Types of life insurance you can get:
- Term life insurance
- Permanent life insurance
In South Africa, the Financial Services Board (FSB) is an independent institution that was established by law to protect the interests of the public. So any financial institution that provides life insurance policies needs to abide by the laws set by this body.
What to ask yourself when deciding on life insurance:
- What do you want the insurance to cover?
- What amount of coverage do you need and why?
- How long will you need the coverage for?
- What is your budget?
- What is life cover?
Life insurance is a form of insurance that is designed to provide for your family when you are no longer there to do so.
Life insurance can be used by your family members to clear outstanding debts, cover day-to-day living expenses, to keep a business going or to finance children’s education. After you have applied there are certain exclusions and waiting periods may apply.
The life insurance cover you get is based on a number of factors, including:
Your gender, age, lifestyle habits income, education and your health status.
How to get the best life insurance quotes:
It’s important to make sure that you’re aware of any factors that could affect future claims on your monthly premiums.
Start by establishing how much life insurance cover you need. To do this effectively you need to look at the type of expenses your family will need to cover.
When you are looking for life insurance quotes, you need to look for a company that will charge you a lower premium while also giving you maximum benefits. Such a company will make it easy for you to sign up for a policy.
Keep in mind that many companies will provide life insurance only to the age of 70. You need to make sure that the policy covers your needs.