Life Insurance
The word ‘insurance’ is defined as a
contract whereby one party (the insurer) agrees, in consideration of money
paid to him (called the premium) by another party (the insured) to indemnify
the latter against loss resulting from the happening of certain events or to
pay a certain specified lump sum on the happening of a specified event or
events.
The need for life insurance arises
when a person wishes to provide a sufficient lump sum in the event of death
to cover a large debt such as a mortgage bond or to provide an income for
the family after his/her death. The life cover will be payable at death
only, irrespective of when death occurs. All the stages and events we
experience throughout life create different financial needs. It is
important to plan ahead in order to ensure that the necessary funds are
available when these events occur.
Life insurance is also referred to
as cover for “Dying too soon”. This means that it is cover which will
provide the insured a lump sum amount in the event of the death as determine
by them when they take the policy out, and this assists them to provide for
their loved ones if they haven’t yet had enough time to build up these funds
through savings and investments. This helps the family keep up their
standard of living to the level before the breadwinner died.
South African Life Insurance Companies
Sanlam Insurance| Sanlan offers both life insurance for personal cover as well as as group scheme life insurance. This household name works through a broker network of thousands. |
Discovery Life Insurance| Discovery have taken their know-how from the medical aid industry and applied it to the Life Insurance Industry. What you get is great products supported by a great loyalty program. |
RMB Insurance| Life Insurance or Assurance Giant RMB offers wone of the widest range of products on the market. It supplies the market it many products via numerous brands such as Outsurance. |
Liberty Life Insurance| One of the stalwarts of the life insurance industry. Liberty Life still offers quality life insurance. There are three premium options that should suit all needs. Protect your family from unexpected events with a quality product from Liberty |
1LifeDirect| In the short time 1LifeDirect has been on the scene it has made huge waves with its unique product offering and low monthly premiums. Based on the direct sales model wherby the middleman commission is cut out, 1LifeDirect is able to save customers double digit percentages on their life insurance premiums. |
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