Internet Life Insurance for South Africans

There can be no doubt that life insurance has value when it comes to protecting people from financial hardship. However, better knowledge of people’s needs will enable the insurance industry to provide better coverage and better prices. Internet Life Insurance, now you can apply for insurance online.

The reasons why South Africans don’t purchase life insurance includes complacency but also the reasoning that if it doesn’t benefit them, why bother buying life insurance? With Internet Life Insurance it becomes easier.


South Africans are Under-Insured

Internet Life Insurance You would assume that life insurance can help increase a households’ welfare and that consumers would purchase sufficient protection to eliminate risks to their families’ standard of living. However, estimates of the mortality protection gap reveal something else – that most households not safe. According to a study by the Association of Savings and Investment South Africa, there is a shortfall in life insurance and disability insurance industry.
Other reasons why people don’t buy life insurance is –

  • Concerns about value for money
  • complex forms and hiring processes
  • lack of real need
  • pricing
  • Lack of trust in the entire insurance industry.
  • Many consumers don’t buy life insurance simply because they don’t understand the benefits of it.
  • They’re also put off by what they believe is a lengthy buying process


RDR being Implemented

Some people looking at insurance think the financial services industry adds some value, while others feel insurers are primarily out to make money for themselves. Most people look at life insurance as well as other financial services products as a grudge purchase. They don’t think they will ever need it and that they could better use the money now. They don’t believe it adds value.

The RDR is hoping to change this. Jay Naidoo, Divisional Director of Distribution Transformation at Liberty reckons that South Africa’s dynamics are unique and that many people don’t know the financial products. Naidoo said that to understand the need for RDR, we need to understand the dynamics that drive the market. Insurers have to be careful with the way they engage with customers and show their value.

Internet Life Insurance, Customers Need to be Made Aware of Insurance Products

RDR will put the emphasis on insurers to embark on education programmes about what products exist in the industry.

At the same time, life insurance providers have to understand behavioural economics if they want to sell life insurance successfully. They have to know what can put customers off with their decision to buy life insurance.

Sales consultants are the channel of life insurance sales, but consumers want to research options first and make buying decisions based on information they see and not from biased sales people. Consumers want insurers to provide products that they want and also to make life insurance more accessible for them.

It is true that life insurance products can be difficult to understand so that consumers feel like they need advice. The right environment that guarantees access to financial advice at affordable prices will appeal more to customers. It is also important that financial advisory practices are viable businesses and that the industry doesn’t continue to appear just as unattractive to new entrants as it does to more seasoned consumers who don’t trust the insurance industry.

South Africa’s Insurance Industry is Advanced

The South African insurance sector is by some measures one of the most proper in the world. With the new legislation, the market is becoming even more sophisticated. A massive part of South Africa is sick, the people don’t have bank accounts, they don’t know insurance. They don’t know that an affordable life insurance policy can save them from further poverty. This particular situation presents the insurance industry with opportunities but also with challenges.

Internet Life Insurance, What is this Life Insurance then?

Life Insurance is a contract. You pay a premium each month, and in exchange for this, your beneficiary gets an amount when you die. You family will then be financially secure because you made provision for them. The primary purpose of this life insurance is to protect your survivors. The market offers insurance plans that don’t just cover your life but grow your wealth as well and look out for you if an injury or illness should put you out of ever working again.

Certainly, if you have dependents, you have a financial responsibility towards them. When you insure your life, you’re insuring your earning capacity. It ensures that your dependents will be able to continue living the same lifestyle they had before you died. Life insurance in South Africa is available from reliable insurance companies such as Sanlam, Momentum, Outsurance, Old Mutual, Liberty Group and others.

Internet Life Insurance, Get your Questions Answered 

Perplexed about life insurance and wondering who you can trust? The idea is to help consumers with all their insurance and personal finance decisions. SKY offers information on a host of insurance- and finance providers on the market. Having access to the right information can save you making costly mistakes and thousands of Rands.

SKY offers detailed information on all types of insurance. When it comes to life insurance, they know that without life insurance and you as the breadwinner, your family could be facing a life of poverty if you were to pass away and there was no more salary to rely on.

What kind of Insurance Company are you Trusting in? 

For consumers to buy life insurance, the environment needs to be favourable – an insurance industry that is honest, fair, enthusiastic and with a mission to provide something good for the consumer and not just something that will put more money in the pocket of the insurer.

Trust SKY Insurance Solutions to guide you through a major buying decision. With Life insurance, you can start enjoying a more carefree lifestyle.


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All info was correct at time of publishing