may addon to your monthly premium, it may be worth it down the life. Speak to your broker for more info.
What Factors Affect the Price of your Life Insurance in South Africa?
There are several factors that affect the price you will pay for life insurance. These can be from health-related issues to your lifestyle. The insurance company will access you and access the risks which will affect your premium.
These are some of the factors that affect your premium:
- Smoker Status – This is probably the most obvious one. Being a smoker puts you at risk for a number of diseases that could end your life. For this reason, Life Insurance companies like to access your health if you are smoker.
- Age – The older you are the more risk you are. This is why many advisors suggest getting cover while you are you to take advantage of the low premiums.
- Overall Health – The healthier you are the better. Life Insurance companies will often send you for a medical to examine your health in terms of obesity, cholesterol, diabetes, etc.
- Job/ Work – Some jobs are considered riskier than others. This will affect the price of your cover.
- Your lifestyle/ hobbies – if you love adrenaline thrilling sports like skydiving, this may count in your favour. These hobbies are seen as riskier and thus can affect your premium if you do this often. This does vary from each insurance provider and cover option.
If you are looking for life insurance or even considering it, why not get a free quote? Fill out the form below: