|Frequently Asked Questions|
|Life insurance can be a
difficult decision, and it is never pleasant to think about your
loved ones or yourself dying. You may even be trying to work out the
risk of dying and the need for Life Insurance. Husbands and Parents
are normally the ones to take out life insurance for each other’s
sake or for their children’s sake. In this day and age, life
insurance is valuable in that it provides comfort in knowing that
there will be financial support for your loved ones.
Cost for life insurance varies and the factors that are taken into account are age, gender, smoking status, family medical history, lifestyle and other factors.
So be prepared to give this information to your insurance consultant so that they can provide an accurate quotation for your insurance. You should also make sure that the information you provide is accurate to avoid complications in the future.
|How can I make my
The younger you are when you take out life insurance, the cheaper the premium is likely to be. You will also pay less if you are a non smoker and in good health. So a good way to cut the cost of life cover is to quit smoking. You could also make changes to your lifestyle to improve your state of health, perhaps by joining a gym or cutting down on the alcohol you consume.
The type of policy you choose can also affect the premiums. For example, whole of life insurance is more expensive than term assurance. And a decreasing policy is cheaper than level or increasing cover - life policy.
Consider too the length of the term and the size of the payout. The longer the policy is in force and the bigger the cash sum, the more expensive the premium.
How much cover do I need?
The amount of cover you buy depends on your personal circumstances. You might, for example, want enough life insurance simply to pay off your mortgage in the event of your death. Or you might need a bigger amount to clear other debts and pay for family expenses such as school fees.
The cash sum will also vary according to the number of dependents and their ages.
As a rough rule of thumb, experts suggest a cash sum equal to ten times your annual salary. But your individual circumstances could dictate that you need a larger sum than this which will also usually be possible at a higher monthly premium cost.
I am over 50. Can I still buy life insurance?
A number of firms offer over 50s life insurance, which may guarantee acceptance without any medical or health questions. But bear in mind that the premiums will undoubtedly be higher as older people are statistically more likely to claim on their term assurance - life insurance companies in south africa
Are there any exclusions?
All policies vary with life policy, so it is important to read the small print carefully, However, life insurance plans will typically not pay out if the death was due to alcohol or drug abuse, participation in war or terrorist activities, and suicide - life policy
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