What is Life Cover?
Life cover is a term used to describe life insurance or death cover which can provide a cash lump sum in the event of your death, or if you become diagnosed with a critical illness.
What Is The Best Life Cover In South Africa
Below are some of the Best Life Cover.
- 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.
- 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.
- Momentum Life
Momentum Life is known for its Myriad product range, which includes customizable life insurance options.
- 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.
- Liberty Life
Liberty Life is a well-established insurance provider in South Africa, offering a variety of life insurance products.
- Hollard Life Insurance
Hollard Life Insurance offers an array of customizable life insurance products, including the Hollard Life Cover.
- 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.
- 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.
- 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.
- 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.
- 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.
What is the maximum payout for life cover in South Africa?
After your death a cash lump sum will be paid to your nominated beneficiaries, ensuring that they are financially supported into the future. Your life cover policy covers death as a result of natural causes or an accident unless it specifically states otherwise.
How does life cover work in South Africa?
The life cover portion pays out a lump sum in the event of a death which can then be used by you or your loved ones to cover any financial obligations – from funeral costs to outstanding home loans – that may arise from your death.
Can I withdraw money from my life cover?
If you have a permanent life insurance policy, then yes, you can take cash out before your death.