What is Life Insurance?
Life insurance is a contract between an insurance policyholder and an insurer or assurer, where the insurer promises to pay a designated beneficiary a sum of money upon the death of an insured person.
Top Life Insurance Companies In South Africa
Below are some of the Top Life Insurance Companies.
- Sanlam Life Insurance
Sanlam Life Insurance is a renowned name in the South African insurance market, offering a range of life insurance products tailored to suit various needs. Its flagship product, the Sanlam Life Cover, provides comprehensive coverage, including death and disability benefits, terminal illness cover, and optional extras such as income protection and funeral cover. Premiums start from as low as R150 per month, depending on the level of coverage.
- Old Mutual Life Assurance
Old Mutual Life Assurance is a trusted provider of life insurance products in South Africa. Its Greenlight Life Cover offers flexible options, allowing policyholders to customize their coverage to meet their specific needs. Additionally, the company provides value-added services such as financial planning assistance and wellness support. Premiums vary depending on individual factors, with the average cost being around R200 per month.
- Momentum Life
Momentum Life is known for its Myriad product range, which includes customizable life insurance options. Policyholders can choose between various death, disability, and critical illness benefits to create a tailored plan that meets their needs. Premiums start at around R180 per month, and the company boasts a claim payout ratio of 98.7% in 2022.
- Discovery Life
Discovery Life offers innovative and comprehensive life insurance policies with its Life Plan range. The company rewards policyholders for maintaining a healthy lifestyle through its Vitality program, which can result in premium discounts and other benefits. Premiums begin at R250 per month.
- Liberty Life
Liberty Life is a well-established insurance provider in South Africa, offering a variety of life insurance products. Its Comprehensive Life Plan provides coverage for death, disability, and critical illness, with optional add-ons like income protection and funeral cover. Premiums start at around R200 per month.
- Hollard Life Insurance
Hollard Life Insurance offers an array of customizable life insurance products, including the Hollard Life Cover. This policy provides a comprehensive suite of benefits, including death, disability, and terminal illness coverage. Premiums begin at R150 per month, with a claim payout ratio of 96% in 2022.
- FNB Life
FNB Life, a division of First National Bank, offers a range of life insurance products designed to cater to different needs. Its flagship product, the FNB Life Cover, provides death, disability, and critical illness benefits, with optional extras such as funeral cover and premium waivers. Premiums start at R180 per month, with a claim payout ratio of 95% in 2022.
- Absa Life
Absa Life, part of the Absa Group, provides a variety of life insurance products with flexible options. Its Instant Life Cover offers death, disability, and critical illness benefits, with optional add-ons like funeral cover and premium protection. Premiums start at around R200 per month.
- Metropolitan Life
Metropolitan Life is a prominent life insurance provider in South Africa, offering a variety of products to cater to different needs. Its MaxiLife Plan provides comprehensive coverage for death, disability, and critical illness, with optional add-ons such as funeral cover and premium protection. Premiums begin at around R170 per month.
- OUTsurance Life
OUTsurance Life is known for its straightforward and transparent life insurance offerings. Its OUTLife Cover policy provides customizable coverage for death, disability, and critical illness, with optional extras like income protection and funeral cover. Premiums start at R200 per month, and OUTsurance Life boasts a claim payout ratio of 97% in 2022.
- Assupol Life
Assupol Life is a South African insurance provider with a long-standing history. Its flagship product, the Excellence Family Funeral Plan, offers comprehensive funeral cover along with optional life cover and disability benefits. Premiums begin at R120 per month.
- MiWayLife
MiWayLife offers affordable and flexible life insurance policies designed to meet the needs of South Africans. Its Life & Funeral Cover provides a combination of life and funeral benefits, with optional add-ons like disability and critical illness coverage. Premiums start at R150 per month.
- 1Life
1Life is a direct life insurer, offering simple and affordable life insurance products in South Africa. Its 1Life Pure Life Cover provides death, disability, and terminal illness benefits, with optional extras such as funeral cover and premium protection. Premiums start at R180 per month.
- Clientèle Life
Clientèle Life offers a range of life insurance products to suit various needs. Its flagship product, the Clientèle Ultimate Life Plan, provides death, disability, and critical illness coverage, with optional add-ons like income protection and funeral cover. Premiums begin at R250 per month.
- Allan Gray Life
Allan Gray Life is a reputable life insurance provider known for its investment-linked life insurance products. Its Balanced Life Cover provides comprehensive death, disability, and critical illness benefits, with optional extras such as income protection and premium waivers. Premiums start at R300 per month.
- Nedbank Life
Nedbank Life, a division of Nedbank Group, offers a variety of life insurance products with customizable options. Its Life Cover policy provides death, disability, and critical illness benefits, with optional add-ons like funeral cover and premium protection. Premiums start at R200 per month.
- PPS Insurance
PPS Insurance caters specifically to professionals, providing tailored life insurance products. Its PPS Life Cover offers comprehensive death, disability, and critical illness benefits, with optional extras such as income protection and premium waivers. Premiums begin at R350 per month.
- AVBOB
AVBOB is a well-known funeral service provider in South Africa, also offering life insurance products. Its Family Life Cover provides death and funeral benefits, with optional add-ons such as disability and critical illness coverage. Premiums start at R100 per month.
- Standard Bank Life
Standard Bank Life, a division of Standard Bank Group, offers a range of life insurance products with flexible options. Its Life Cover policy provides death, disability, and critical illness benefits, with optional add-ons like funeral cover and premium protection. Premiums start at R220 per month.
- African Unity Life
African Unity Life is a South African insurance provider that focuses on offering accessible life insurance products. Its Life Cover policy provides comprehensive death, disability, and critical illness benefits, with optional extras such as income protection and funeral cover. Premiums begin at R180 per month.
How many life insurance companies are there in South Africa?
There are profiles of 28 companies including notable players such as Sanlam, Old Mutual, Liberty, Discovery, AVBOB, reinsurance companies including RGA and Munich Reinsurance, and cell captive insurers such as Centriq.
What are the two types of life insurance companies?
There are two primary categories of life insurance: term and permanent. Term life insurance lasts for a set timeframe (usually 10 to 30 years), making it a more affordable option, while permanent life insurance lasts your entire lifetime.