Life cover or life insurance is a way for you to ensure that your family (dependents) are financially secure in the event of death or disability. Therefore, getting the best life cover quotes is a lengthy and challenging process. Most South Africans take the first product they see and hope it’ll cover all the bases of their needs. Here a guide to get the best life cover quotes, everything else you need to know and how to apply.
It’s an easy question to answer, yet so many South Africans don’t know how much they need. The first step is to calculate how much debt you have currently. This debt includes the house you’re paying off, the car and anything else you might have to pay for like loans, clothing accounts or monthly subscriptions.
Now add your children’s education to the mix, maybe a new car for the wife or anything else that your family might need to pay for should you pass away unexpectedly. Also remember to add inflation to the total you get as this will have a huge impact on your life cover. All of this will come to amount x, for the purpose of the article, x = R1 million (Take note, in some cases, this amount will be much more or much less, depending on the debt your family will have to cover once you pass away).
So many people prefer the standard platforms that do all the searches for you, maybe even give you a quote based on what they found. What you don’t know, is that the quotes you receive belong to the same company, the same organisation. To make matters worse, you’re only getting the quotes that belong to this organisation.
To get the best life cover quotes, why limit yourself to only one organisation? What you need is a platform where everything is rated and reviewed by other South African users like yourself, based on their unique experiences. A platform that allows you to share your findings or ratings with friends and family. A platform like Likemoney. Take a look at life cover quotes rated by other South Africans users.
This answer depends on the life cover provider. For example, Hollard Life Insurance provides you with up to R1.2 million life cover, with added funeral cover of up to R30 000 for your spouse and R10 000 for four kids, all at no extra cost. The life policies will pay out within 48 hours into the account/s of the dependant/s. With this payout, your family can cover the funeral as well as any other debts you might leave behind.
The best way to apply for anything these days is to do it online. That means your life insurance application will be quick, easy and paperless as the application process is handled over the phone shortly after requesting a quote.